Calculated Industries 3415-KITE-D - Manual (Page 10)

U
SER
’
S
G
UIDE
— 9
A Adjustable Rate Mortgage — Calculates the pay-
ment and re-amortizes a fully or partially amortized
Adjustable Rate Mortgage based on the inputs of
both an Interest Adjustment and a Term Adjustment,
which are entered using the Colon
: key (Interest
Adjustment : Term Adjustment). For example, an
ARM which increases 1% every six months is entered
1 : • 5 A ; an ARM which decreases 1% every
six months is entered 1 : • 5 s A . (ARM
rates are stored permanently.)
s % Lifetime Interest Cap (ARMs) — Sets the lifetime
interest cap for ARMs by entering the maximum
interest increase. This is a permanent setting. To
clear, set the cap back to zero (
0 s % ).
s T Bi-Weekly (Bi-Wkly) — Converts a regular monthly
loan to a Bi-Weekly loan, where the buyer may real-
ize significant interest savings. After loan variables
are entered, pressing
s T displays the reduc-
tion in term. The second press of T shows the
total interest savings; third press displays the total
interest
paid ; fourth press displays the total principal;
and fifth press displays the total principal and inter-
est paid. Pressing
p will calculate the bi-weekly
payment. Pressing s T again will return and
re-calculate to the original term, or pressing o
twice will exit Bi-Weekly Mode.
Tax Savings Keys
s p Estimated Tax Savings (Tax Svgs) — Calculates
an estimated annual income tax savings for a mort-
gage, based on entered loan variables, including
property tax, mortgage interest, and tax bracket. You
must enter a tax bracket, then press
s p p to
display the estimated annual income tax savings;
the third consecutive press of
p will display the
monthly tax savings; and the fourth press will display
the estimated “after-tax”, or net mortgage payment.
Note: This function is different from the mortgage interest deduc-
tion figured in the Amortization calculation, as it also includes
property tax for a total estimated tax savings and only provides
an annual estimate, not an estimate for a specified range. (See
the
a key definition for details).