Calculated Industries 3416 Manuel utilisateur

Pocket Reference Guide

Residential Mortgage Finance Calculator

MORTGAGE

QUALIFIER PLUS

Model 3416

The

ORTGAGE

UALIFIER

LUS

lets you

pre-qualify clients and calculate financial

problems with ease!

Quickly Solve:

• Time-Value-of-Money (TVM) Problems:

Find Loan Amount, Term, Interest,

Payment, Future Value

• Restricted/Unrestricted Qualifying

• Required Income/Debt

• Property Tax and Insurance, Mortgage

Insurance

• P&I and PITI payment

• Sales Price, Down Payment, and LTV

• Adjustable-Rate Mortgages

• Amortization and Remaining Balance

• Bi-Weekly Loans

• Date-Math Problems

• Combo Loans (80:10:10, 80:20)

• APR, including Mortgage Insurance

• Income Tax Savings and Rent vs. Buy

• Month Offset, Prepaid Interest

New!

• Interest-Only Payments

• Interest-Only Loan Qualifying

• Interest-Only (2nd TD) Combo Loans

MORTGAGE QUALIFIER PLUS®

KEY DEFINITIONS .................................1

EXAMPLES.............................................6

Monthly Mortgage (P&I) Payment .......6

Interest-Only Payment

(Calculation) ......................................6

Interest-Only Payment (Entry).............7

Term of a Loan ....................................7

Interest Rate........................................8

Loan Amount .......................................8

Loan Amount Based on Sales Price

and Down Payment...........................9

Date Example......................................9

Setting Tax and Insurance.................10

PITI Payment, Total Payment and

Interest-Only Payment ....................10

Quarterly Payment ............................12

Estimated Tax Savings......................13

Rent vs. Buy......................................14

ARM Payment —

Lifetime Cap

.........15

Amortization ......................................17

APR and Total Finance Charges,

Including Mortgage Insurance.........18

Appreciation ......................................19

Bi-Weekly Loans ...............................20

Setting Qualifying Ratios...................21

Qualifying Loan Amount ....................22

“Restricted” vs. “Unrestricted”

Qualifying ........................................24

TABLE OF CONTENTS

Qualifying Loan Amount

(Interest-Only Loan) ........................26

Income Required and Allowable

Monthly Debt ...................................27

80:10:10 Combo Loan vs. Fixed-Rate

Loan with Mortgage Insurance........28

80:20 Interest-Only Combo Loan ......32

APPENDIX ............................................34

Default Settings .................................34

Decimal Place Setting .......................35

Preference Settings...........................35

Batteries ............................................36

Reset .................................................36

OCKET

EFERENCE

UIDE

— 1

Note: This is a short “reference” guide. Please

see your large User’s Guide for detailed defini-

tions and examples.

:Colon separator

(used for

date, ARM adjustment,

qualifying ratios and

combo loans)

bBackspace key; for back-

ing up/deleting wrong entry

®Recalls or re-displays a

value when followed by a

chosen key

(e.g.,

® ˆ

will display current interest

value)

μMemory Function:

– μAdds value on dis-

play to Memory

– s μ Subtracts value

on display from Memory

– ® μ Recalls Memory

Total

– ® ® Recalls and

clears Memory Total

KEY DEFINITIONS

OCKET

EFERENCE

UIDE

— 2

sSets number of displayed

decimal places and acti-

vates 2nd functions

s – Change sign

s x Clear All

(Note: perform

with caution as it will

clear/reset stored values)

s = Preference mode

(see

Large User’s Guide for

details)

s ÷ Payments per year

(Default 12, for monthly)

s b Periodic

(identifies entry as

periodic rather than yearly)

s ) Month offset

s : Odd-days interest

s + Tax bracket %

s p Interest-Only Payment

entry/display

s P Rent vs. Buy

lLoan amount

pP&I, PITI, Total Payment,

and Interest-Only Payment

OCKET

EFERENCE

UIDE

— 3

TNumber of years

ˆAnnual interest rate

s l Future value

s ˆ APR

(annual percentage

rate)

, including mortgage

insurance, if entered

PHome’s sales price

dDown payment

s T Bi-Weekly loan

aAmortization function

s a Remaining balance

AAdjustable-rate mortgage

s A ARM decreasing interest

% adjustment

s % ARM lifetime interest cap%

qQualify based on

28%-36%

QQualify based on

31%-43%

iAnnual income

DLong-term,

monthly

debt

(e.g., car payment)

OCKET

EFERENCE

UIDE

— 4

tProperty Tax

(enter as per-

cent or dollar amount)

s t Estimated Tax

savings/after tax payment

IProperty/homeowner’s

Insurance

(enter as per-

cent or dollar amount)

s I Mortgage Insurance

(enter

as percent or dollar amount)

eMonthly Expenses

(such

as homeowner’s associa-

tion dues)

s d For entering

(or finding)

Loan-to-Value ratio and

computing respective

Down Payment and/or

Loan Amount

!Used to enter 1st TD

interest:term for Combo

Loans

s ! Used to enter 2nd TD

interest:term for Combo

Loans

OCKET

EFERENCE

UIDE

— 5

*Combo loan function for an

80:10:10 LTV loan*; calcu-

lates 1st/2nd TD values

and compares them to

entered fixed-rate loan

w/mortgage insurance

*You may enter any LTV

prior to pressing this key

(e.g., LTV of 90:5, enter

0 : 5 *

)

s * Interest-only 2nd TD combo

loan; operates similarly to

* function

OCKET

EFERENCE

UIDE

— 6

Monthly Mortgage (P&I) Payment

Find the monthly (P&I) payment on a 30-

year, fixed-rate loan of $265,000 at 6.75%

annual interest:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00

Enter loan 2 6 5 ) l

265,000.00

Enter term 3 0 T 30.00

Enter interest 6 • 7 5 ˆ 6.75

Find payment p1,718.78

Interest – Only Payment (Calculation)

Find the interest-only payment on a loan

of $15,000 at 9% interest.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00

Enter Loan 1 5 ) l 15,000.00

Enter Interest 9 ˆ 9.00

Find payment s p 112.50

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