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PITI Payment (Tax and Insurance Entered as $)
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: MI 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 pmt %
2 0 d
20.00
Find dollar $
d
62,200.00
Enter property tax
5 9 0 0 s 7
*
5,900.00
Enter property insurance
3 7 0 s 8
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
*To view the Tax/Insurance rates in their monthly and percent forms: press
® 7
,
® 7
,
® 7
to recall the annual property tax, monthly property tax and % tax rate
of $5,900, $491.67 and 1.9%, respectively.
Total Payment and Interest-Only Payment
Find the PITI, total payment (including principal, interest, tax/insur-
ance and monthly expenses) and interest-only payment on a 30-
year, 6% mortgage loan if the home’s selling price is $330,000 and
the down payment is 15%.
(Local annual property taxes are estimat-
ed at $5,900, property insurance at $500, mortgage insurance at
$1,200, and mo. expenses at $150.)
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter term in years
3 0 T
30.00
Enter annual interest
6 ˆ
6.00
Enter sales price
3 3 0 ) P
330,000.00
Enter down pmt %
1 5 d
15.00
Find dollar $
d
49,500.00
Enter property tax
5 9 0 0 s 7
5,900.00
(Cont’d)
