Calculated Industries 3442 - Manual (Page 61)

56 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
“Restricted” Qualifying
Buyers who make $68,000 annually and have $750 in long-term
monthly debt wish to buy a home offered at $175,000. They again
can only afford $5,000 for the down payment. For what maximum
loan amount can they qualify?
Use previously stored 7.5% interest, 30-year term, Tax/Ins./MI rates
of 1.5%, .25% and 0.6%, respectively, and qualifying ratios of
28%:36%. Re-enter 0.6% mortgage insurance rate, $50 assn. dues
and $5,000 down. If you’ve cleared or changed these values, please
re-enter them.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Recall interest* ® ˆ 7.50
Recall term* ® T 30.00
Recall annual prop. tax % ® 7 1.50
Recall annual prop. ins. % ® 8 0.25
Re-enter annual MI rate • 6 s 9 0.60
Enter homeowner’s dues* 5 0 s D 50.00
Enter down payment 5 ) d 5,000.00
Enter annual income 6 8 ) i 68,000.00
Enter monthly debt 7 5 0 D 750.00
Display qualifying ratios q 28.00-36.00
Find “restricted”
qualifying loan amount q “run” 137,725.41
— DO NOT CLEAR CALCULATOR —
Note: Press s before pressing q in these examples for Interest-Only qualifying.
For Desktop Model (#43442) Users:
*Enter 5 0 A on the Desktop model.