Calculated Industries 3415 Manuel utilisateur

UALIFIER

LUS

III

ADVANCED RESIDENTIAL REAL ESTATE FINANCE CALCULATOR

with COMPLETE BUYER QUALIFYING

Model 3415

User s Guide

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— 1

The

UALIFIER

LUS

III

was custom-designed for mortgage lenders and

residential real estate professionals. With the push of a few buttons,

it will pre-qualify prospective buyers instantly and solve hundreds of

mortgage loan problems with ease! It’s the most

complete

and

easy-

to-use

real estate finance calculator on the market!

Features:

•Easy and Complete Buyer Qualifying

• Find Qualifying Loan Amount, Income Required and

Maximum Allowable Debt

• Use 2 Qualifying Ratios at Once to Compare Different Loans

(e.g., conventional vs. FHA/VA loans)

• Find the Restricted and Unrestricted Qualifying Loan Amount

• Instant P&I, PITI and Total Payment

• Interest-Only Payment

• Expanded Tax and Insurance Capabilities

• Built-in Sales Price and Down Payment

• Works in Annual Term and Interest

• Flexible, “what if” Loan or TVM Calculations —

Finds Loan

Amount, Term, Interest or Payment

•Future Value and Appreciation

• Complete Amortization

• Remaining Balances/Balloon Payments

• Adjustable Rate Mortgages (ARMs)

• APR and Total Finance Charges

• Bi-Weekly Loans

• Trust Deeds (investments)

• Date Math

• Also Works as a Standard Math Calculator

New!

•1st and 2nd Trust Deeds (80:10:10/80:15:5),

or Combo Loans

• APR, including Mortgage Insurance

• Income Tax Savings, Mortgage Interest Deduction

• Interest-Only Payments

• Loan-to-Value (LTV)

• Odd-Days Interest (ODI) and Month Offset

• Rent vs. Buy

Introducing the Q

UALIFIER

LUS

III

Mortgage Loan Calculator

2 — Q

UALIFIER

LUS

III

GETTING STARTED..........................................................................5

KEY DEFINITIONS.........................................................................5

Basic Operation Keys ..................................................................5

Mortgage Loan (TVM) Keys.........................................................6

Tax Savings Keys.........................................................................9

Rent vs. Buy Keys .....................................................................10

Qualifying Keys..........................................................................10

Tax, Insurance and Expense Keys ............................................13

1st and 2nd Trust Deeds (Combo Loan) Keys..........................14

BASIC ARITHMETIC EXAMPLES...............................................16

Arithmetic...................................................................................16

Percentage Calculations............................................................16

Figuring Straight % Commission ...............................................16

Reduction in Listing Price (Discount %) ....................................17

Simple, One-Year Home Appreciation (Add-on %)....................17

Date Examples...........................................................................18

CALCULATOR SETTINGS...........................................................19

Decimal Place Selection............................................................19

Preference Settings ...................................................................20

MEMORY ......................................................................................22

Accumulative Memory................................................................22

Memory Storage Keys (M0-M6).................................................23

EXAMPLES......................................................................................25

MORTGAGE LOANS/TIME-VALUE-OF-MONEY (TVM).............25

Finding the Monthly Mortgage (P&I) Payment...........................26

Finding the Interest Rate ...........................................................26

Finding the Term of a Loan........................................................26

Finding the Loan Amount...........................................................27

Paying Off a Mortgage Early (Making Larger Payments)..........27

Simple Interest vs. Compound Interest......................................28

Future Value...............................................................................28

Appreciation...............................................................................28

Non-Monthly Loans....................................................................29

Finding a Quarterly Payment.....................................................29

Sales Price/Down Payment .......................................................30

Finding Loan Amount Based on Sales Price and Down

Payment..................................................................................30

Taxes and Insurance..................................................................31

Setting Tax and Insurance % Rates...........................................32

TABLE OF CONTENTS

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Recalling Tax and Insurance % Rates.......................................32

Setting Tax and Insurance $......................................................32

Calculating Tax and Insurance % or $.......................................33

PITI Payment (Tax and Insurance Entered as %).....................34

Total Payment (Including Expenses) and Interest-Only

Payment..................................................................................34

Estimated Income Tax Savings and “After-Tax” Payment .........35

Rent vs. Buy...............................................................................36

Adjustable Rate Mortgages........................................................37

ARM Payment —

Worst-Case Scenario

....................................38

ARM Payment —

Using Lifetime Cap

.......................................39

Decreasing ARM Payment.........................................................40

Increasing and Decreasing ARM Payment................................40

Amortization and Remaining Balance........................................41

Notes on Amortization................................................................41

Total Principal and Interest for a 30-Year Loan .........................42

Amortization List for Individual Year(s) —

Using “Next” Feature

..............................................................43

Amortization List for Individual Year(s) —

Using Month Offset

.................................................................44

Amortization List for Individual Payment(s) ...............................45

Amortization List for a Range of Payments or Years.................46

APR and Total Finance Charges ...............................................47

Finding APR, Total Finance Charges

(Excluding Mortgage Insurance).............................................47

Prepaid/Odd-Days Interest and APR.........................................48

Balloon Payment/Remaining Balance Needed to Pay Off

a Loan.....................................................................................49

Bi-Weekly Loans........................................................................49

Bi-Weekly Term Reduction and Payment ..................................50

Trust Deeds and Discounted Notes...........................................50

Purchase Price of a Note —

Fully Amortized

............................51

Finding the Yield on a Discounted Note ....................................51

Finding the Value and Discount of a Trust Deed.......................52

BUYER QUALIFYING...................................................................53

QUALIFYING EXAMPLES ...........................................................54

Recalling Income/Debt Qualifying Ratios ..................................54

Storing New Income/Debt Qualifying Ratios..............................54

Finding Qualifying Loan Amount and Sales Price (Simple

Example Excluding Tax/Insurance).........................................55

Qualifying Loan Amount and Sales Price (Complete Example

Including Down Payment, Tax/Insurance, Monthly Association

Dues) ......................................................................................56

“Restricted” Qualifying ...............................................................57

4 — Q

UALIFIER

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III

“Unrestricted” Qualifying............................................................57

Qualifying Comparison (Comparing 2 Different Loans or Ratios

at Once)..................................................................................58

Finding Income Required and Allowable Monthly Debt.............59

Solving for Actual Qualifying Ratios...........................................60

1ST AND 2ND TRUST DEEDS (COMBO LOANS).....................61

Combo Loan (80:10:10) vs. Fixed-Rate Loan with Mortgage

Insurance................................................................................62

Combo Loan (80:15:5) vs. Fixed-Rate Loan with Mortgage

Insurance................................................................................64

Combo Loan —

Entering a New LTV

........................................66

APPENDIX .......................................................................................68

Default Settings..........................................................................68

Reset..........................................................................................68

Error Codes................................................................................68

Auto Shut-Off .............................................................................69

Batteries.....................................................................................69

Repair and Return......................................................................69

Warranty.....................................................................................70

Legal Notes................................................................................71

Looking For New Ideas..............................................................71

INDEX .............................................................................................72

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— 5

KEY DEFINITIONS

Basic Operation Keys

OTurns all power off. The memory and most financial

registers are cleared.

oIf off, turns power on. If on, a single press clears the

last entry while a second press in succession clears

all non-permanent registers.*

*Clears Loan Amount, Payment, Price, Down Payment, Income,

Debt, Expense, and Mortgage Insurance/MI (unless MI is set to

hold; see Preference Settings).

+ – x Arithmetic operation keys.

÷ =

0- 9Digits used for keying in numbers.

)Triple-zero key (saves time when entering 000 values).

bBackspace key (deletes incorrect entries one digit at

a time).

•Decimal point.

Percent

— Four-function (+, –, x, ÷) percent key.

See page 16 for examples.

Memory

— Adds the displayed number to the

cumulative memory. Pressing s µ

(M-)

will

subtract the displayed value from memory. Pressing

® µ recalls and displays the memory contents.

Pressing ® ® clears the memory. See page 22

for details.

Recall

— Recalls and displays the stored values in

most keys/functions, such as the TVM keys, pay-

ments per year, etc. (e.g., ® ˆ). Also used for

Memory functions.

sWorks with other keys to set or activate second

functions (it will perform the function printed above

the key on the calculator's face). Also used to set

the number of displayed decimal places (see section

on Decimal Place Selection, page 19).

GETTING STARTED

6 — Q

UALIFIER

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s –

Change Sign (+/–)

— Changes the sign of the dis-

played value from positive to negative or vice versa.

s x

Clear All

— Clears all entered values and returns

any stored values to their default settings. Use this

only with caution, as it will reset ratios, Periods per

Year, etc. back to their defaults (see the Appendix

for a list of these settings).

Note: Clear All will not affect any changes made to Preference

Settings (with the exception of Payments/Year and Decimal

Places, which are returned to their defaults), unless you perform

a Reset (see page 68).

s =

Preferences (Prefs)

— Activates the Preference

Mode, where you can select custom settings (see

page 20).

Mortgage Loan (TVM) Keys

The following keys let you solve Time-Value-of-Money (TVM) problems,

such as finding a Loan Payment, Term, Interest or Future Value,

Amortization or Bi-Weekly loans. Other useful keys, such as Price and

Down Payment, are also included. These mortgage loan keys let you

easily demonstrate various “what if” loan scenarios to your clients.

Loan Amount

— Enters or solves for the initial loan

amount or present value of a financial problem.

P&I, PITI Payment, Total Payment, Interest-Only

Payment

— Enters or solves for the periodic princi-

pal and interest (P&I) payment. Pressing pa sec-

ond time in succession calculates the PITI payment

(P&I plus property tax, property insurance and mort-

gage insurance, if entered). The third press of p

computes the total payment (PITI plus any entered

expenses, such as homeowner’s association dues

and other housing expenses). The fourth press cal-

culates the interest-only payment.

TEnters or solves for the number of years. Second

press displays the number of periods. You may

enter a periodic term, if you prefer, by pressing the

s b

(periodic)

keys (e.g., 3 6 0 s b

Tinstead of 3 0 T). An entered term greater

than 45 will be classified as periodic, not annual.

Note: Stored permanently, until you change it or perform a Clear

All (

s x

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Interest

— Enters or solves for the annual interest

rate. Second press gives the periodic rate.

Note: Stored permanently, until you change it or perform a Clear

All (

s x

s l

Future Value (FV)

— Enters or solves for the future

value of a financial problem.

Sales Price

— Enters or calculates Sales Price

based on the entries of Loan Amount (or equivalent

mortgage components) and Down Payment.

Down Payment

— Enters (in either percent or dol-

lars) or calculates Down Payment, based on the

entries of Loan Amount (or equivalent mortgage

components) and Sales Price. A second press

changes the entered down payment from a dollar

figure to a percent, or vice versa.

Note: Any number under 100 is assumed to be a percent down

payment. You do not have to label the value as a percent.

s d

Loan-to-Value (LTV)

— Calculates the loan-to-value

percent when a Down Payment and Sales Price,

Loan Amount and Down Payment, or Loan Amount

and Sales Price are entered. Also calculates the

above dollar values if an LTV percent and one of the

above values are entered (e.g., entered Sales Price

and LTV% will calculate Down Payment and Loan

Amount).

s ˆ

Annual Percentage Rate (APR)

— Calculates APR

(for fixed-rate loans only) based on the entry of

points and/or non-recurring loan fees paid at initia-

tion. It also calculates total finance charges, monthly

mortgage insurance, and PIMI payment, based on

the entry of mortgage insurance via the s I keys.

s b

Periodic

— Used to specify a mortgage component

(Term or Interest), Income, or Amortization/Remaining

Balance value as per period rather than

per year

For example, 3 6 0 s b T enters 360

periods, or months.

8 — Q

UALIFIER

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s ÷

Payments per Year (Pmt/Yr)

— Used to set the

number of payment periods per year. Default value

is 12, for monthly.

Note: You can store the number of payments/year permanently or

semi-permanently. See “Preference Settings” on page 20).

Amortization (Amort)

— Finds total interest, princi-

pal, remaining balance, remaining term and estimat-

ed mortgage interest tax deduction.

The output of this key is as follows:

Press Display or Calculation

1Displays range of periods

2 Calculates total interest for period range

3 Displays total principal for range

4 Calculates total principal and interest

5 Calculates remaining balance

6 Calculates remaining term

7 Calculates estimated mortgage interest tax

deduction for the specified period, based on

the default tax bracket of 28%*

*You may enter any tax bracket (e.g., 30%, press 30

s +

and recalculate amortization values).

Note: This is only for estimating a mortgage interest tax deduc-

tion — it does not include property tax. See “Tax Savings” keys

for income tax savings including property tax and mortgage inter-

est on page 9.

s a

Remaining Balance (Bal)

— Displays the remain-

ing balance when preceded by a single year or

range of years (or individual payment or range of

payments by using the s b keys). Note that

you can also view the remaining balance as part of

the Amortization display (see above adescription).

Colon Separator (Date)

— Used as a separator for

entering dates, ARM adjustments, qualifying ratios,

Combo Loan (1st/2nd) interest and terms, and for

entering amortization ranges.

s )

Month Offset (Mo Offset)

— Used to set the first

month of payment if other than January.

s :

Odd-Days Interest

— Calculates the prepaid inter-

est, or simple interest accumulated (based on a

360-day year) during the days before the first loan

payment is made using the interest rate stored in

the Interest register.

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— 9

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 Tshows 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 pwill 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 pwill 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

key definition for details).

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