Calculated Industries 3420 Pocket Reference Guide - Manual (Page 4)

P OCKET R EFERENCE G UIDE — 3
Amortization (Total Principal/Total
Interest, Remaining Balance)........22
Bi-Weekly Mortgages ........................23
Setting Qualifying Ratios...................24
Qualifying Mortgage Amount.............24
“Restricted” vs. “Unrestricted”
Qualifying ......................................26
Qualifying Comparison (Two Ratios
at Once) ........................................28
Finding Income Required and
Allowable Monthly Debt ................30
EXAMPLES — U.S. MODE..................31
Monthly Loan Payment .....................31
Setting Tax and Insurance ................32
PITI Payment and Interest-Only
Payment ........................................33
Qualifying Loan Amount ....................34
ARM Payment —
Lifetime Cap .........35
APR and Total Finance Charges,
Including Mortgage Insurance.......37
Estimated Tax Savings......................38
Rent vs. Buy......................................39
APPENDIX ............................................40
Default Settings.................................40
Repair and Return.............................40
Warranty............................................41
FCC Class B .....................................42
Looking For New Ideas .....................42
3420PRG-E-A 7/2/04 9:07 AM Page 3