Steps
Keystrokes
Display
Enter down payment
20,000 [Dn Pmt]
20,000.00
Enter annual income
68,000 [Inc]
68,000.00
Enter monthly debts
750 [Debt]
750.00
Set annual prop. tax rate
1 [Tax]
1.00
Set annual prop. ins. rate
.5 [Ins]
0.50
Set annual mortg. ins. rate .25 [Mtg Ins]
0.25
Recall interest
[Rcl] [Int]
7.50
Recall term
[Rcl] [Term]
30.00
Display qual. ratios
[Qual 1]
28.00 – 36.00
Find qualifying loan amt.
[Qual 1]
“run” 149,695.67
Find Price
[Price]
169,695.67
— D O N O T C L E A R C A L C U L A T O R —
Now find the monthly payment and PITI payment based on
the entered tax and insurance.
Steps
Keystrokes
Display
Find P & I payment
[Pmt]
“run” 1,046.69
Find PITI payment
[Pmt]
1,290.00
Qualifying for both “Conventional” and “Government” Loans Based
on Income, Debts, and Expenses — No Tax/Insurance
Given a buyer’s annual income of $36,000, $500 in long-term
monthly debts, estimated monthly homeowners’ association
dues of $50, an interest rate of 7.25% and term of 30 years,
using the stored 28%:36% ratios, what size conventional loan
can they qualify for? What size government loan can they
qualify for using the stored 29%:41% ratios ? (Use the [Qual 1]
key for conventional qualifying and the [Qual 2] key for gov-
ernment qualifying.) Also, find the corresponding total month-
ly payment for each.
43 – User’s Guide