Calculated Industries 3416 User Guide - Manual (Page 67)

62 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
Combo Loan (80:10:10) vs. Fixed-Rate Loan with Mortgage
Insurance
You’d like to show your client the savings of a fixed-rate Combo
Loan (80:10:10) over that of a standard, fixed-rate loan with mort-
gage insurance, or MI. You have the following parameters:
FIXED-RATE
FIXED-RATE COMBO LOAN
LOAN w/PMI (1st TD – 2nd TD)
Loan Amount 100,000 100,000
Interest 7% 8% – 10%
Term 30 30 year – 10 year
PMI 2.5% --
LTV 90% 80% – 10%
STEPS KEYSTROKES DISPLAY
1. Enter Fixed-Rate Loan Values and Find Total Payment:
Clear calculator o o 0.00
Enter loan amount 1 0 0 ) l 100,000.00
Enter down payment 1 0 d 10.00
Enter interest 7 ˆ 7.00
Enter term 3 0 T 30.00
Enter MI (mortgage
insurance) value 2 • 5 s I 2.50
Clear Tax register 0 t 0.00
Clear Insurance register 0 I 0.00
Solve for price P 111,111.11
Solve for P&I payment p 665.30
Solve for PITI payment
(with MI) p 873.64
2. Enter Combo Loan Values:
Enter 1st TD
Interest:Term 8 : 3 0 ! 8.00-30.00
Enter 2nd TD
Interest:Term 1 0 : 1 0 s ! 10.00-10.00
(Cont’d)