U
SER
’
S
G
UIDE
— 15
s 4
Interest-Only 2nd Trust Deed Combo — Operates
similarly to the Fixed-Rate Combo Loan function, but
for a combo loan where the 2nd Trust Deed is
Interest-Only (the 1st Trust Deed is a standard fixed-
rate P&I loan).
s
B
Interest-Only 2nd Trust Deed Combo (Desktop
model 43442 Only) — See previous definition for
s 4
.
Pick-A-Payment and Equity Builder Pick-A-Payment
Combo Loan Keys
This calculator also has the capability of using a P-A-P or EB P-A-P
loan as the 1st Note in a Combo Loan. These keys are again used
to compare P-A-P/EB P-A-P Combo Loans against a standard,
fixed-rate loan requiring monthly private mortgage insurance (MI).
N
P-A-P Combo Loan — This function will solve for a
Combo Loan using the P-A-P as the 1st Trust Deed.
The calculations displayed are listed below:
Output Calculation
1-5
1st TD P-A-P Payments (1-5)
6
1st TD Loan Amount
7-10
1st TD (P-A-P) Total Principal and Interest,
Total Interest, and Remaining Balance
11
2nd TD Loan Amount
12
2nd TD Fixed Payment
13-15 2nd TD (Fixed) Total Principal and Interest,
Total Interest, and Remaining Balance
16
Adjusted 2nd TD Term (if savings applied to
2nd TD)
s N
EB P-A-P Combo Loan — Operates identically to
the above, as a 2nd function of the
N
key, but
uses a bi-weekly P-A-P (EB P-A-P) Loan as the 1st
Trust Deed.
