Calculated Industries 3430 User Guide - Manual (Page 35)

34 — Q
UALIFIER
P
LUS
® III
FX
PITI Payment (Tax and Insurance Entered as %)
Find the monthly PITI payment on a 30-year, 6.5% mortgage if the
home’s selling price is $325,000 and the down payment is 5%.
Annual property taxes are estimated at 1.3%, annual property insur-
ance at 0.25%, and annual mortgage insurance at 0.45%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 6 • 5 ˆ 6.50
Enter sales Price 3 2 5 ) P 325,000.00
Enter Down Payment 5 d 5.00
Enter Tax rate 1 • 3 s 7 1.30
Enter property Insurance
rate • 2 5 s 8 0.25
Enter Mortgage Ins. rate • 4 5 s 9 0.45
Find Loan Amount l 308,750.00
Find monthly P&I Payment p “run” 1,951.51
Find monthly PITI Payment p 2,487.08
Total Payment (Including Expenses) and Interest-Only Payment
Find the total monthly payment (including principal, interest,
tax/insurance and monthly expenses) and the interest-only payment
on a 30-year, 6% loan if the home’s selling price is $330,000 and the
down payment is 15%. (Local annual property taxes are estimated
at $5,900, property insurance at $500, mortgage insurance at
$1,200, and monthly expenses — e.g., homeowner’s association
dues plus utilities — at $150).
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 6 ˆ 6.00
Enter sales Price 3 3 0 ) P 330,000.00
Enter Down Payment % 1 5 d 15.00
Find $ Down Payment d 49,500.00
Enter property Tax 5 9 0 0 s 7 5,900.00
Enter property Insurance 5 0 0 s 8 500.00
Enter Mortgage Insurance 1 2 0 0 s 9 1,200.00
Enter monthly Expenses 1 5 0 e 150.00
Find Loan Amount l 280,500.00
Find monthly P&I Payment p “run” 1,681.74
Find monthly PITI Payment p 2,315.07
Find monthly total Payment (PITI plus
monthly expenses) p 2,465.07
Find interest-only Payment p 1,402.50