10 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P
X2
(Cont’d)
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Mortgage insurance is calculated from
the loan amount.
Note: Tax and Insurance entered as dollar amounts will remain fixed,
even if sales price or loan amount is changed. However, if entered as
a percentage of sales price or loan amount, these items will automat-
ically be re-calculated if sales price or loan amount is changed.
s D
Expense (Exp) — For Total Payment and Qualifying.
Enters monthly housing expense (e.g., homeowner’s
association dues, maintenance and utilities).
A
Expense (Desktop Model 43442 only) — See pre-
vious definition for
s D
.
Pick-A-Payment and Equity Builder Pick-A-Payment Loan
Keys
These keys allow you to demonstrate the savings of P-A-P and
EB P-A-Ps, or below-market initial interest or low initial payment
loans, over regular fixed-rate loans.
Pick-A-Payment calculations use all the keys in the second row of
the calculator. When performing a P-A-P/EB P-A-P calculation, the
calculator will also compare the “fixed” loan values within the
l
,
p
,
T
and
ˆ
registers.
The following defines the P-A-P/EB P-A-P specific keys:
S
Start Rate % or Start Payment — Stores and dis-
plays the Start (Teaser) Rate or the Start Payment
for P-A-P and EB P-A-P loans. The Start specifies
what low rate or payment the loan will start at.
If a percentage or payment is entered, the second
press will calculate the respective dollar value or per-
centage value. Successive presses of
S
will toggle
between the starting percent and the dollar amount.
s S
Note % — Stores and displays the actual rate, or the
Fully Indexed Rate (FIR) for P-A-P/EB P-A-P loans.
ß
Start Term — Stores the length of time (in months)
that the P-A-P Start Rate is in effect. The Start # of
Months specifies how many months the payments
will be applied to principal & interest (fully amortized)
at the low rate, versus only being applied to the
interest (negative amortization).
(Default: 0 month)
