1. DL manuals
  2. Calculated Industries
  3. Calculator
  4. 3405
  5. Pocket Reference Manual

Calculated Industries 3405 Pocket Reference Manual

Manual is about: RESIDENTIAL REAL ESTATE FINANCE CALCULATOR

Summary of 3405

  • Page 1

    This equipment has been certified to comply with the limits for a class b computing device, pursuant to subpart j of part 15 of fcc rules. Software copyrighted and licensed to calculated industries, inc. By real estate master t echnologies, llc, 2004. Pocket reference guide copyrighted by calculated...

  • Page 2: Ocket

    P ocket r eference g uide — 1 the r eal e state m aster iii x calculator lets you perform mortgage loan and financing problems with ease! Quickly solve: • time-value-of-money (tvm) problems: find loan amount, term, interest, payment, future value • property tax, homeowner’s insurance, mortgage insur...

  • Page 3: Ocket

    P ocket r eference g uide — 2 key definitions .................................4 preference settings — how to access ...............................................9 examples ...........................................11 memory — add/subtract/multiply ......11 memory/storage registers..................

  • Page 4: Ocket

    P ocket r eference g uide — 3 amortization for individual year(s)— month offset, tax bracket change ...26 balloon payment/remaining balance............................................28 apr and total finance charges, including mortgage insurance .........29 prepaid (odd-days) interest and apr, inclu...

  • Page 5: Ocket

    P ocket r eference g uide — 4 : colon separator (used for dates, arms, amortization ranges, and combo loans) b backspace 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) µ memory function: - µ ad...

  • Page 6: Ocket

    P ocket r eference g uide — 5 s x clear all (note: perform with caution as it will clear/reset stored values) s = preference mode (see pg. 9 for details) s ÷ payments per year (default 12, for monthly) s b periodic (identifies entry as periodic instead of yearly) s ) month offset s : odd-days intere...

  • Page 7: Ocket

    P ocket r eference g uide — 6 s ˆ apr (annual percentage rate), including mortgage insurance, if entered p sales price of property d down payment s t bi-weekly loan a amortization function s a remaining balance a adjustable-rate mortgage s a arm decreasing interest % adjustment s % arm lifetime inte...

  • Page 8: Ocket

    P ocket r eference g uide — 7 s i mortgage insurance (enter as percent or dollar amount)* *note: once tax/insurance % (or $) values are entered — as well as tvm values — the second press of t i , or press of s i i will compute the $ (or %); third press finds monthly amounts s d for entering (or find...

  • Page 9: Ocket

    P ocket r eference g uide — 8 * 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 9 0 : 5 * ) s * combo loan function for an 80:15:...

  • Page 10: Ocket

    P ocket r eference g uide — 9 preference settings — how to access press s , then = , then keep pressing = to toggle through the main settings. Press the + key to advance within sub- setting. Use the – key to back up. Press any key to exit mode. Press s and then: 1st press of = decimal places: --off ...

  • Page 11: Ocket

    P ocket r eference g uide — 10 (cont’d) 4th press = mortgage insurance (cleared or stored): --clears mi ($ or %) @ o o + --clears mi ($ or %) @ off + --holds only mi % at off + --holds mi ($ or %) 5th press = amortization display range: --ent-ent (amortizes for entered year)* + --1-ent (amortizes fr...

  • Page 12: Ocket

    P ocket r eference g uide — 11 memory — add/subtract/multiply add 1,500 and 2,650 to the cumulative memory (m+). Compute subtotal, then subtract 2,000 and find total. Steps keystrokes display clear o o 0.00 add 1st # 1 5 0 0 µ m 1,500.00 add 2nd# 2 6 5 0 µ m 2,650.00 find total ® µ m 4,150.00 subtra...

  • Page 13: Ocket

    P ocket r eference g uide — 12 memory/storage registers store 10, 20, 30 into memory storage keys m0-m2 and recall each value. Then clear all stored numbers. Steps keystrokes display clear o o 0.00 store 1st # 1 0 s ® 0 m-0 10.00 store 2nd # 2 0 s ® 1 m-1 20.00 store 3rd # 3 0 s ® 2 m-2 30.00 recall...

  • Page 14: Ocket

    P ocket r eference g uide — 13 reduction of listing price a seller is anxious to sell his home and wishes to reduce the listing price by 5%. What is the new price, if it is now listed at $346,000? Steps keystrokes display clear o o 0.00 enter price 3 4 6 ) 346,000. Subtract 5% – 5 % 17,300.00 find n...

  • Page 15: Ocket

    P ocket r eference g uide — 14 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 ...

  • Page 16: Ocket

    P ocket r eference g uide — 15 interest rate find the interest rate on a mortgage if the loan amount is $98,500, term is 30 years and payment is $1,150 a month: steps keystrokes display clear o o 0.00 enter loan 9 8 5 0 0 l 98,500.00 enter term 3 0 t 30.00 enter payment 1 1 5 0 p 1,150.00 find annua...

  • Page 17: Ocket

    P ocket r eference g uide — 16 loan amount based on sales price and down payment find both down payment dollar amount and loan amount if the sales price is $375,500 and you're planning to put 20% down: steps keystrokes display clear o o 0.00 enter price 3 7 5 5 0 0 p 375,500.00 enter down% 2 0 d * 2...

  • Page 18: Ocket

    P ocket r eference g uide — 17 setting tax and insurance enter an annual property tax rate of 1.5%, a property/homeowner’s insurance rate of 0.25% and a mortgage insurance rate of 0.50%: steps keystrokes display set tax%* 1 • 5 t 1.50 set insurance% • 2 5 i 0.25 set mortgage insurance% • 5 0 s i 0.5...

  • Page 19: Ocket

    P ocket r eference g uide — 18 p&i, piti and interest-only payments • term: 30 years • interest: 6.25% • sales price: $325,000 • down payment: 5% • property tax: 1.3% • property insurance: 0.25% • mortgage insurance: 0.45% steps keystrokes display clear o o 0.00 enter term 3 0 t 30.00 enter interest...

  • Page 20: Ocket

    P ocket r eference g uide — 19 quarterly payment find the quarterly payment on a 10-year loan of $15,000 with an annual interest rate of 12%: steps keystrokes display clear o o 0.00 set to 4 payments per year 4 s ÷ 4.00 enter loan 1 5 ) l 15,000.00 enter term 1 0 t 10.00 enter interest 1 2 ˆ 12.00 f...

  • Page 21: Ocket

    P ocket r eference g uide — 20 estimated tax savings • loan: $150,000 • buyer’s tax bracket: 28% • term: 30 years • interest: 8% • property taxes: $1,500 • property insurance: $250 note: this is only an estimate. What is this buyer’s estimated income tax savings and “after tax” payment? Steps keystr...

  • Page 22: Ocket

    P ocket r eference g uide — 21 rent vs. Buy • term: 30 years property tax: 1.25% • interest: 7.5% property ins: 0.35% • down: 10% tax bracket: 30% if your client is currently renting at $1,250/month, find the comparable home price, loan and estimated income tax sav- ings (at 30% tax bracket). Steps ...

  • Page 23: Ocket

    P ocket r eference g uide — 22 arm payment — increasing and decreasing payments • loan: $225,000 • term: 30 years • start interest: 4.25% • 1st arm interest adjustment: increases 1% after 6 months • 2nd arm adjustment: decreases 1.5% at end of 1st year • 3rd arm adjustment: increases 1.25% at end of...

  • Page 24: Ocket

    P ocket r eference g uide — 23 (cont’d) steps keystrokes display find “adjusted” higher payment for next 6 months a “run” 1 1,240.73 enter 2nd arm parameters 1 • 5 : 1 s a -1.50 - 1.00 find year 2 “adjusted” lower payment a 1 1,047.42 enter 3rd arm parameters 1 • 2 5 : 1 a 1.25 - 1.00 find year 3 “a...

  • Page 25: Ocket

    P ocket r eference g uide — 24 amortization — using “next” feature • loan: $300,000 • term: 30 years • interest: 7.5% • start month: january • tax bracket: 28% (default) steps keystrokes display clear o o 0.00 enter loan 3 0 0 ) l 300,000.00 enter interest 7 • 5 ˆ 7.50 enter term 3 0 t 30.00 find pa...

  • Page 26: Ocket

    P ocket r eference g uide — 25 (cont’d) steps keystrokes display find total payments a 25,171.72 find balance a 297,234.50 remaining term a 29.00 tax deduction a 6,273.74* *estimated – mortgage interest only; doesn’t include property tax. Find all values for the second year: steps keystrokes display...

  • Page 27: Ocket

    P ocket r eference g uide — 26 amortization for individual year(s) — month offset, tax bracket change • loan: $300,000 • term: 30 years • interest: 7.5% • start month: march • income tax bracket: 30% amortize & find mortgage interest deduc- tion for year 1, if loan starts in march: steps keystrokes ...

  • Page 28: Ocket

    P ocket r eference g uide — 27 (cont’d) steps keystrokes display remaining balance a 297,709.89 remaining term a 29.17 mortgage interest deduction/year 1 (@30% tax bracket) a 5,605.90 find all values for the 2nd year: display year 2 a 11-22 find total interest a 22,228.43 note: keep pressing a for y...

  • Page 29: Ocket

    P ocket r eference g uide — 28 balloon payment/remaining balance • loan: $300,000 • term: 30 years • interest: 7.5% find remaining balance after 10 years: steps keystrokes display clear o o 0.00 enter loan 3 0 0 ) l 300,000.00 enter interest 7 • 5 ˆ 7.50 enter term 3 0 t 30.00 find payment p 2,097.6...

  • Page 30: Ocket

    P ocket r eference g uide — 29 apr and total finance charges, including mortgage insurance • loan: $250,000 • term: 30 years • interest: 7% • cost: 1.5 points + $550 • mortgage insurance (mi): $1,200/year steps keystrokes display clear o o 0.00 enter loan 2 5 0 ) l 250,000.00 enter term 3 0 t 30.00 ...

  • Page 31: Ocket

    P ocket r eference g uide — 30 prepaid (odd-days) interest and apr, including mortgage insurance • loan: $350,000 • term: 30 years • interest: 6% • cost: 1.5 points + $750 • mortgage insurance (mi): $2,200/year • escrow closes: 7/21/03 • 1st payment due: 8/1/03 steps keystrokes display clear o o 0.0...

  • Page 32: Ocket

    P ocket r eference g uide — 31 (cont’d) find loan costs: steps keystrokes display recall loan ® l 350,000.00 find points x 1 • 5 % = 5,250.00 add fees and find total + 7 5 0 = 6,000.00 add prepaid interest stored in memory + ® µ = 6,641.67 find apr s ˆ 6.99 find total charges ˆ 478,075.33 amount fin...

  • Page 33: Ocket

    P ocket r eference g uide — 32 appreciation/future value what will a $350,000 home be worth in 3 years, figuring an inflation or appreciation rate of 6%? Steps keystrokes display clear o o 0.00 set to 1 payment per year 1 s ÷ 1.00 enter pv 3 5 0 ) l 350,000.00 enter term 3 t 3.00 enter approximate r...

  • Page 34: Ocket

    P ocket r eference g uide — 33 bi-weekly loans • loan: $212,500 • term: 30 • interest: 7.85% find the bi-weekly term, savings, interest savings, total cost, and bi-weekly payment: steps keystrokes display clear o o 0.00 enter loan 2 1 2 5 0 0 l 212,500.00 enter term 3 0 t 30.00 enter interest 7 • 8 ...

  • Page 35: Ocket

    P ocket r eference g uide — 34 80:10:10 combo loan vs. Fixed-rate loan with mortgage insurance compare an 80:10:10 combo loan vs. A fixed-rate loan w/mortgage insurance. The loan parameters are: fixed combo w/pmi (1st/2nd) loan 250,000 250,000 interest 6.50% 6.00% – 8.50% term 30 30 year– 15 year pm...

  • Page 36: Ocket

    P ocket r eference g uide — 35 (cont’d) steps keystrokes display enter interest 6 • 5 ˆ 6.50 enter term 3 0 t 30.00 enter mi% • 6 2 s i 0.62 clear tax 0 t 0.00 clear insurance 0 i 0.00 solve for payment p 1,580.17 solve for piti (including pmi) p 1,709.34 2. Enter combo loan values: enter 1st td int...

  • Page 37: Ocket

    P ocket r eference g uide — 36 (cont’d) steps keystrokes display find 1st/2nd td combined monthly payment * 1,605.87 find equivalent payment for fixed-rate loan with mortgage insurance * 1,709.34 display monthly savings over fixed-rate loan with mortgage insurance * 103.46 display adjusted 2nd term ...

  • Page 38: Ocket

    P ocket r eference g uide — 37 80:15:5 combo loan vs. Fixed-rate loan with mortgage insurance compare an 80:15:5 combo loan vs. A fixed-rate loan w/mortgage insurance. The loan parameters are: fixed combo w/pmi 1st/2nd) loan 350,000 350,000 interest 6.00% 5.25% – 7.0% term 30 30 year– 15 year pmi 0....

  • Page 39: Ocket

    P ocket r eference g uide — 38 (cont’d) steps keystrokes display clear insurance* 0 i 0.00 solve for payment p 2,098.43 solve for total payment (including pmi) p 2,279.26 *skip to p if continuing from the last example, as rates are already cleared. 2. Enter combo loan values: enter 1st td interest a...

  • Page 40: Ocket

    P ocket r eference g uide — 39 (cont’d) steps keystrokes display find equivalent payment for fixed-rate loan with mortgage insurance * 2,279.26 display monthly savings over fixed-rate loan with mortgage insurance * 154.99 display adjusted 2nd term (if savings applied to 2nd td) * 9.78 find 1st td lo...

  • Page 41: Ocket

    P ocket r eference g uide — 40 default settings performing a reset will return your calcu- lator to the default settings below: • 12 periods per year • property tax/ins. = % rates not permanently stored/clears upon o • mortgage ins. = % rates not permanently stored/clears upon o o • month offset of ...

  • Page 42: Ocket

    P ocket r eference g uide — 41 batteries replacing the batteries: slide open and remove the battery door (located on upper backside of calculator). Remove the old batteries. Insert two new lr-44 button-cell batteries, making sure they’re facing posi- tive-side (+) up. Close the battery door. Reset y...

  • Page 43: Ocket

    P ocket r eference g uide — 42 real estate master ® and calculated industries ® are registered trademarks of calculated industries, inc. All rights reserved calculated industries ® 4840 hytech drive carson city, nv 89706 u.S.A. 1-800-854-8075 fax: 1-775-885-4949 e-mail: info@calculated.Com www.Calcu...