Calculated Industries 3420 User Guide - Manual (Page 5)

4 — Q UALIFIER P LUS ® III X
EXAMPLES — U.S. MODE .............................................................54
Finding the Monthly Loan Payment (Based on U.S. Interest
Rate) .......................................................................................54
Property Taxes, Property/Hazard Insurance and Monthly
Housing Expense....................................................................55
PITI Payment (Tax and Insurance Entered as %) .....................56
PITI Payment (Tax and Insurance Entered as $) ......................56
Calculating Tax and Insurance % or $ .......................................57
Finding the Interest Rate ...........................................................58
Finding the Term of a Loan ........................................................58
Finding the Loan Amount ...........................................................58
Finding Sales Price and Payment Based on Loan Amount and
Down Payment .......................................................................59
Adjustable Rate Mortgages........................................................59
ARM Payment —
Worst-Case Scenario....................................60
ARM Payment — Using Lifetime Cap .......................................61
Increasing and Decreasing ARM Payment ................................62
Total Principal and Interest for a 30-Year Loan .........................62
Amortization List for Individual Year(s) —
Using “Next”
Feature....................................................................................63
APR, Total Finance Charges (Including Mortgage
Insurance) ...............................................................................64
Bi-Weekly Loans ........................................................................65
Bi-Weekly Term Reduction and Payment ..................................65
Estimated Income Tax Savings and “After-Tax” Payment .........66
Mortgage Interest Tax Deduction —
28% or 30% Tax
Bracket....................................................................................67
Rent vs. Buy...............................................................................68
Qualifying Loan Amount and Sales Price (Complete Example
Including Down Payment, Tax/Insurance, Monthly Association
Dues) ......................................................................................69
“Restricted” Qualifying ...............................................................70
“Unrestricted” Qualifying ............................................................71
Finding Income Required and Allowable Monthly Debt .............72
Qualifying Comparison (Comparing Two Different Loans or
Qualifying Ratios at Once)......................................................73
APPENDIX .......................................................................................74
Default Settings..........................................................................74
Reset..........................................................................................74
Error Codes................................................................................75
Auto Shut-Off .............................................................................75
Batteries .....................................................................................75
Repair and Return......................................................................76
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