62 — Q
UALIFIER
P
LUS
®
III
X
Combo Loan (80:10:10) vs. Fixed-Rate Loan with Mortgage
Insurance
You’d like to show your client the savings of a fixed-rate Combo
Loan (80:10:10) over that of a standard, fixed-rate loan with mort-
gage insurance, or PMI. You have the following parameters:
FIXED-RATE
FIXED-RATE
COMBO LOAN
LOAN w/PMI
(1st TD – 2nd TD)
Loan Amount
100,000
100,000
Interest
7%
8% – 10%
Term
30
30 year – 10 year
PMI
2.5%
--
LTV
95%
80% – 10%
STEPS
KEYSTROKES
DISPLAY
1. Enter Fixed-Rate Loan Values and Find Total Payment:
Clear calculator
o o
0.00
Enter loan amount
1 0 0 ) l
100,000.00
Enter interest
7 ˆ
7.00
Enter term
3 0 T
30.00
Enter PMI (mortgage
insurance) value
2 • 5 s I
2.50
Clear Tax register
0 t
0.00
Clear Insurance register
0 I
0.00
Solve for P&I payment
p
665.30
Solve for PITI payment
(with PMI)
p
873.64
2. Enter Combo Loan Values:
Enter 1st TD
Interest:Term
8 : 3 0 !
8.00-30.00
Enter 2nd TD
Interest:Term
1 0 : 1 0 s !
10.00-10.00
(Cont’d)
