58 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P
X2
Qualifying Comparison (Comparing 2 Different Loans or
Ratios at Once)
Given a buyer’s annual income of $45,000, $500 in long-term
monthly debt, estimated monthly homeowner’s association dues of
$50, an interest rate of 7.25% and term of 30 years, what loan
amounts can they qualify for based on both 28%:36% and 33%:40%
ratios? Also, find the corresponding total monthly payment for each.
Estimate property tax/insurance rates of 1.25% and .3%, respective-
ly, and a mortgage insurance rate of .45%.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter annual income
4 5 ) i
45,000.00
Enter monthly debt
5 0 0 D
500.00
Enter monthly assn. dues*
5 0 s D
50.00
Enter interest
7 • 2 5 ˆ
7.25
Enter term
3 0 T
30.00
Enter property tax rate
1 • 2 5 s 7
1.25
Enter property ins. rate
• 3 s 8
0.30
Enter mortgage ins. rate
• 4 5 s 9
0.45
Display Qual 1 stored ratios
q
28.00-36.00
Find Qual 1 qualifying loan
q
“run” 94,245.94
Find Qual 1 P&I payment
p
642.92
Find PITI payment
p
800.00
Find total payment
p
850.00
Find interest-only payment
p
569.40
— DO NOT CLEAR CALCULATOR —
STEPS
KEYSTROKES
DISPLAY
Display Qual 2 stored ratios
Q
33.00-40.00
Find Qual 2 qualifying loan
Q
“run” 111,917.05
Find Qual 2 P&I payment
p
763.47
Find PITI payment
p
950.00
Find total payment
p
1,000.00
Find interest-only payment
p
676.17
Note: Press
s
before pressing
q
or
Q
in these examples for Interest-Only
qualifying.
For Desktop Model (#43442) Users:
*Enter
5 0 A
on the Desktop model.
