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“Unrestricted” Qualifying

The amount calculated in the previous example is the loan they may
qualify for, based on current income and debt. What are the buyer’s
actual income and debt ratios? What does the “unrestricted” loan
amount calculate to, and which side is it based on (i.e., buyer’s
income or debt)? What is the buyer’s maximum allowable debt?

STEPS

KEYSTROKES

DISPLAY

Find actual ratios

q

“run” 22.76-36.00

Find “unrestricted”

loan amount

q

170,870.75 LA INC*

Find allowable debt

q

453.33

*The “INC” tells you this unrestricted Qualifying Loan Amount is based on the buyer’s
Income Ratio — therefore, the restrictive Qualifying Loan Amount is based on the
buyer’s Debt Ratio. This means that if they pay off their monthly debt (to $453/mo. or
lower) they may qualify for a mortgage loan of approx. $170,000 or more and afford
that $175,000 home (if they put approx. $4-$5K down).

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Содержание 3442

Страница 1: ...MORTGAGE QUALIFIER PLUS PX2 User s Guide Model 3442 Desktop Model 43442 MORTGAGE FINANCE CALCULATOR...

Страница 2: ...abilities Built in Sales Price Down Payment LTV Works in Annual Term and Interest Flexible What If Loan or TVM Calculations Finds Loan Amount Term Interest or Payment Rent vs Buy Estimated Income Tax...

Страница 3: ...7 CALCULATOR SETTINGS 17 Decimal Place Selection 17 Preference Settings 18 MEMORY 21 Memory Storage Keys M0 M5 22 Additional Memory Storage Keys M10 M19 23 EXAMPLES 23 MORTGAGE LOANS TIME VALUE OF MON...

Страница 4: ...Equity Builder Term Reduction and Payment 40 Equity Builder Interest Savings Based on Adjusted Equity Builder Payment 40 Amortization and Remaining Balance 41 Notes on Amortization 41 Total Principal...

Страница 5: ...Rate Loan Entering Starting Payment 62 Pick A Payment Loan Zero Month 30 Term vs Standard Fixed Rate Loan Entering a Starting Interest Rate Changing ROI and Payment Cap Solving Payment Options 65 Equ...

Страница 6: ...t Four function x percent key See page 20 for examples Memory Adds the displayed number to the inde pendent memory Pressing s M will sub tract the displayed value from the memory Pressing recalls and...

Страница 7: ...solves for the initial loan amount or present value of a financial problem p P I PITI Payment Total Payment Interest Only Payment Enters or solves for the periodic princi pal and interest P I payment...

Страница 8: ...ice are entered Also calculates the above dollar values if an LTV percent and one of the above values are entered cannot calculate loan amount or price based on entered LTV and Down Payment Also used...

Страница 9: ...7 Calculates estimated mortgage interest tax deduction for the specified period based on the default tax bracket of 21 You may enter any tax bracket e g 30 press 3 0 s p and recalculate amortization...

Страница 10: ...terest saving Equity Builder Pick A Payment loans With the EB P A P each payment is directly applied to loan principal or applied twice a month unlike other loan programs which may apply the pay ments...

Страница 11: ...entage Default 21 Qualifying Keys q Qualify Based on 28 36 A multi function key which based on entered variables performs the following qualifying functions 1 Stores income and debt ratios for loan qu...

Страница 12: ...consideration such as a buyer s credit and employment history 2 Calculates the maximum loan amount for which a buyer may qualify based on the stored income and debt qualifying ratios and the entered...

Страница 13: ...ired loan amount or sales price based on the stored income and debt qualifying ratios and the entered term interest price down payment or loan amount 4 Also finds buyer s actual income and debt ratios...

Страница 14: ...stimated annual property or homeowner s insurance in either percent or dollar amount If entered as an annual dollar amount a press of and 8 converts to the monthly insurance amount or premium and pres...

Страница 15: ...e loans Pick A Payment calculations use all the keys in the second row of the calculator When performing a P A P EB P A P calculation the calculator will also compare the fixed loan values within the...

Страница 16: ...ent This type of mortgage starts out with a low below market interest rate or initial pay ment as defined by S during a short period e g 0 1 3 6 9 12 or 36 months of full amortization at the initial l...

Страница 17: ...ll depend upon the type of P A P loan the payment cap and the difference between starting and fully indexed interest rates The P A P Savings is calculated using the difference between the P A P paymen...

Страница 18: ...ased on Note Rate 15 year payment based on Note Rate and P A P deferred interest payment s e Payment Options Same values as above but for the Equity Builder Pick A Payment loan Combo Loan Keys The Com...

Страница 19: ...will be retained until changed or reset C 2nd TD Interest Term Desktop model 43442 Only See previous definition for s s 5 Fixed Rate Combo 1st 2nd Trust Deed Loan When s 5 is selected and all other v...

Страница 20: ...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 D...

Страница 21: ...275 00 C 2 5 5 0 12 50 D 2 0 0 5 0 400 00 The Percent function is a key that has special applications for real estate professionals especially when figuring a commission amount Figuring Straight Commi...

Страница 22: ...year assuming the same rate of appreciation continues STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter current value 2 7 5 275 000 Add 6 6 16 500 00 Find appreciated value 291 500 00 Note See...

Страница 23: ...A sixth Preference Setting for recasting all other P A P loans that have a start month not identified by the other five Preference Settings e g five month start is also included to allow for greater...

Страница 24: ...ce MI Clr Clr M INS Clears mortgage insurance and upon o o Default Clr OFF M INS Clears mortgage insurance and at O HOLD Pct M INS Holds only percent mortgage insurance entry at O HOLD ALL M INS Holds...

Страница 25: ...ny payments YRS ALL P A P PMT Shows all adjusted payments 10 15 P A P Loan Recasting 10 0 M Recast 10 Uses 10 year recast for a Zero P A P Default Subsequent presses of advance until Recast year 15 th...

Страница 26: ...5 Uses 5 year recast for all other P A P loans Default Subsequent presses of advance until year 15 then numbering starts over at one MEMORY Whenever the key is pressed the displayed value will be add...

Страница 27: ...ngle non cumulative values FUNCTION KEYSTROKES Store single value in M0 s 0 Store single value in M1 s 1 Store single value in M2 M5 s 2 3 4 or 5 Clear register e g M1 0 s 1 Review stored value e g M1...

Страница 28: ...ROKES DISPLAY 3 5 0 s 1 M 11 350 00 O o 0 00 1 M 11 350 00 Note Repeat the above procedure for registers M12 M19 using digits 2 9 MORTGAGE LOANS TIME VALUE OF MONEY TVM 1 The basic loan keys l p T and...

Страница 29: ...y will calculate 1 the principal and interest P I payment 2 the PITI payment which includes property tax property insurance and mortgage insurance if entered 3 the total payment PITI plus any entered...

Страница 30: ...of 200 each month STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter loan amount 1 5 l 15 000 00 Enter interest 1 0 10 00 Enter monthly payment 2 0 0 p 200 00 Find term in years T run 9 85 Find...

Страница 31: ...ate was 7 8 on a 30 year loan and you could afford 1 500 in monthly pay ments What if the interest rate was lowered to 7 5 STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter interest 7 8 7 80 En...

Страница 32: ...ES DISPLAY Clear calculator o o 0 00 Recall of payments year 4 00 Reset to 12 payments year 1 2 s 12 00 IMPORTANT To return payments per year to the default value of 12 perform the following steps STE...

Страница 33: ...ting financial values Finding Loan Amount Based on Sales Price and Down Payment Find the down payment dollar amount and the loan amount if the sales price is 250 000 and you re planning to put 20 down...

Страница 34: ...500 00 Enter down payment 1 5 d 15 000 00 Find down payment d 9 06 Find LTV d 90 94 Find loan amount l 150 500 00 Entering Loan to Value LTV and Finding Loan and Down Payment Find the down payment dol...

Страница 35: ...o be correct Entering values less than 10 are assumed to be annual percentage rates IMPORTANT Property Tax and Property Insurance rates are based on the Sales Price therefore a Down Payment or Sales P...

Страница 36: ...o review stored values press and the applicable key e g 7 Calculating Tax and Insurance or If loan variables are entered in addition to tax and insurance per centage rates or dollar values the respect...

Страница 37: ...amounts and loan variables first and press and the tax insurance key to calculate the percentage rate PITI Payment Tax and Insurance Entered as Find the PITI payment on a 30 year 6 5 mortgage if the h...

Страница 38: ...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 ta...

Страница 39: ...lation of their income tax deductions Buyers in a 28 income tax bracket are looking to finance a 150 000 mortgage for 30 years at 8 annual interest If they will be paying approximately 1 500 in annual...

Страница 40: ...ge The current rate is 7 5 on a 30 term fixed rate mortgage and your client can afford to put 10 down You estimate local taxes at 1 25 and property insurance at 0 35 Your client is in the 28 tax brack...

Страница 41: ...on real estate loans such as for autos and boats that compound interest based upon 365 days per year cannot be solved using this function as calcu lations are based on 360 days per year Finding APR To...

Страница 42: ...r term 3 0 T 30 00 Find monthly P I payment p run 1 693 22 Enter mortgage ins 6 5 s 9 0 65 Find Loan Costs Recall loan amount l 275 000 00 Find point cost x 1 5 4 125 00 Add fees and find total 5 5 0...

Страница 43: ...Find the number of days to calculate prepaid interest due at closing if the escrow closing date is 10 14 07 and the first payment is due 11 1 07 STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Ente...

Страница 44: ...one half the monthly payment is made every two weeks Because you make two extra half payments per year i e 26 equity builder payments is like making 13 payments per year these kinds of loans can amou...

Страница 45: ...al interest paid T 246 545 97 Find total principal T 212 500 00 Find total prin and interest T 459 045 97 Find ROI T 46 29 Find Equity Builder P I payment p 768 54 DO NOT CLEAR CALCULATOR Equity Build...

Страница 46: ...the default settings for range of payments calculations It is therefore best to speci fy a range of payments or individual payment before you calcu late any of the above 5 In some cases it is the pra...

Страница 47: ...ization Range or Period after the initial sequence is complete upon repeated presses of a This saves you from entering the next range or period each time Total Principal Total Interest for a 30 Year L...

Страница 48: ...o o 0 00 Enter loan amount 9 0 l 90 000 00 Enter interest 8 8 00 Enter term 3 0 T 30 00 Find monthly payment p run 660 39 Enter Yr 1 1 a run 1 12 Find total interest in Yr 1 a 7 172 83 Find total pri...

Страница 49: ...f a STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Set Month Offset to May 5 s 5 00 Enter loan amount 9 0 l 90 000 00 Enter interest 8 8 00 Enter term 3 0 T 30 00 Find monthly payment p run 660 39...

Страница 50: ...Find rem bal in Pmt 1 a 174 852 25 Find rem term in Pmt 1 a 29 92 Find mortgage interest deduction in Pmt 1 a 209 78 Display Pmt 2 a run 2 2 etc sequence repeats for each payment DO NOT CLEAR CALCULAT...

Страница 51: ...for Pmts 1 9 a 2 614 32 Enter Years 1 10 1 1 0 a run 1 120 Find interest a 156 798 68 Find principal a 30 143 87 Total principal and interest a 186 942 55 Find remaining balance a 194 856 13 Find rema...

Страница 52: ...in interest in Yr 1 a 25 376 96 Find remaining balance a 306 999 64 Find remaining term a 29 00 Find mortgage interest tax savings in Yr 1 based on 21 tax bracket a 4 699 09 etc keep pressing a if you...

Страница 53: ...gs Account Problem Future Value of an Initial Deposit or Lump Sum What is the future value of an initial deposit of 15 000 after 5 years if interest is compounded monthly and the interest rate is 3 ST...

Страница 54: ...at the beginning or end default of the period See Preference Settings Below is an example of using beginning mode in conjunction with the future value function to get the same results as the investmen...

Страница 55: ...0 Enter payment amount 1 0 0 p 100 00 Find purchase price l run 4 682 68 DO NOT CLEAR CALCULATOR What if you want a 20 yield Leave all of the above data and re enter the 20 interest over the old rate...

Страница 56: ...SPLAY Clear calculator o o 0 00 Store loan amt in Memory 7 5 l M 75 000 00 Enter monthly payment 9 3 7 5 p M 937 50 Enter annual term 7 T M 7 00 Enter annual interest rate 1 1 M 11 00 Calculate remain...

Страница 57: ...Q to calculate var ious standard loan qualifying comparisons or scenarios e g conventional vs FHA loans Use s q and s Q to calculate Interest Only loan qualifying scenarios Simply store different inco...

Страница 58: ...ce can be based on Loan Amount Mortgage Insurance is calculat ed from the Loan Amount The Maximum Qualifying Loan Amount displayed is the restricted loan amount that the buyer may qualify for This loa...

Страница 59: ...r if he or she makes 75 000 annually and has 500 in long term monthly debt The buyer plans to put 35 000 down Also what is the monthly P I payment Based on no Tax and Insurance STEPS KEYSTROKES DISPLA...

Страница 60: ...these values please re enter them STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter annual income 7 5 i 75 000 00 Enter monthly debt 5 0 0 D 500 00 Enter down payment 5 d 5 000 00 Set annual pr...

Страница 61: ...n If you ve cleared or changed these values please re enter them STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Recall interest 7 50 Recall term T 30 00 Recall annual prop tax 7 1 50 Recall annual...

Страница 62: ...aximum allowable debt STEPS KEYSTROKES DISPLAY Find actual ratios q run 22 76 36 00 Find unrestricted loan amount q 170 870 75 LA INC Find allowable debt q 453 33 The INC tells you this unrestricted Q...

Страница 63: ...00 Enter monthly assn dues 5 0 s D 50 00 Enter interest 7 2 5 7 25 Enter term 3 0 T 30 00 Enter property tax rate 1 2 5 s 7 1 25 Enter property ins rate 3 s 8 0 30 Enter mortgage ins rate 4 5 s 9 0 4...

Страница 64: ...tgage insurance rate to zero as they are put ting 20 down STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter annual interest 6 7 5 6 75 Enter term in years 3 0 T 30 00 Enter tax rate 1 5 s 7 1 5...

Страница 65: ...erest 6 5 6 50 Enter term 3 0 T 30 00 Enter loan amount 2 7 5 l 275 000 00 Enter down payment 6 8 7 5 0 d 68 750 00 Enter annual income 1 2 0 i 120 000 00 Enter monthly debt 5 5 0 D 550 00 Enter prope...

Страница 66: ...e initial years can be extremely low The payment increase is limited to the designated Payment Cap percentage limit over the selected Recast Period After the Recast Period the loan is recalculated bas...

Страница 67: ...2nd without having to compare to a fixed loan with MI The Combo P A Ps EB P A Ps are highly complex thus only 1st TD 2nd TD loan amounts and payments and total loan cost can be shown In addition the...

Страница 68: ...ny time by simply entering a new value e g 6 Payment Cap enter 6 s 6 This is also stored permanently To recall the stored value press s 6 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values Clear...

Страница 69: ...Investment Savings Enter 6 5 ROI 6 5 6 50 Find ROI Savings 24 596 54 To change the display of P A P payments to show all payments please refer to the Preference Settings To change the recast period o...

Страница 70: ...tive amortization You have the following loan parameters FIXED RATE LOAN P A P LOAN Loan Amount 300 000 300 000 Interest Start Payment 7 5 3 95 Start 7 50 Note Term 30 0 Start No of Mo s 30 years ROI...

Страница 71: ...P calculations 1 30 Find total prin interest 842 120 24 Find total interest 542 120 24 Find balance at end of range 0 00 6 Find Start Payment for Year 1 Interest Only Payment 30 Year and 15 Year Paym...

Страница 72: ...r 38K Additionally while the P A P payments exceed the traditional fixed rate loan by 86 968 the investment return on the P A P cash flow is 219 313 23 IMPORTANT Be sure to change the P A P Recast set...

Страница 73: ...ayments based on the EB P A P Note as well as the EB P A P deferred interest resulting from negative amortization STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values Clear Calculator o o 0 00 Ente...

Страница 74: ...1 Interest Only Payment 30 Year and 15 Year Payments based on EB P A P Note and EB P A P Deferred Interest Display start payment s e 750 00 Find interest only payment e 865 38 Find 30 yr payment e 1 0...

Страница 75: ...Start No of Mo s 30 years ROI 6 5 Pmt Cap 7 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values Clear All s x All Cleared 0 00 Enter loan amount 3 0 0 l 300 000 00 Enter interest rate 7 7 00 Enter...

Страница 76: ...culations 8 1 5 Find 5 year savings 33 028 48 Re display ROI run 6 50 Find 5 year ROI 39 795 55 Display amortization range for entered eight year range 1 8 Display total prin interest 146 792 63 Displ...

Страница 77: ...0 00 2 Find Combo Loan Values Find 1st 2nd combined interest rate s 5 8 11 Find total combined 1st 2nd payment 5 799 07 Find 1st TD loan amount 5 88 888 89 Find 2nd TD loan amount 5 11 111 11 Find 1st...

Страница 78: ...00 Enter interest 7 7 00 Enter term 3 0 T 30 00 Enter MI mortgage insurance value 5 s 9 0 50 Clear Tax register 0 s 7 0 00 Clear Insurance register 0 s 8 0 00 Solve for P I payment p 598 77 Solve for...

Страница 79: ...LTV This allows for a comparison of different Loan to Value ratios Note To calculate Interest Only 2nd Trust Deed Combo Loans on model 3442 press the 4 key instead of the 5 key in Step 3 of the above...

Страница 80: ...alculate the Loan Comparison Find 1st 2nd blended interest rate s 5 7 23 Find equivalent fixed rate loan interest rate 5 7 61 Find total combined 1st 2nd payment 5 612 70 Find equivalent fixed rate lo...

Страница 81: ...ed Rate Loan Values Clear calculator o o 0 00 Enter loan amount 9 0 l 90 000 00 Enter interest 8 5 8 50 Enter term 3 0 T 30 00 Enter MI value 6 2 s 9 0 62 2 Solve for Fixed Rate Loan Payment and Total...

Страница 82: ...pal and interest N 208 642 62 Find 1st TD total interest N 132 853 15 Find 1st TD rem balance N 0 00 7 Find 2nd TD Loan Amount N 14 210 53 8 Find 2nd TD Payment N 140 73 9 Find 2nd TD Total Cost Find...

Страница 83: ...d Rate Loan Values and Solve for Total Payment SKIP IF ALREADY ENTERED Clear calculator o o 0 00 Enter loan amount 9 0 l 90 000 00 Enter fixed loan interest 8 5 8 50 Enter fixed loan term 3 0 T 30 00...

Страница 84: ...789 47 6 Find 1st TD Total Cost Find total principal interest N 171 517 97 Find total interest N 95 728 50 Find remaining balance N 0 00 7 Find 2nd TD Loan Amount N 14 210 53 8 Find 2nd TD Payment N...

Страница 85: ...2 M Recast 5 36 M Recast 5 ALT Recast 5 Month Offset to January 1 Tax Bracket 21 Qual 1 Ratios 28 36 Qual 2 Ratios 33 40 P A P ROI 10 P A P EB P A P Savings Years 1 5 ROI Investment Savings Years 1 5...

Страница 86: ...are available at most discount or electronics stores You may also call Calculated Industries at 1 775 885 4975 Battery Replacement Instructions Mortgage Qualifier Plus PX2 3442 To replace the batterie...

Страница 87: ...on Return Guidelines 1 Please read the Warranty in this User s Guide to determine if your Calculated Industries calculator measuring device or elec tronic tool remains under warranty before calling or...

Страница 88: ...ty period or service requested due to damage resulting from misuse or abuse Contact Calculated Industries phone number listed on the last page to obtain cur rent product repair information and charges...

Страница 89: ...are registered trademarks of Calculated Industries Inc ALL RIGHTS RESERVED Looking For New Ideas Calculated Industries a leading manufacturer of special function cal culators and digital measuring in...

Страница 90: ...Designed in the United States of America Printed in China 5 06 UG3442E A...

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