58 — Q
UALIFIER
P
LUS
®
4
X
PITI Payment (Tax and Insurance Entered as Percentage)
Find the PITI payment on a 30-year, 8.4% loan if the home’s selling
price is $125,000 and the down payment is 5%. Annual property
taxes are estimated at 1.3%, annual property insurance at 0.25%
and annual mortgage insurance at 0.45%.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter Term in years
3 0 T
30.00
Enter annual Interest rate
8 • 4 ˆ
8.40
Enter sales Price
1 2 5 ) P
125,000.00
Enter Down Payment
5 d
5.00
Set Tax rate
1 • 3 t
1.30
Set property Insurance rate
• 2 5 s t
0.25
Set Mortgage Insurance
rate
• 4 5 s 9
0.45
Find mortgage Amount
l
118,750.00
Find monthly P&I Payment
p
“run” 904.68
Find monthly PITI Payment
p
1,110.67
PITI Payment (Tax and Insurance Entered as Dollar Amount)
Find the PITI payment on a 30-year, 7.25% loan if the home’s selling
price is $311,000 and the down payment is 20%. Local annual prop-
erty taxes are estimated at $5,900 and property insurance at $370.
Note: PMI or mortgage insurance is not included in this case, as the down payment is
20%.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter Term in years
3 0 T
30.00
Enter annual Interest
7 • 2 5 ˆ
7.25
Enter sales Price
3 1 1 ) P
311,000.00
Enter Down Payment %
2 0 d
20.00
Find dollar $
d
62,200.00
Set Tax figure
5 9 0 0 t
*
5,900.00
Set Insurance figure
3 7 0 s t
370.00
Set Mortgage Ins. to zero
0 s 9
0.00
Find Loan Amount
l
248,800.00
Find P&I Payment
p
“run” 1,697.25
Find PITI Payment
p
2,219.75
*Note: To view Tax/Insurance rates in their monthly and percent forms, press the
t
or
I
key three times — e.g., press
® t t t
to recall the annual property
tax, monthly property tax and % tax rate of $5,900, $491.67 and 1.9%, respectively.
