Calculated Industries 43285 Manuel utilisateur

USER’S

GUIDE

QUALIFIER PLUS®IIx DT

DESKTOP MODEL 43285

RESIDENTIAL REAL ESTATE FINANCE CALCULATOR

with exclusive buyer qualifying features

REAL ESTATE MASTER®

Introduction

QUALIFIER PLUS®IIXDT

Created specifically for residential real estate professionals, the

newly-enhanced Qualifier Plus IIx DT is the simplest calculator

ever made for residential real estate financing. With the push of a

few buttons, it will solve hundreds of your real estate problems!

■3-Way Mortgage Qualifying

■Instant P&I and PITI Payments

■Loan/Mortgage Amounts

■Expanded Tax & Insurance Capabilities

■Interest Rates & Terms

■Built-in Sales Price and Down Payment

■Complete Amortization

■Remaining Balances/Balloon Payments

■Bi-Weekly Loans

■ARM’s with Lifetime Cap

■Date Math Functions

■Future Value and Appreciation

■And much, much more!

It also works as a standard math calculator with memory, percent,

and Auto Shut-Off.

Note to Users of the Qualifier Plus IIx Handheld Model:

The only difference between the Qualifier Plus IIx desktop model

and the Qualifier Plus IIx handheld model, besides the size, are a

few changes in key locations. The desktop model has room for ded-

icated [ARM Cap], [Bal] (Remaining Balance), and [APR] keys, while

the handheld model, due to smaller size, lists these calculations over

other keys as 2nd functions, allowing access via the [Set] key.

1 – User’s Guide

Table of Contents

Getting Started

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

Key Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

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

Basic Math . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Percentage Calculations . . . . . . . . . . . . . . . . . . . . . . . .11

Date Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

Using the Memory Function . . . . . . . . . . . . . . . . . . . . .13

Using the Qualifier Plus®IIx DT

Mortgages & Real Estate Loans . . . . . . . . . . . . . . . . . . .14

Non-Monthly Loan & Payments Per Year . . . . . . . . . . . . .16

Sales Price/Down Payment . . . . . . . . . . . . . . . . . . . . . .17

Taxes & Insurance/PITI Payment . . . . . . . . . . . . . . . . . .19

Amortization & Remaining Balance . . . . . . . . . . . . . . . .23

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

Trust Deeds & Discounted Notes . . . . . . . . . . . . . . . . . .29

Annual Percentage Rate (APR) . . . . . . . . . . . . . . . . . . .31

Odd Days Interest & APR . . . . . . . . . . . . . . . . . . . . . . .32

Bi-Weekly Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34

Adjustable Rate Mortgages . . . . . . . . . . . . . . . . . . . . . .35

Qualifying . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38

Qualifying Examples . . . . . . . . . . . . . . . . . . . . . . . . . .39

Appendix

Calculator Information . . . . . . . . . . . . . . . . . . . . . . . . .46

Limited Warranty . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48

2 – Qualifier Plus

IIx DT

Key Definitions

[+] [–] [x]

[÷] [=] Arithmetic operation keys.

[0] – [9]

& [000] Digits used for keying-in numbers.

[•] Decimal point.

[Off] Turns all power off. The memory and most

financial registers are cleared.

[On/C] If off, turns power on. If on, a single press clears

the last entry while a second press in succession

clears non-permanent registers.

[%]

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

[M+] Memory — Adds a displayed number to the

independent memory. Pressing [Set] [M+] will

subtract the displayed value from memory.

[Rcl] Recall — Recalls and displays the contents of

the memory (press [Rcl] [M+]) or financial regis-

ters. Pressing [Rcl] twice in a row displays and

clears the memory.

[Pmt] Payment — Enters or solves for the periodic

principal and interest (P&I) payment. Pressing a

second time in succession calculates PITI

(including property tax, insurance, mortgage

insurance and expenses, if entered).

[FV] Future Value — Enters or solves for the future

value of a financial problem.

ETTING

TARTED

3 – User’s Guide

[L/A] Loan Amount — Enters or solves for the initial

loan amount or present value of a financial

problem.

[Int] Interest — Enters or solves for the annual inter-

est rate. A second press of this key gives you the

periodic rate. (Stored permanently, until you

change it.)

[Term] Enters or solves for number of years. Second press

gives number of periods. (Stored permanently.)

[APR] Annual Percentage Rate — Calculates APR (for

fixed rate loans only) based on the entry of

points and/or non-recurring loan fees paid at

initiation. Cannot be used for ARMS.

[Per]

Period — Used to specify a mortgage component

(Term or Interest) or amortization/remaining bal-

ance value as per period rather than per year. For

example, 360 [Per] [Term] enters 360 periods.

[Price] Sales Price — Enters or calculates a Sales Price

(based on the entries of Loan Amount, or equiv-

alent mortgage components) and Down

Payment. Note: Entered Sales Price values will

not normally change.

[Dn Pmt] Down Payment — Enters (in either percent or

dollars) or calculates a Down Payment (based

on the entries of Loan Amount, or equivalent

mortgage components) and Sales Price. A sec-

ond press toggles the entered down payment

from dollar figure to percent or vice versa. Any

number under 100 is assumed to be a percent

down payment.

[Amort] Amortization — Finds total interest, principal

and remaining balance. First press enters or

shows range of periods. Second press shows

4 – Qualifier Plus

IIx DT

total interest for period range, third press shows

total principal for range, and final press gives

remaining balance at end of range.

[Bal] Remaining Balance — 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 [Per] key). Note

that you can also see the Remaining Balance by

cycling through the [Amort] key.

[:] Colon — Used to specify a range for amortiza-

tion or to separate ARM Int: Term and Qualifying

Income: Debt ratios entries. Also used to sepa-

rate values in a date entry.

[ARM] Adjustable Rate Mortgage — Calculates payment

and re-amortizes fully or partially amortized

Adjustable Rate Mortgage based on the inputs of

both Interest Adjustment and Term Adjustment,

which are separated by the Colon [:] key. For

example, an ARM which adjusts 1% every year is

entered 1 [:] 1 [ARM]. By using the [Set] [ARM]

function, you can easily adjust the rate up or

down to display future payments. (ARM rates are

stored permanently.)

[ARM Cap]

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 [ARM Cap]).

[Tax] Property Tax — Stores and recalls annual prop-

erty tax in either percent or dollar amount. If

entered as a dollar amount, a second press con-

verts to annual percentage rate. If entered as a

percentage, a second press shows annual dollar

amount. Entering the number 10 or less is

assumed to be an annual percentage. Calculated

from the sales price.

5 – User’s Guide

[Ins] Property Insurance — Stores and recalls annual

property insurance in either percent or dollar

amount. If entered as a dollar amount, a second

press converts to annual percentage rate. If

entered as a percentage, a second press shows

annual dollar amount. Entering the number 10

or less is assumed to be an annual percentage.

Calculated from the sales price.

Note: Tax & Insurance entered as dollar

amounts will remain fixed, even if sales price

or loan amount is changed. However, if entered

as a percentage of sales price or loan amount,

these items will automatically be re-calculated

if sales price or loan amount are changed.

[Set] Used to permanently set the number of dis-

played decimal places (see the section on

Decimal Place Selection). Also works with other

keys to set or activate additional 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. A small boxed “S” will

appear in the upper-left side of your display

when this key has been pressed.

[Set] [÷] Payments per Year — Used to set the number of

payment periods per year. Default value is 12,

for monthly. Note that if you change this setting,

it will remain permanently stored even if you

turn the calculator off. You must perform an All-

Clear ([Set] [x]), or reset to 12 payments per year

(12 [Set] [÷]).

[Set] [x] All-Clear — Clears and resets the calculator to

its default settings and values. Use this only with

caution as it will reset ratios, periods per year,

etc. back to default settings (see the appendix

for a list of these settings).

6 – Qualifier Plus

IIx DT

[Set] [+] Pro-Mode — Activates Pro-Mode. An advanced-

user feature, it changes Tax and Insurance, and

Mortgage Insurance keys from temporary to

permanent entries. That is, entered values will

remain set even after pressing [On/C] [On/C] or

turning calculator off, then on. The Pro-Mode

also changes the order that qualifying values are

displayed using the [Qual 1] and [Qual 2] keys,

by showing the lower, or restrictive amount with

the first press, the higher, or non-restrictive

amount with the second press, the buyer’s actu-

al ratios with the third press, and the stored

income and debt ratios with the fourth.

[Set] [–] Change sign — Toggles the sign of the dis-

played value from positive to negative or from

negative to positive.

[Set] [:] Month Offset — Used to set the first month of

payment if other than January. Used for calcu-

lating annual amortization ranges.

[Set] [000] Odd Days Interest — Calculates the pre-paid

interest, 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.

[Set] [Pmt] Estimated After-Tax Payment — Calculates an

estimated “after-tax” payment if loan variables

and property taxes are entered. You must enter

a tax bracket, then press [Set] [Pmt] to display

the annual tax deduction; second consecutive

press will display the monthly tax deduction;

third press will display the “after-tax” payment.

[Set] [Term] Bi-Weekly mortgage function — Converts regu-

lar monthly loan to bi–weekly. Pressing [Set]

[Term] displays the reduction in term. Second

press of [Term] shows total interest savings.

7 – User’s Guide

Pressing [Set] [Term] again will return and re-cal-

culate to the original term.

[Set] [ARM] ARM Rate Increase/Decrease — Changes ARM

rate from increasing to decreasing.

Qualifying Keys

[Qual 1] A multi-function key which, based on entered

variables, performs the following qualifying

functions:

1) Stores income and debt ratios for loan quali-

fying. Entered ratios are separated by the Colon

[:] key. For example, income and debt ratios of

28% and 36%, respectively, are entered and

permanently stored as follows: 28 [:] 36 [Qual 1].

Default income and debt ratios for this key are

28% and 36%, respectively. You may change

qualifying ratios, if desired.

2) Calculates the maximum loan amount for

which a buyer may qualify for based on the

stored income and debt qualifying ratios and

the entered:

• term

• interest

• annual income

• monthly debt

— and optional—

• annual tax and insurance

• monthly housing expenses

First press of [Qual 1] displays stored qualifying

ratios; 2nd press calculates the qualifying loan

amount; 3rd press calculates the “non-restrictive”

qualifying loan amount; 4th press calculates the

borrower’s actual income & debt ratios. Note that

the loan amount displayed is the lower, or

“restrictive” of the two possible loan amounts

8 – Qualifier Plus

IIx DT

(based either on the income ratio or the debt

ratio). The “non-restrictive” loan amount (the

other side) can be found by pressing [Qual 1] a

third time. The calculator will display the loan

amount with a negative sign (—) and the word

“INC” or “DEBT” to indicate the restrictive side

(income or debt).

3) Calculates the annual income required and

allowable monthly debt for a desired loan

amount or sales price based on the stored

income and debt qualifying ratios and the

entered:

• term

• interest

• price (down payment) or loan amount

4) Also finds buyer’s actual income and debt

ratios given both buyer and property data.

First press of [Qual 1] displays stored qualifying

ratios; 2nd press calculates the buyer’s actual

ratios.

[Qual 2] Stores additional (e.g., Government FHA/VA)

Income and Debt ratios and operates identically

to [Qual 1] key. Default Income and Debt ratios

for this key are 29% and 41%, respectively.

[Inc] Income — Enters the annual income for loan

qualifying.

[Debt] Enters long-term monthly debts.

In addition to Qualifying, the following keys are also involved

in PITI calculations (e.g., they are added to the monthly pay-

ment to calculate the total PITI payment):

[Exp] Expense — Enters monthly housing expenses

(e.g., homeowners’ association dues, mainte-

nance and utilities).

9 – User’s Guide

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