64 — Q
UALIFIER
P
LUS
®
III
FX
Qualifying Comparison (Comparing 2 Different Loans or Ratios
at Once)
Given a buyer's annual income of $60,000, $500 in long-term
monthly debt, estimated monthly homeowner’s association dues of
$50, an interest rate of 6.25% and term of 30 years, what loan
amounts can they qualify for based on both 28%:36% and higher
29%:41% ratios? Also, find the corresponding total monthly payment
for each. Estimate property tax/insurance rates of 1.25% and .3%,
respectively, and a mortgage insurance rate of .45%.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter annual Income
6 0 ) i
60,000.00
Enter monthly Debt
5 0 0 D
500.00
Enter monthly association
dues
5 0 e
50.00
Enter annual Interest rate
6 • 2 5 ˆ
6.25
Enter Term in years
3 0 T
30.00
Enter property tax rate
1 • 2 5 s 7
1.25
Enter property insurance rate
• 3 s 8
0.30
Enter mortgage insurance
rate
• 4 5 s 9
0.45
Display Qual 1 stored Ratios
q
28.00-36.00
Find Qual 1 Loan Amount
q
“run” 159,768.12
Find monthly P&I Payment
p
“run” 983.72
Find monthly PITI Payment
p
1,250.00
Find total monthly Payment
p
1,300.00
Find monthly interest-only
Payment
p
832.13
— DO NOT CLEAR CALCULATOR —
STEPS
KEYSTROKES
DISPLAY
Display Qual 2 stored Ratios
Q
29.00-41.00
Find Qual 2 Loan Amount
Q
“run” 178,940.29*
Find monthly P&I Payment
p
“run” 1,101.77
Find monthly PITI Payment
p
1,400.00
Find total monthly Payment
p
1,450.00
Find monthly interest-only
Payment
p
931.98
*Notice that, of course, the qualifying loan amount is significantly higher using Qual 2
ratios.
