P
OCKET
R
EFERENCE
G
UIDE
— 22
Qualifying Loan Amount
• Buyer’s income: $75,000
• Monthly debt: $500
• Down$: $5,000
• Property taxes: 1.5%
• Property insurance: 0.25%
• Mortgage insurance: 0.6%
• Monthly association dues: $50
• Term: 30 years
• Interest: 7.5%
• Qualifying ratios: 28%: 36%
Find the Qualifying Loan Amount, Price
and Total Payment:
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter income
7 5 ) i
75,000.00
Enter debt
5 0 0 D
500.00
Enter down
5 ) d
5,000.00
Set tax%
1 • 5 t
1.50
Set insurance%
• 2 5 I
0.25
Set MI%
• 6 s I
0.60
Enter association
dues
5 0 e
50.00
Enter interest
7 • 5 ˆ
7.50
Enter term
3 0 T
30.00
Display ratios
q
28.00 - 36.00
