34 — Q
UALIFIER
P
LUS
®
III
FX
PITI Payment (Tax and Insurance Entered as %)
Find the monthly PITI payment on a 30-year, 6.5% mortgage if the
home’s selling price is $325,000 and the down payment is 5%.
Annual property taxes are estimated at 1.3%, annual property insur-
ance 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
6 • 5 ˆ
6.50
Enter sales Price
3 2 5 ) P
325,000.00
Enter Down Payment
5 d
5.00
Enter Tax rate
1 • 3 s 7
1.30
Enter property Insurance
rate
• 2 5 s 8
0.25
Enter Mortgage Ins. rate
• 4 5 s 9
0.45
Find Loan Amount
l
308,750.00
Find monthly P&I Payment
p
“run” 1,951.51
Find monthly PITI Payment
p
2,487.08
Total Payment (Including Expenses) and Interest-Only Payment
Find the total monthly payment (including principal, interest,
tax/insurance and monthly expenses) and the interest-only payment
on a 30-year, 6% loan if the home’s selling price is $330,000 and the
down payment is 15%.
(Local annual property taxes are estimated
at $5,900, property insurance at $500, mortgage insurance at
$1,200, and monthly expenses — e.g., homeowner’s association
dues plus utilities — at $150).
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter Term in years
3 0 T
30.00
Enter annual Interest rate
6 ˆ
6.00
Enter sales Price
3 3 0 ) P
330,000.00
Enter Down Payment %
1 5 d
15.00
Find $ Down Payment
d
49,500.00
Enter property Tax
5 9 0 0 s 7
5,900.00
Enter property Insurance
5 0 0 s 8
500.00
Enter Mortgage Insurance
1 2 0 0 s 9
1,200.00
Enter monthly Expenses
1 5 0 e
150.00
Find Loan Amount
l
280,500.00
Find monthly P&I Payment
p
“run” 1,681.74
Find monthly PITI Payment
p
2,315.07
Find monthly total Payment (PITI plus
monthly expenses)
p
2,465.07
Find interest-only Payment
p
1,402.50
