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Calculated Industries 3420 Pocket Reference Guide User Manual

Page 35

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P

OCKET

R

EFERENCE

G

UIDE

— 34

Qualifying Loan Amount

• Buyer’s Income: $100,000
• Monthly Debt: $550
• Down Payment: 25%
• Property Tax: 1.5%
• Property Insurance: 0.25%
• Mortgage Insurance (not required): 0
• Term: 30 years
• Interest: 6.25%
• Qualifying Ratios: 28% – 36%

Find qualifying loan, price and payment:

STEPS

KEYSTROKES

DISPLAY

Clear

o o

0.00

Enter Income

1 0 0 ) i

100,000.00

Enter Debt

5 5 0 D

250.00

Enter %Down

2 5 d

25.00

Set Tax%

1 • 5 t

1.50

Set Ins.%

• 2 5 I

0.25

Set MI%

0 Â

0.00

Enter Term

3 0 T

30.00

Enter Interest

6 • 2 5 ˆ

6.25

Enter Ratios

2 8 : 3 6 q

28.00 – 36.00

Find maximum qualifying

Amount

q

288,008.37

Find Price

P

384,011.16

PITI Payment

p p

2,333.33

3420PRG-E-A 7/2/04 9:07 AM Page 34