Calculated Industries 3423 Manuel utilisateur

UALIFIER

LUS

ADVANCED REAL ESTATE FINANCE CALCULATOR with CASH FLOW

and BUILT-IN CANADIAN INTEREST MODE

Model 3423

ANADIAN

The

Canadian Qualifier Plus 4x

was designed specifically for mort-

gage lenders, residential real estate agents and brokers for quick

mortgage calculations in the office or out in the field. It’s the most

complete and intuitive calculator of its kind. With the push of a few

buttons,

it will instantly pre-qualify prospective buyers, find monthly

payments, and solve hundreds of mortgage problems!

Features:

• Easy and Complete Buyer Pre-Qualifying — with

“Smart”

Keys

for quick financing solutions or comparisons

• Find Qualifying Mortgage Amount, Income Required and

Maximum Allowable Debt

• Use two different Qualifying Ratios at once to compare

mortgage scenarios

• Compare “Restricted” with “Unrestricted” Qualifying

Mortgage Amount

• Flexible “what-if” Mortgage or TVM Calculations —

Finds

Mortgage Amount, Term, Interest or Payment

• Instant P&I and Total (PITH) Payment

• Includes Property Tax, Mortgage Insurance and

Heating Expense

• Built-in Sales Price and Down Payment

• Instant Loan-to-Value (LTV)

• Works in Annual or Periodic Term and Interest

• Works in Canadian or U.S. Interest

• Date Math, Month Offset, and Odd-Days Interest (ODI)

• Complete Amortization

• Remaining Balance/Balloon Payment

• Bi-Weekly Mortgages

• Trust Deeds

• Future Value and Appreciation

• Also works as a Standard Math Calculator

•

U.S. Mode, including additional features:

APR and Total

Finance Charges, PITI/Total Payment, Interest-Only

Payment and Complete U.S. Buyer Pre-Qualifying, including

Tax, Insurance, and Mortgage Insurance

New!

• Cash Flows/Investment Analysis (IRR, NPV, NFV)

• Effective Interest Rate (EFF%)

• Metric/Imperial Conversions

Introducing the C

ANADIAN

UALIFIER

LUS

Mortgage Calculator

GETTING STARTED..........................................................................1

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

Basic Operation Keys ..................................................................1

Mortgage/Time-Value-of-Money Keys..........................................2

Qualifying Keys............................................................................5

Cash Flow Keys...........................................................................8

U.S. Keys (Used in U.S. Mode)...................................................9

CALCULATOR SETTINGS ...........................................................10

Decimal Place Selection............................................................10

Canadian/U.S. Mode..................................................................11

Preference Settings ...................................................................12

MEMORY ......................................................................................14

Accumulative Memory ...............................................................14

Memory Storage Keys (M0-M5).................................................15

Additional Memory Storage Keys (M10-M19)............................16

BASIC ARITHMETIC EXAMPLES................................................17

Arithmetic...................................................................................17

Percentage Calculations............................................................17

Percent Change.........................................................................17

Figuring Straight Percent Commission......................................18

Reduction in Listing Price (Discount %) ....................................18

Simple, One-Year Home Appreciation (Add-on %)....................18

Delta Percent-Rate of Appreciation ...........................................19

USING THE FEET AND METERS CONVERSIONS....................19

USING THE DATE FUNCTION.....................................................20

EXAMPLES —

CANADIAN MODE

.................................................21

MORTGAGE/TIME-VALUE-OF-MONEY (TVM)............................21

Finding the Monthly Mortgage Payment....................................22

Finding the Term of a Mortgage.................................................22

Paying Off a Mortgage Early (Making Larger Payments)..........23

Finding the Interest Rate ...........................................................23

Finding the Mortgage Amount....................................................23

Non-Monthly Mortgages.............................................................24

Finding a Quarterly Payment.....................................................24

Bi-Weekly Mortgages.................................................................25

Bi-Weekly Term Reduction and Payment..................................25

Sales Price/Down Payment .......................................................26

Finding Mortgage Amount Based on Sales Price and

Down Payment .......................................................................26

Finding Sales Price and Payment Based on Mortgage Amount

and Down Payment ................................................................26

Finding Loan-to-Value (LTV) Based on Down Payment and

Sales Price..............................................................................27

Setting Property Tax Percent Rate ............................................27

Setting Property Tax Dollar Amount...........................................27

Total Payment (Including Heating Expense)..............................27

TABLE OF CONTENTS

Total Payment (Including Heating Expense and Property Tax

Entered as Percentage)..........................................................28

Total Payment (Including Heating Expense and Property Tax

Entered as Dollar Amount) .....................................................28

Finding Mortgage Amount (Including Canadian Mortgage

Insurance)...............................................................................29

Finding Monthly Mortgage (P&I) Payment (Including Canadian

Mortgage Insurance)...............................................................30

Amortization and Remaining Balance........................................30

Notes on Amortization................................................................30

Total Principal and Interest for a 25-Year Mortgage..................32

Total Principal and Interest (Including Canadian Mortgage

Insurance)...............................................................................32

Amortization List for Individual Year(s) —

Using “Next”

Feature

....................................................................................33

Amortization List for Individual Year(s) —

Using Month

Offset

......................................................................................34

Amortization List for Individual Payment(s) ...............................35

Amortization List for a Range of Payments or Years.................36

Balloon Payment/Remaining Balance Needed to Pay Off a

Mortgage.................................................................................36

Future Value...............................................................................37

Appreciation/Future Value..........................................................37

Basic Savings Account Problem (Future Value of an Initial

Deposit)...................................................................................37

Trust Deeds and Discounted Notes...........................................38

Purchase Price of a Note —

Fully Amortized

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

Finding the Yield on a Discounted Note ....................................39

BUYER PRE-QUALIFYING...........................................................40

IMPORTANT NOTE: U.S. vs. Canadian Payment and

Qualifying Calculations...........................................................41

QUALIFYING EXAMPLES............................................................42

Recalling GDS/TDS Qualifying Ratios.......................................42

Storing New GDS/TDS Qualifying Ratios..................................42

Finding Qualifying Mortgage Amount and Sales Price

(Simple Example Excluding Property Tax) .............................43

Qualifying Mortgage Amount and Sales Price

(Including Down Payment, Property Tax and Monthly

Heating/Condo Fees)..............................................................44

Qualifying Mortgage Amount and Sales Price (Including

Canadian Mortgage Insurance)..............................................45

“Restricted” Qualifying ...............................................................46

“Unrestricted” Qualifying............................................................47

Qualifying Comparison (Comparing Two Different Mortgages or

Two Qualifying Ratios at Once)..............................................48

Finding Income Required and Allowable Monthly Debt.............49

Solving for Actual Qualifying Ratios...........................................50

CASH FLOW EXAMPLES.........................................................51

Calculating IRR, NPV, and NFV for Annual Cash Flows...........53

Calculating IRR, NPV, and NFV for Monthly Cash Flows .........54

Recalling and Replacing Cash Flows........................................55

Recalling and Replacing Cash Flow Frequencies.....................55

EXAMPLES —

U.S. MODE

.............................................................56

Finding the Monthly Mortgage Payment (Based on U.S. Interest

Rate).......................................................................................56

Finding the Interest-Only Payment............................................56

Interest-Only Payment (Entry) ...................................................56

Property Taxes, Property/Hazard Insurance and Monthly

Housing Expense....................................................................57

PITI Payment (Tax and Insurance Entered as Percentage)......58

PITI Payment (Tax and Insurance Entered as Dollar Amount)..58

Calculating Tax and Insurance Percentage or Dollar Amount...59

Finding the Interest Rate ...........................................................60

Finding the Term of a Loan........................................................60

Finding the Loan Amount...........................................................60

Finding Sales Price and Payment Based on Loan Amount and

Down Payment .......................................................................61

Total Principal and Interest for a 30-Year Loan .........................61

Amortization List for Individual Year(s) —

Using “Next”

Feature

....................................................................................62

APR, Total Finance Charges (Including Mortgage

Insurance)...............................................................................63

Bi-Weekly Mortgages.................................................................64

Bi-Weekly Term Reduction and Payment..................................64

Qualifying Loan Amount and Sales Price (Complete Example

Including Down Payment, Tax/Insurance, Monthly Association

Dues) ......................................................................................65

“Restricted” Qualifying ...............................................................66

“Unrestricted” Qualifying............................................................66

Finding Qualifying Loan Amount and Sales Price for an

Interest-Only Loan..................................................................67

Finding Income Required and Allowable Monthly Debt.............68

Qualifying Comparison (Comparing Two Different Loans or

Two Qualifying Ratios at Once)..............................................69

APPENDIX .......................................................................................70

Default Settings..........................................................................70

Reset..........................................................................................70

Error Codes................................................................................71

Auto Shut-Off .............................................................................71

Battery........................................................................................71

Repair and Return......................................................................72

Warranty.....................................................................................73

Legal Notes................................................................................74

Looking For New Ideas..............................................................74

INDEX .............................................................................................75

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KEY DEFINITIONS

Basic Operation Keys

OTurns all power off. The memory and most financial

registers are cleared.

oIf calculator is off, turns power on. If calculator is on,

a single press clears the last entry while a second

press in succession clears non-permanent entries.

Note: Clears Loan Amount, Payment, Price, Down Payment,

Income, Debt, Expense, and Canadian Mortgage Insurance.

+ – x Arithmetic operation keys.

÷ =

0– 9Keys used for entering 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 17 for examples.

Memory

— Adds the displayed number to the inde-

pendent cumulative memory. Pressing s µ

(M–)

will subtract the displayed value from the cumulative

memory. Pressing ® µ recalls and displays the

memory contents. Pressing ® ® displays and

clears the memory. See page 14 for details.

Recall

— Recalls and displays the contents of the

financial registers (e.g., ® ˆ). Also used for

Memory functions.

sUsed to set the number of displayed decimal places

(see section on Decimal Place Selection, page 10).

Also works with other keys to set or activate addi-

tional functions. (Think of it as a “shift” key on a

typewriter.) It will perform the function printed above

the key on the calculator's face.

GETTING STARTED

2 — Q

UALIFIER

LUS

®4

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, payments

per year, decimal places, 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.

Canadian Mode: s x will also return your calcu-

lator to Canadian Mode if you previously activated

U.S. Mode via s +.

s =

Preferences (Prefs)

— Activates the Preference Mode,

where you can program custom settings (see page 12).

Meters to Feet

— Converts entered value from meters

to feet.

s w

Feet to Meters (ft4m)

— Converts entered value

from feet to meters.

Meters2to Feet2

— Converts entered value from

square meters to square feet.

s W

Feet2 to Meters2 (ft24m2 )

— Converts entered value

from square feet to square meters.

s %

Delta Percent ( )

— Finds the percent change

between two values.

Mortgage/Time-Value-of-Money Keys

The following keys let you solve Mortgage or Time-Value-of-Money

(TVM) problems, such as finding a Mortgage Payment, Term,

Interest, Future Value, or Amortization. Other useful keys, such as

Price and Down Payment, are also included. These keys let you

demonstrate various “what-if” mortgage scenarios to your clients.

Loan Amount

— Enters or solves for the initial mort-

gage amount or present value of a financial problem.

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— 3

P&I and Total Payment

— Multi-function payment

key. Enters or solves for the Periodic Principal and

Interest (P&I) payment. In Canadian Mode, a sec-

ond press of the pkey calculates the Total

Payment (includes monthly property tax, insurance,

heating expense, and other applicable housing

expenses, such as condo fees). If entered,

Canadian Mortgage insurance is included in both

P&I and Total Payment. In U.S. mode, a second

press of the pkey calculates the PITI payment

(adds monthly property tax and insurance to P&I

payment). Pressing a third time in U.S. mode cal-

culates the total payment (PITI plus expenses).The

fourth press calculates the interest-only payment.

TEnters or solves for the number of years. Second press

gives the number of periods. An entered term greater

than 59 will be classified as periodic, not annual.

Note: Term is stored permanently, until you change it or perform

a Clear All (

s x

). You may enter a periodic term, if you prefer,

by pressing the

s b

(Periodic) keys prior to pressing

(e.g.,

3 6 s b T

instead of

3 T

Interest

— Enters or solves for the annual interest

rate. Second press gives the periodic rate.

Note: Interest is stored permanently, until you change it, by

performing a “Clear All”

(s x)

, or reset.

s ˆ

Effective Interest Rate (Eff%)

— Converts value

stored as interest to equivalent U.S. rate.

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 Mortgage Amount (or equiv-

alent mortgage components) and Down Payment.

Note: An entered Sales Price will not normally change.

Down Payment

— Enters (in either percent or dol-

lars) or calculates Down Payment, based on the

entries of Mortgage 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.

4 — Q

UALIFIER

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®4

s d

Loan-to-Value (LTV)

— Calculates the Loan-to-

Value percent when a Down Payment and Sales

Price, Mortgage Amount/Down Payment, or

Mortgage Amount/Sales Price are entered. Also cal-

culates the above dollar values if an LTV percent

and one of the above values are entered (e.g.,

entered Sales Price and LTV percent will calculate

Down Payment and Mortgage Amount).

s b

Periodic

— Used to specify a mortgage component

(Term or Interest) or Amortization/Remaining

Balance entry as periodic rather than yearly. For

example, 3 0 s b T enters 30 periods.

Also used to identify Periodic Income, Tax

Insurance, and Mortgage Insurance.

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 12).

Amortization (Amort)

— Finds Total Interest,

Principal, Remaining Balance, and Remaining Term.

The output of this key is as follows:

Press Display or Calculation

1 Displays 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

s a

Remaining Balance (Rem Bal)

— Displays the

Remaining Balance when preceded by a single year

or range of years (or individual payment or range of

payments by also using the s b keys). Note

that you can also see the Remaining Balance by

cycling through the akey.

Colon Separator (Date)

— Used as a separator for

entering dates, qualifying ratios, and amortization

ranges.

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— 5

s )

Month Offset

— Used to set the first month of pay-

ment if other than January (e.g., Month 3).

s :

Odd-Days Interest (ODI)

— Calculates the pre-paid

interest, or simple interest accumulated (based on a

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

gage payment is made, using the interest rate

stored in the Interest register. (U.S. Mode only.)

s T

Bi-Weekly (Bi-Wkly)

— Converts a regular monthly

loan to a Bi-Weekly loan, where the buyer may realize

significant interest savings. After loan variables are

entered, pressing s T displays the Bi-Weekly

Term (i.e., reduced 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 interest paid. Pressing pwill calculate the

Bi-Weekly payment. Pressing s T again will exit

Bi-Weekly mode and re-calculate to the original term.

Pressing otwice will also exit Bi-Weekly mode.

Qualifying Keys

What are Canadian Qualifying Ratios?

According to the Canadian Mortgage and Housing Corp. (CMHC),

the first rule in Canadian qualifying is that monthly housing costs

should not exceed 32% of gross monthly income (this is called the

Gross Debt Service, or GDS ratio). Housing costs include monthly

Principal and Interest, Property Taxes and heating expenses. If

applicable, PITH can also include half the condominium fees and the

annual site lease if it’s a leasehold tenure.

The second qualifying rule is that the total monthly costs (i.e.,

monthly housing costs

plus

other long-term debt, such as car loans

and credit card payments) shouldn’t exceed 40% of gross monthly

income (this is called the Total Debt Service, or TDS ratio).

(Qualify Based on GDS:TDS ratios of 32%-40%)

— A multi-function key which, based on entered

variables, performs the following pre-qualifying

functions:

(Cont’d)

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