Calculated Industries 3442 - Manual (Page 73)

68 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
Equity Builder Pick-A-Payment Loan (Zero-Month/30-
Term) vs. Standard Fixed-Rate Loan
FIXED-RATE LOAN EB P-A-P LOAN
Loan Amount 300,000 300,000
Interest/Start Payment 7.5% $1,500 (Start Payment)
7.50% (Note%)
Term 30 0 (Start No. of Mo.’s)
30 years
ROI% -- 7%
Pmt Cap % -- 5%
Using most of the same values from the previous example, compare
the fixed-rate loan to an Equity Builder P-A-P loan. The start pay-
ment for the regular P-A-P loan is $1,500, and the resulting initial EB
P-A-P payment is $750. Also, in this problem, find the interest-only
payment, and the 30- and 15-year loan payments (based on the EB P-
A-P Note%), as well as the EB P-A-P deferred interest (resulting
from negative amortization).
STEPS KEYSTROKES DISPLAY
1. Enter Fixed-Rate Loan Values:
Clear Calculator o o 0.00
Enter loan amount 3 0 0 ) l 300,000.00
Enter interest rate 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
2. Solve for Fixed-Rate Loan Payment and Total Cost:
Find monthly P&I payment p 2,097.64
Amortize the loan a 1-360
Find total interest a 455,151.67
Find total principal a 300,000.00
Find total principal/interest a 755,151.67*
3. Enter EB P-A-P Loan Values:
Enter Start Rate term
(in months) 0 ß 0.00
Enter P-A-P term
(in years) 3 0 s ß 30.00
Enter Start Payment 1 5 0 0 S 1,500.00
Calculate Start interest % S 4.39
Enter P-A-P actual rate
(Note%) 7 • 5 s S 7.50
Enter ROI% 7 s % 7.00
Enter Payment Cap% 5 s 6 5.00
(Cont’d)