Calculated Industries 3420 Pocket Reference Guide - Manual (Page 35)

P OCKET R EFERENCE G UIDE — 34
Qualifying Loan Amount
• Buyer’s Income: $100,000
• Monthly Debt: $550
• Down Payment: 25%
• Property Tax: 1.5%
• Property Insurance: 0.25%
• Mortgage Insurance (not required): 0
• Term: 30 years
• Interest: 6.25%
• Qualifying Ratios: 28% – 36%
Find qualifying loan, price and payment:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Income 1 0 0 ) i
100,000.00
Enter Debt 5 5 0 D 250.00
Enter %Down 2 5 d 25.00
Set Tax% 1 • 5 t 1.50
Set Ins.% • 2 5 I 0.25
Set MI% 0 Â 0.00
Enter Term 3 0 T 30.00
Enter Interest 6 • 2 5 ˆ 6.25
Enter Ratios 2 8 : 3 6 q
28.00 – 36.00
Find maximum qualifying
Amount q 288,008.37
Find Price P 384,011.16
PITI Payment p p 2,333.33
3420PRG-E-A 7/2/04 9:07 AM Page 34