Calculated Industries 3442 - Manual (Page 43)

38 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
Date Examples
Using the : key, you can quickly solve common real estate date
problems: escrow or closing dates, listing expiration dates, and the
number of days prepaid interest, etc. You enter a date as follows:
Numerical Month
: , Numerical Day : and two-digit Numerical Year.
The date function lets you: 1) add a number of days to a date to find
a second date (in the future), 2) subtract a number of days from a
date to find a second date (in the past), and, 3) subtract one date from
another date to find the number of days in between. For example, if a
45-day escrow begins April 27, 2007, what is the closing date and day?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter month 4 : 4.-
Enter day 2 7 : 4-27-
Enter year 0 7 4-27-07
Add 45 days + 4 5 = MON 06-11-07
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
Enter 1st payment date 1 1 : 1 : 0 7 11-1-07
Subtract closing date to
find number of days – 1 0 : 1 4 : 0 7 = 18.00
Finding Odd-Days Interest and APR
Find the monthly payment on a $100,000 loan at 8.25% annual
interest and 30-year term. Then, find the amount of odd-days inter-
est, or “prepaid” interest due, if the escrow closes on 7/21/07 and
the first payment is due 8/1/07.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter loan amount 1 0 0 ) l 100,000.00
Enter interest 8 • 2 5 ˆ 8.25
Enter term 3 0 T 30.00
Find monthly payment p “run” 751.27
Find days between escrow 8 : 1 : 0 7 –
closing & date of 1st pmt 7 : 2 1 : 0 7 = 11.00
Find the pre-paid interest
due at closing s : 252.08*
*This is based on a 360-day year, as most banks use this method for calculating pre-
paid interest.
— DO NOT CLEAR CALCULATOR —