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26 — M

ORTGAGE

UALIFIER

LUS

Future Value

Given any four components to a problem that includes a future
value, you can calculate the fifth.

Appreciation

You purchased a home for $350,000 and want to know its value in 3
years, figuring an inflation or appreciation rate of 6%.

(Set periods to

one per year.)

STEPS

KEYSTROKES

DISPLAY

Clear calculator

o o

0.00

Set to 1 payment/year

1 s ÷

1.00

Enter present value*

3 5 0 ) l

350,000.00

Enter term in years

3 T

3.00

Enter appreciation rate

6 ˆ

6.00

Find future value**

s l

“run” 416,855.60

Return to 12 payments/year

1 2 s ÷

12.00

* Present Value (PV) = original purchase price; enter as

** Future Value (FV) =

s l

Содержание 3416

Страница 1: ...USER S GUIDE Residential Mortgage Finance Calculator MORTGAGE QUALIFIER PLUS Model 3416...

Страница 2: ...erent Loans e g conventional vs FHA VA loans Instant P I PITI and Total Payment Expanded Tax and Insurance Capabilities Built in Sales Price and Down Payment Works in Annual or Periodic Term and Inter...

Страница 3: ...SETTINGS 16 Decimal Place Selection 16 Preference Settings 17 MEMORY 19 Accumulative Memory 19 Memory Storage Keys M0 M6 20 Additional Memory Storage Keys 21 EXAMPLES 22 MORTGAGE LOANS TIME VALUE OF M...

Страница 4: ...Principal and Interest for a 30 Year Loan 40 Amortization List for Individual Year s Using Next Feature 41 Amortization List for Individual Year s Using Month Offset 42 Amortization List for Individu...

Страница 5: ...unt Interest Only Loan 58 Finding Income Required and Allowable Monthly Debt 59 Solving for Actual Qualifying Ratios 60 1ST AND 2ND TRUST DEEDS COMBO LOANS 61 Combo Loan 80 10 10 vs Fixed Rate Loan wi...

Страница 6: ...correct entries one digit at a time Decimal point Percent Four function x percent key See Basic Arithmetic Examples for examples Memory Adds the displayed number to the cumulative memory Pressing s M...

Страница 7: ...also included These mortgage loan keys let you easily demonstrate various what if loan scenarios to your clients l Loan Amount Enters or solves for the initial loan amount or present value of a financ...

Страница 8: ...cent down payment You do not have to label the value as a percent s d Loan to Value LTV Calculates the loan to value percent when a Down Payment and Sales Price Loan Amount and Down Payment or Loan Am...

Страница 9: ...g 30 press 30 s and recalculate amortization values Note This is only for estimating a mortgage interest tax deduction it does not include property tax See Tax Savings Function for income tax savings...

Страница 10: ...est cap for ARMs by entering the maximum interest increase This is a permanent setting To clear set the cap back to zero 0 s s T Bi Weekly Bi Wkly Converts a regular monthly loan to a Bi Weekly loan w...

Страница 11: ...nt or dollar amount If entered as an annual dollar amount a press of and I con verts to the monthly insurance amount or premium and pressing I again converts to the annual per centage rate If entered...

Страница 12: ...stimated after tax or net mortgage payment An entered Tax Bracket is stored permanently Note This function is different from the mortgage interest deduction figured in the Amortization calculation as...

Страница 13: ...he total housing payment while the debt ratio finds the allowable percentage of income for the total housing payment plus long term debts usually 12 months or longer The conserva tive rule is that tot...

Страница 14: ...aximum Qualifying Loan Amount is the restricted loan amount the buyer may qualify for This loan amount is based on whichever of the two ratios income or debt limits the buyer the most The Unrestricted...

Страница 15: ...dditional Income and Debt ratios e g FHA VA and operates identically to the q key Default Income and Debt ratios for this key are 31 and 43 respectively Note You can store whatever ratios you desire i...

Страница 16: ...combo fixed rate loan versus a single fixed rate loan requiring mortgage insurance The stored values are a percentage of the sales price e g 80 10 identifies that 80 of the price is covered by the 1s...

Страница 17: ...Rate Loan with Mortgage Insurance 6 Adjusted 2nd Term if Savings Applied to 2nd TD 7 1st Trust Deed Loan Amount 8 2nd Trust Deed Loan Amount 9 1st Trust Deed Payment 10 2nd Trust Deed Payment 11 Displ...

Страница 18: ...2 5 5 0 12 50 D 2 0 0 5 0 400 00 The Percent function is a key that has special applications for real estate professionals especially when figuring a commission amount Figuring Straight Commission Th...

Страница 19: ...LAY Clear calculator o o 0 00 Enter sales price 1 7 5 5 0 0 175 500 Subtract 5 5 8 775 00 Find new listing price 166 725 00 Simple One Year Home Appreciation Add on Properties in your area have been g...

Страница 20: ...econd date in the past and 3 subtract one date from another date to find the number of days in between For exam ple if a 45 day escrow begins April 26 2004 what is the closing date and day STEPS KEYST...

Страница 21: ...afterwards Press s followed by the number of decimal places you wish to display s 6 0 000000 s 5 0 00000 s 4 0 0000 s 3 0 000 s 2 0 00 s 1 0 0 s 0 0 s floating point To return to the standard two deci...

Страница 22: ...r factory set Preference Set tings perform a total Reset see Reset section for details After s Keep Description Pressing Press to Advance Display within each category to Back up 1 Decimal Places DEC H...

Страница 23: ...ns Holds only percent mortgage insurance entry at O HOLD ALL M Ins Holds or mortgage insurance entry at O 5 Amortization Single Entries AMRT Ent Ent Displays amortization for specified year only e g e...

Страница 24: ...and clear Memory Subtract displayed value from Memory s Replace Memory with displayed value s The Memory is semi permanent that is it will only be cleared when you 1 turn off the calculator 2 press a...

Страница 25: ...a value in one of these Memory registers by storing a new value in place of the stored value FUNCTION KEYSTROKES Store single value in M0 s 0 Store single value in M1 s 1 Store single value in M2 M6...

Страница 26: ...storage registers use the following key strokes s with being digits 0 9 These storage registers operate identically to M0 M6 Examples Store 250 into M10 and recall the value KEYSTROKES DISPLAY 2 5 0 s...

Страница 27: ...practice to press o twice after completing a finan cial problem to ensure that you have cleared the previous l and p registers 7 When solving for a financial component the calculator may dis play the...

Страница 28: ...erest rate 6 5 6 50 Find monthly P I payment p run 1 674 98 Interest Only Payment Calculation Find the interest only payment on a loan of 15 000 at 9 interest STEPS KEYSTROKES DISPLAY Clear o o 0 00 E...

Страница 29: ...u make payments of 200 each month STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter loan amount 1 5 l 15 000 00 Enter interest 1 0 10 00 Enter monthly payment 2 0 0 p 200 00 Find term in years...

Страница 30: ...r as new payment amount p 1 353 37 Find reduced loan term T run 18 15 Simple Interest vs Compound Interest If you borrow 5 000 at 6 simple interest how much will you owe at the end of 5 years This is...

Страница 31: ...3 years figuring an inflation or appreciation rate of 6 Set periods to one per year STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Set to 1 payment year 1 s 1 00 Enter present value 3 5 0 l 350 00...

Страница 32: ...PS KEYSTROKES DISPLAY Clear calculator o o 0 00 Recall of payments year 4 00 IMPORTANT To return payments per year to the default value of 12 perform the following steps STEPS KEYSTROKES DISPLAY Clear...

Страница 33: ...sumed to be a per centage Note When using P d and l keys it s recommended that you always enter the two known values Price and Down Payment then solve for the third Loan Amount before calculating fina...

Страница 34: ...an be changed and tax and insurance will be recalculated automati cally If entered as dollar amounts however they will need to be re entered for a change in Sales Price or Loan Amount to be correct En...

Страница 35: ...ecall insurance rate I 0 25 Recall mortgage insurance rate s I 0 50 Note To change these values simply enter new ones Or turn the calculator off then on and the values will be cleared unless they are...

Страница 36: ...Clear calculator o o 0 00 Enter property tax rate 1 5 t 1 50 Enter insurance rate 2 5 I 0 25 Enter mortgage insurance rate 5 s I 0 50 Enter price 2 5 0 P 250 000 00 Enter down payment 1 0 d 10 00 Ent...

Страница 37: ...rtgage Insurance as a percentage or dollar amount i e 4225 t 812 5 I or 1389 38 s I Total Payment Including Expenses and Interest Only Payment Find the total payment including principal interest tax i...

Страница 38: ...50 in annual property insurance find their estimated annual tax savings or mort gage interest property tax savings and after tax monthly payment STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Ente...

Страница 39: ...axes at 1 25 and property insurance at 0 35 Your client is in the 21 tax bracket STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter interest rate 7 5 7 50 Enter term 3 0 T 30 00 Enter down payme...

Страница 40: ...tered on an annual basis although you can also enter a 6 month adjustment term as 5 This value is permanently stored in memory 3 After performing an ARM calculation your permanently stored values for...

Страница 41: ...calculator o o 0 00 Enter loan amount 1 7 6 l 176 000 00 Enter term in years 3 0 T 30 00 Enter annual interest 8 2 5 8 25 Find initial monthly payment 1st year p run 1 322 23 Enter ARM parameters 5 1...

Страница 42: ...A 3 ARM 1 505 71 Find 4th adjusted 5th year ARM payment A 4 ARM 1 566 43 Find 5th adjusted 6th year ARM payment A 5 ARM 1 626 81 Find 6th adjusted 7th year ARM payment A 6 ARM 1 686 78 Find 7th adjust...

Страница 43: ...0 Find 1st lower ARM payment A 1 ARM 1 197 01 Find 2nd lower ARM payment A 2 ARM 1 064 20 For second and third year payments Increasing and Decreasing ARM Payment Find the ARM payments for a 300 000 3...

Страница 44: ...aining Balance using the s a key by specifying a year or range of years period or range of periods For example to find the Remaining Balance after the 10th year press 1 0 s a to find the Remaining Bal...

Страница 45: ...em 7 A useful new feature is that your calculator will also display an estimated Mortgage Interest Tax Deduction at the end of the amortization value list after remaining balance is displayed if a tax...

Страница 46: ...amount 9 0 l 90 000 00 Enter interest 8 8 00 Enter term 3 0 T 30 00 Find monthly P I payment p run 660 39 Enter Year 1 1 a run 1 12 Find total interest in Year 1 a 7 172 83 Find total principal in Ye...

Страница 47: ...EYSTROKES DISPLAY Clear calculator o o 0 00 Set Month Offset to May 5 s 5 00 Enter loan amount 9 0 l 90 000 00 Enter interest 8 8 00 Enter term 3 0 T 30 00 Find monthly P I payment p run 660 39 Enter...

Страница 48: ...rest in Payment 1 a 1 146 70 Find remaining balance in Payment 1 a 174 852 25 Find remaining term in Payment 1 a 29 92 Find mortgage interest deduction in Payment 1 a 209 78 Display Payment 2 a run 2...

Страница 49: ...ind monthly P I payment p run 1 557 85 Enter Payments 1 9 1 9 s b a run 1 9 Find interest a 12 449 13 Find principal a 1 571 56 Total principal and interest a 14 020 69 Find remaining balance a 223 42...

Страница 50: ...ulations are based on 360 days per year Finding APR Total Finance Charges Excluding Mortgage Insurance You are financing a mortgage of 250 000 for 30 years at a nominal or quoted rate of 8 interest Th...

Страница 51: ...1st payment 8 1 0 3 7 2 1 0 3 11 00 Find the prepaid interest due at closing s 252 08 Note This is based on a 360 day year as most banks use this method for comput ing prepaid interest DO NOT CLEAR CA...

Страница 52: ...unction s T that allows you to convert established fully amortized monthly loans into Bi Weeklies in which one half the monthly payment is made every two weeks Because you make two extra half payments...

Страница 53: ...total principal a 275 000 00 Find total interest principal paid a 585 938 79 Now Solve for the Bi Weekly Loan and Compare Interest Savings and Total Interest Principal Paid Find Bi Weekly term s T run...

Страница 54: ...interest over the old rate then re calculate the loan amount STEPS KEYSTROKES DISPLAY Enter your new desired rate of return 2 0 20 00 Find purchase price l run 5 693 80 Finding the Yield on a Discount...

Страница 55: ...rs STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Store loan amt in Memory 7 5 l M 75 000 00 Enter monthly payment 9 3 7 5 p 937 50 Enter annual term 7 T 7 00 Enter annual interest rate 1 1 11 00...

Страница 56: ...n qualifying comparisons or scenarios e g conven tional vs FHA loans Simply store different income and debt qualifying ratios For example the q key defaults to 28 Income and 36 Debt for conventional l...

Страница 57: ...Allowable Monthly Debt 6 When calculating buyer s Actual Ratios based on entered bor rower data i e income and debt and property data i e loan amount sales price term interest the first press of q or...

Страница 58: ...ecall qualifying ratios 2 Q 31 00 43 00 Storing New Income Debt Qualifying Ratios Enter and permanently store new qualifying ratios of 30 for Income and 38 for Debt in q STEPS KEYSTROKES DISPLAY Clear...

Страница 59: ...tax rate 0 t 0 00 Clear insurance rate 0 I 0 00 Clear mortgage insurance rate 0 s I 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 Displa...

Страница 60: ...ared or changed these values please re enter them STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter annual income 7 5 i 75 000 00 Enter monthly debt 5 0 0 D 500 00 Enter down payment 5 d 5 000...

Страница 61: ...amount q run 137 725 41 DO NOT CLEAR CALCULATOR Note If you re not continuing from the previous problem you ll need to re enter inter est term and in this case property tax and insurance Unrestricted...

Страница 62: ...hly debt 5 0 0 D 500 00 Enter monthly association dues 5 0 e 50 00 Enter interest 6 2 5 6 25 Enter term 3 0 T 30 00 Enter property tax rate 1 2 5 t 1 25 Enter property insurance rate 3 I 0 30 Enter mo...

Страница 63: ...Enter down 5 d 5 000 00 Set tax 1 5 t 1 50 Set ins 2 5 I 0 25 Set MI 6 s I 0 60 Enter association dues 5 0 e 50 00 Enter interest 6 7 5 6 75 Enter term 3 0 T 30 00 Display ratios s q 28 00 36 00 Find...

Страница 64: ...ter annual interest 6 7 5 6 75 Enter term in years 3 0 T 30 00 Enter tax rate 1 5 t 1 50 Enter insurance rate 2 5 I 0 25 Delete mortgage insurance rate 0 s I 0 00 Enter sales price 2 5 0 P 250 000 00...

Страница 65: ...or o o 0 00 Enter interest 6 5 6 50 Enter term 3 0 T 30 00 Enter loan amount 2 7 5 l 275 000 00 Enter down payment 6 8 7 5 0 d 68 750 00 Enter annual income 1 2 0 i 120 000 00 Enter monthly debt 5 5 0...

Страница 66: ...tgage insurance Combined payment for 1st and 2nd TD and equivalent payment for fixed rate loan w mortgage insurance Monthly savings of 1st and 2nd TD over fixed rate loan w mortgage insurance Adjusted...

Страница 67: ...year 10 year PMI 2 5 LTV 90 80 10 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values and Find Total Payment Clear calculator o o 0 00 Enter loan amount 1 0 0 l 100 000 00 Enter down payment 1 0 d...

Страница 68: ...ith mortgage insurance 9 95 Find total combined 1st 2nd payment 799 07 Find equivalent payment of single fixed rate loan with mortgage insurance 873 64 Find monthly savings over fixed rate loan with m...

Страница 69: ...0 year MI 5 LTV 90 80 10 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values and Find Total Payment Clear calculator o o 0 00 Enter Loan Amount 1 0 0 l 100 000 00 Enter Down Payment 1 0 d 10 00 En...

Страница 70: ...ent of single fixed rate loan with MI 706 97 Find monthly savings over fixed rate loan with MI 32 26 Find adjusted 2nd term if savings applied to 2nd TD run 14 23 Find 1st TD loan amount 88 888 89 Fin...

Страница 71: ...I 5 LTV 100 80 20 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values and Find Total Payment Clear calculator o o 0 00 Enter Loan Amount 1 0 0 l 100 000 00 Enter annual Interest rate 7 7 00 Enter...

Страница 72: ...17 Find equivalent payment of fixed rate loan with MI 706 97 Find monthly savings over fixed rate loan with MI 13 80 Find adjusted 2nd term if savings applied to 2nd TD run 21 81 Find 1st TD loan amou...

Страница 73: ...e loan to a combo loan you must first calculate the monthly MI premium and enter it as mortgage insurance as you would a standard fixed rate loan do not add the Financed MI Premium to the loan amount...

Страница 74: ...hen compared to the Combo loan with a monthly savings of 10 08 DO NOT CLEAR CALCULATOR What happens if you compared to a 20 year 2nd Trust Deed at a rate of 8 Typically the monthly payment savings wil...

Страница 75: ...the O key to perform a total reset It is recommended you use a straightened paper clip as the hole is extremely small Keystroke Reset Returning the Calculator to its Original Factory Settings You may...

Страница 76: ...stries at 1 800 854 8075 Repair and Return Warranty Repair and Return Information Return Guidelines 1 Please read the Warranty in this User s Guide to determine if your Calculated Industries calculato...

Страница 77: ...Please provide an explanation of the service requirement your name address day phone number and dated proof of purchase typically a sales receipt If the prod uct is over 90 days old include payment o...

Страница 78: ...limitation of implied warranties or liability for incidental or consequential damages so the above limitation or exclusion may not apply to you This warranty gives you specific rights and you may als...

Страница 79: ...1 Bi Weekly Loans 47 BUYER QUALIFYING 51 CALCULATOR SETTINGS 16 Combo Loan 80 10 10 vs Fixed Rate Loan with Mortgage Insurance 62 Combo Loan Interest Only 2nd vs Fixed Rate Loan with Mortgage Insuranc...

Страница 80: ...5 Quarterly Payment Finding a 27 Reduction in Listing Price Discount 14 Rent vs Buy 34 Rent vs Buy Keys 7 Repair and Return guidelines 71 Reset 70 Restricted Qualifying 56 Sales Price Down Payment 28...

Страница 81: ...Designed in the United States of America Printed in China UG3416E A 1 06...

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