56 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P
X2
“Restricted” Qualifying
Buyers who make $68,000 annually and have $750 in long-term
monthly debt wish to buy a home offered at $175,000. They again
can only afford $5,000 for the down payment. For what maximum
loan amount can they qualify?
Use previously stored 7.5% interest, 30-year term, Tax/Ins./MI rates
of 1.5%, .25% and 0.6%, respectively, and qualifying ratios of
28%:36%. Re-enter 0.6% mortgage insurance rate, $50 assn. dues
and $5,000 down. If you’ve cleared or changed these values, please
re-enter them.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Recall interest*
® ˆ
7.50
Recall term*
® T
30.00
Recall annual prop. tax %
® 7
1.50
Recall annual prop. ins. %
® 8
0.25
Re-enter annual MI rate
• 6 s 9
0.60
Enter homeowner’s dues*
5 0 s D
50.00
Enter down payment
5 ) d
5,000.00
Enter annual income
6 8 ) i
68,000.00
Enter monthly debt
7 5 0 D
750.00
Display qualifying ratios
q
28.00-36.00
Find “restricted”
qualifying loan amount
q
“run” 137,725.41
— DO NOT CLEAR CALCULATOR —
Note: Press
s
before pressing
q
in these examples for Interest-Only qualifying.
For Desktop Model (#43442) Users:
*Enter
5 0 A
on the Desktop model.
