68 — Q
UALIFIER
P
LUS
®
III
FX
Combo Loan (80:10:10) vs. Fixed-Rate Loan with Mortgage
Insurance
You’d like to show your client the savings of a fixed-rate Combo
Loan (80:10:10) over that of a standard, fixed-rate loan with mort-
gage insurance. You have the following parameters:
FIXED-RATE
FIXED-RATE
COMBO LOAN
LOAN w/MI
(1st TD – 2nd TD)
Loan Amount
100,000 100,000
Interest
7%
7% – 9%
Term
30
30 year – 30 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
Enter annual Interest rate
7 ˆ
7.00
Enter Term in years
3 0 T
30.00
Enter MI (mortgage
insurance) rate
• 5 s 9
0.50
Clear property tax rate
0 s 7
0.00
Clear property insurance
rate
0 s 8
0.00
Solve for monthly P&I
Payment
p
“run” 665.30
Solve for monthly PITI Payment
(with MI)
p
706.97
2. Enter Combo Loan Values:
Enter 1st TD
Interest:Term
7 : 3 0 !
7.00-30.00
Enter 2nd TD
Interest:Term
9 : 3 0 s !
9.00-30.00
(Cont’d)
