Calculated Industries 43285 - Manual (Page 43)

Using the “Pro-Mode”
Now switch to “Pro-Mode” to change the display order.
Steps Keystrokes Display
Set the Pro-Mode “On” [Set] [+] Pro On
Find qualifying loan amt. [Qual 1] “run” 184,492.74
Find non-restricting L/A [Qual 1] “run” 226,921.30 INC
Display actual qual. ratios [Qual 1] 22.76 – 36.00
Display stored ratios [Qual 1] 28.00 – 36.00
— D O N O T C L E A R C A L C U L A T O R —
Continuing on, how much money will they need to put down
to buy that $200,000 house?
Steps Keystrokes Display
Enter Price 200,000 [Price] 200,000.00
Find Down Pmt [Dn Pmt] 15,507.26
Turn Pro-Mode “Off” [Set] [+] Pro Off
IMPORTANT: Be sure to turn the “Pro-Mode” off ([Set] [+]) before
continuing to other problems, as it will store future amounts
entered into the Tax, Insurance and Mortgage Insurance keys per-
manently, in addition to changing the sequence the values are dis-
played in the [Qual 1] and [Qual 2] keys.
Qualifying for Specified Purchase Price Based on Income & Debts —
Tax/Insurance Included
The same buyers as in the previous example who make
$68,000 annually with $750 in long-term monthly debts wish
to buy a lower-priced home and are willing to put $20,000
down. If you include estimated annual property taxes and
insurance of 1% and 0.5%, and a mortgage insurance rate of
0.25%, for what loan amount can they now qualify? (Again,
using previously stored 7.5% interest, 30 year term and quali-
fying ratios of 28%:36%.)
42 – Qualifier Plus ® IIx DT