60 — Q
UALIFIER
P
LUS
®
III
FX
Finding Qualifying Loan Amount and Sales Price (Simple
Example Excluding Tax/Insurance)
Given an interest rate of 7.5%, a term of 30 years, and the stored
28%:36% qualifying ratios, for what size loan and what sales price
can a buyer qualify for if he or she makes $75,000 annually and has
$500 in long-term monthly debt? The buyer plans to put $35,000
down. Also, what is the monthly (P&I) payment?
(Based on no Tax
and Insurance*)
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter Term in years
3 0 T
30.00
Enter annual Interest rate
7 • 5 ˆ
7.50
Clear property tax rate*
0 s 7
0.00
Clear insurance rate*
0 s 8
0.00
Enter annual Income
7 5 ) i
75,000.00
Enter monthly Debt
5 0 0 D
500.00
Enter Down Payment
3 5 ) d
35,000.00
Display Qualifying Ratios
q
28.00-36.00
Find Qualifying Loan Amount
q
“run” 250,280.85
Find Price
P
285,280.85
Find monthly P&I Payment
p
1,750.00
*Note: Tax and Insurance will need to be cleared if you’re continuing from a previous
example where rates were stored.
— DO NOT CLEAR CALCULATOR —
Re-qualify this buyer assuming $200 per month in additional debt.
STEPS
KEYSTROKES
DISPLAY
Enter new monthly Debt
7 0 0 D
700.00
Display Qualifying Ratios
q
28.00-36.00
Find Qualifying Loan Amount
q
“run” 221,677.32
Find Price
P
256,677.32
Find monthly P&I Payment
p
1,550.00
