Calculated Industries 3423 User Manual
Page 50

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— 45
Qualifying Mortgage Amount and Sales Price
(Including Canadian Mortgage Insurance)
Buyers who make $45,000 annually and have $200 in long-term
monthly debt can put 15% down on a home. How much will they
qualify for? What is the monthly payment (including the Canadian
Mortgage Insurance of 1.75%)?
(Using previously stored 7.5% inter-
est, 25-year term, 1.5% tax rate, $150 monthly heating expense,
and qualifying ratios of 32%:40%).
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter annual Income
4 5 ) i
45,000.00
Enter monthly Debt
2 0 0 D
200.00
Enter Down Payment
1 5 d
7,500.00
Enter property Tax rate
1 • 5 t
1.50
Enter housing Expense
1 5 0 s D
150.00
Enter Canadian Mortgage
Insurance
1 • 7 5 C
1.75
Recall Interest*
® ˆ
7.50
Recall Term*
® T
25.00
Display Qualifying Ratios
q
32.00-40.00
Find pre-qualifying Mortgage
Amount (including Canadian
Mortgage Insurance)
q
119,506.44
— DO NOT CLEAR CALCULATOR —
Now find the monthly P&I payment (Principal & Interest) and Total
(PITH) Payment (including Canadian Mortgage Insurance):
STEPS
KEYSTROKES
DISPLAY
Find P&I Payment
p
“run” 874.26
Find Total (PITH) Payment
p
1,196.98
*Re-enter interest and term if you are not continuing from the previous example.