Calculated Industries 3416 Pocket Reference Guide - Manual (Page 31)

P
OCKET
R
EFERENCE
G
UIDE
— 27
Income Required (Stated Income) and
Allowable Monthly Debt
• Sales price: $300,000
• Down%: 20%
• Property taxes: 1.5%
• Property insurance: 0.25%
• Mortgage insurance: 0%
• Term: 30 years
• Interest: 5.88%
Find the income required to finance a
$300,000 home and the maximum allow-
able debt.
Note: Clear mortgage insurance rate to zero, as
the down payment is 20%.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter interest 5 • 8 8 ˆ 5.88
Enter term 3 0 T 30.00
Enter tax% 1 • 5 t 1.50
Enter insurance%
• 2 5 I 0.25
Clear MI% 0 s I 0.00
Enter price 3 0 0 ) P
300,000.00
Enter down 2 0 d 20.00
Find $ down d 60,000.00
Find loan l 240,000.00
(Cont’d)