Calculated Industries 3430-KIT - Manual (Page 65)

64 — Q
UALIFIER
P
LUS
® III
FX
Qualifying Comparison (Comparing 2 Different Loans or Ratios
at Once)
Given a buyer's annual income of $60,000, $500 in long-term
monthly debt, estimated monthly homeowner’s association dues of
$50, an interest rate of 6.25% and term of 30 years, what loan
amounts can they qualify for based on both 28%:36% and higher
29%:41% ratios? Also, find the corresponding total monthly payment
for each. Estimate property tax/insurance rates of 1.25% and .3%,
respectively, and a mortgage insurance rate of .45%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual Income 6 0 ) i 60,000.00
Enter monthly Debt 5 0 0 D 500.00
Enter monthly association
dues 5 0 e 50.00
Enter annual Interest rate 6 • 2 5 ˆ 6.25
Enter Term in years 3 0 T 30.00
Enter property tax rate 1 • 2 5 s 7 1.25
Enter property insurance rate • 3 s 8 0.30
Enter mortgage insurance
rate • 4 5 s 9 0.45
Display Qual 1 stored Ratios q 28.00-36.00
Find Qual 1 Loan Amount q “run” 159,768.12
Find monthly P&I Payment p “run” 983.72
Find monthly PITI Payment p 1,250.00
Find total monthly Payment p 1,300.00
Find monthly interest-only
Payment p 832.13
— DO NOT CLEAR CALCULATOR —
STEPS KEYSTROKES DISPLAY
Display Qual 2 stored Ratios Q 29.00-41.00
Find Qual 2 Loan Amount Q “run” 178,940.29*
Find monthly P&I Payment p “run” 1,101.77
Find monthly PITI Payment p 1,400.00
Find total monthly Payment p 1,450.00
Find monthly interest-only
Payment p 931.98
*Notice that, of course, the qualifying loan amount is significantly higher using Qual 2
ratios.