Calculated Industries 3420 User Guide - Manual (Page 32)

U SER ’ S G UIDE — 31
Finding Mortgage Amount Based on Sales Price and
Down Payment
Find both the down payment dollar amount and mortgage amount if
the sales price is $175,800 and you're planning to put 10% down.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter sales Price 1 7 5 8 0 0 P 175,800.00
Enter Down Payment % 1 0 d 10.00
Find Down Payment $ d 17,580.00
Find Mortgage Amount l 158,220.00
Finding Sales Price and Payment Based on Loan Amount and
Down Payment
Find a home’s sales price if you've been approved for a $185,650,
25-year, 6.85% mortgage and you plan to put 15% down. Also find
your monthly payment.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Mortgage Amount 1 8 5 6 5 0 l 185,650.00
Enter Term 2 5 T 25.00
Enter Interest 6 • 8 5 ˆ 6.85
Enter Down Payment % 1 5 d 15.00
Find Down Payment $ d 32,761.76
Find sales Price P 218,411.76
Find monthly P&I Payment p “run” 1,283.17
Finding Loan-to-Value (LTV) Based on Down Payment and
Sales Price
Find the Loan-to-Value if a buyer is putting $15,000 down on a
$197,000 home. Then find the mortgage amount.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter sales Price 1 9 7 ) P 197,000.00
Enter Down Payment $ 1 5 ) d 15,000.00
Find Down Payment % d 7.61
Find LTV d 92.39
Find Mortgage Amount l 182,000.00
3420UG-E-A 7/2/04 9:06 AM Page 31