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Calculated Industries 3416 Pocket Reference Manual

Other manuals for 3416: User Manual
Manual is about: Residential Mortgage Finance Calculator

Summary of 3416

  • Page 1

    Pocket reference guide residential mortgage finance calculator m ortgage q ualifier p lus ® model 3416.

  • Page 2: Quickly Solve:

    The m ortgage q ualifier p 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 insuranc...

  • Page 3: Table of Contents

    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 ......................

  • Page 4

    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 ............................

  • Page 5: Ocket

    P ocket r eference g 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) b backspace key; for back- ing up/deleting wrong entry ® recalls or ...

  • Page 6: Ocket

    P ocket r eference g uide — 2 s sets 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 monthl...

  • Page 7: Ocket

    P ocket r eference g uide — 3 t number of years ˆ annual interest rate s l future value s ˆ apr (annual percentage rate), including mortgage insurance, if entered p home’s sales price d down payment s t bi-weekly loan a amortization function s a remaining balance a adjustable-rate mortgage s a arm d...

  • Page 8: Ocket

    P ocket r eference g uide — 4 t property tax (enter as per- cent or dollar amount) s t estimated tax savings/after tax payment i property/homeowner’s insurance (enter as per- cent or dollar amount) s i mortgage insurance (enter as percent or dollar amount) e monthly expenses (such as homeowner’s ass...

  • Page 9: Ocket

    P ocket r eference g 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 9 0 : 5 *) s * interest-only 2nd td combo loan; ...

  • Page 10: Ocket

    P ocket r eference g 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 p...

  • Page 11: Ocket

    P ocket r eference g uide — 7 interest – only payment (entry) how much can you borrow if the interest rate is 7% on a 30-year interest–only mortgage and you can afford to pay $1,000 each month? Steps keystrokes display clear o o 0.00 enter interest 7 ˆ 7.00 enter payment 1 ) s p 1000.00 find loan l ...

  • Page 12: Ocket

    P ocket r eference g uide — 8 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 annual...

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    P ocket r eference g uide — 9 enter new interest rate 6 ˆ 6.00 find new loan amount l 250,187.42 loan amount based on sales price and down payment find both $ down payment 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 ente...

  • Page 14: Ocket

    P ocket r eference g uide — 10 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...

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    P ocket r eference g uide — 11 steps keystrokes display clear o o 0.00 enter term 3 0 t 30.00 enter interest 6 • 2 5 ˆ 6.25 enter price 3 2 5 ) p 325,000.00 down% 5 d 5.00 set tax%* 1 • 3 t 1.30 set insurance% • 2 5 i 0.25 set mi% • 4 5 s i 0.45 find loan l 308,750.00 find p&i payment p “run” 1,901....

  • Page 16: Ocket

    P ocket r eference g uide — 12 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 17: Ocket

    P ocket r eference g uide — 13 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 an estimate only. What is this buyer’s estimated income tax savings and “after tax” payment? Steps keystr...

  • Page 18: Ocket

    P ocket r eference g uide — 14 rent vs. Buy • term: 30 years tax: 1.25% • interest: 7.5% ins: 0.35% • down: 10% tax bracket: 30% if your client is currently renting a home for $1,250/month, find the comparable home sales price and loan amount that he or she could afford: steps keystrokes display cle...

  • Page 19: Ocket

    P ocket r eference g uide — 15 clear all s x 0.00 arm payment — lifetime cap • loan: $230,000 • term: 30 years • interest: 7.25% • lifetime cap: 4% • arm interest adjustment: 1% per year find the adjusted arm payments through year six: steps keystrokes display clear o o 0.00 enter loan 2 3 0 ) l 230...

  • Page 20: Ocket

    P ocket r eference g uide — 16 (cont’d) steps keystrokes display find 3rd “adjusted” payment a 3 2,043.26 find 4th “adjusted” payment a 4 2,204.68 m* find 5th “adjusted” payment a 5 2,204.68 m* find principal at start of year ® l 220,856.34 recall current interest rate ® ˆ 11.25 recall remaining ter...

  • Page 21: Ocket

    P ocket r eference g uide — 17 amortization • loan: $300,000 • term: 30 years • interest: 7.5% find total interest and principal for the life of the loan: 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 p&i pmt p 2,097.6...

  • Page 22: Ocket

    P ocket r eference g uide — 18 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 en...

  • Page 23: Ocket

    P ocket r eference g uide — 19 appreciation what will a $350,000 home’s value be 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 appreciation rate 6 ˆ 6...

  • Page 24: Ocket

    P ocket r eference g uide — 20 bi-weekly loans • loan: $212,500 • term: 30 years • 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 ...

  • Page 25: Ocket

    P ocket r eference g uide — 21 setting qualifying ratios enter new qualifying ratios of 30% for income and 38% for debt in q: steps keystrokes display clear o o 0.00 set qualifying ratios 3 0 : 3 8 q 30.00-38.00 return ratios to 28:36 2 8 : 3 6 q 28.00-36.00

  • Page 26: Ocket

    P ocket r eference g uide — 22 qualifying loan amount • buyer’s income: $75,000 • monthly debt: $500 • down$: $5,000 • property taxes: 1.5% • property insurance: 0.25% • mortgage insurance: 0.6% • monthly association dues: $50 • term: 30 years • interest: 7.5% • qualifying ratios: 28%: 36% find the ...

  • Page 27: Ocket

    P ocket r eference g uide — 23 find qualifying loan amount q 189,119.31 find price p 194,119.31 — do not clear calculator — find the monthly p&i payment and total payment: steps keystrokes display p&i payment p 1,322.35 piti payment p 1,700.00 total payment p 1,750.00

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    P ocket r eference g uide — 24 “restricted” vs. “unrestricted” qualifying • buyer’s income: $68,000 • monthly debt: $750 • down$: $5,000 • property taxes: 1.5% • property insurance: 0.25% • mortgage insurance: 0.6% • monthly association dues: $50 • term: 30 years • interest: 7.5% • qualifying ratios...

  • Page 29: Ocket

    P ocket r eference g uide — 25 re-enter mi% • 6 s i 0.60 re-enter homeowner’s dues 5 0 e 50.00 enter down 5 ) d 5,000.00 income 6 8 ) i 68,000.00 monthly debt 7 5 0 d 750.00 display qualifying ratios q 28.00 - 36.00 find “restricted” qualifying loan amount q 137,725.41 — do not clear calculator — st...

  • Page 30: Ocket

    P ocket r eference g uide — 26 qualifying loan amount (interest only-loan) using the same values from the previous example, find qualifying loan amount, price, and total payment for an interest-only loan: steps keystrokes display clear o o 0.00 enter income 7 5 ) i 75,000.00 enter debt 5 0 0 d 500.0...

  • Page 31: Ocket

    P ocket r eference g uide — 27 income required (stated income) and allowable monthly debt • sales price: $300,000 • down%: 20% • property taxes: 1.5% • property insurance: 0.25% • mortgage insurance: 0% • term: 30 years • interest: 5.88% find the income required to finance a $300,000 home and the ma...

  • Page 32: Ocket

    P ocket r eference g uide — 28 (cont’d) steps keystrokes display display qualifying ratios q 28.00 - 36.00 find income required q 79,626.76 find maximum allowable monthly debt q 530.85 find p&i payment p 1,420.46 find piti payment p 1,857.96 80:10:10 combo loan vs. Fixed-rate loan with mortgage insu...

  • Page 33: Ocket

    P ocket r eference g uide — 29 steps keystrokes display 1. Enter fixed-rate loan values and find total payment: clear o o 0.00 enter loan 2 5 0 ) l 250,000.00 enter down payment 1 0 d 10.00 find price p 277,777.78 enter interest 6 • 5 ˆ 6.50 enter term 3 0 t 30.00 enter mi% • 6 2 s i 0.62 clear tax ...

  • Page 34: Ocket

    P ocket r eference g uide — 30 (cont’d) steps keystrokes display 3. Find combo loan values: find blended interest rate for 1st/2nd td ** 6.18 find equivalent interest rate for fixed-rate loan with mortgage insurance * 7.27 find 1st/2nd td combined monthly payment * 1,605.87 find equivalent payment f...

  • Page 35: Ocket

    P ocket r eference g uide — 31 *to enter a different ltv without changing the stored ltv, you can enter it prior to pressing the * key. For example, enter 8 0 : 2 0 , then press the * key, as above, for the new calculations. To return to the existing problem, press o once and press * ..

  • Page 36: Ocket

    P ocket r eference g uide — 32 80:20 interest-only 2nd combo loan find the monthly payments with an 80:20 interest-only 2nd combo loan: combo (1st/2nd) loan 350,000 interest 5.25% – 7.0% term 30 year – 15 year ltv 80% – 20% steps keystrokes display 1. Enter the total of the combined loans: clear all...

  • Page 37: Ocket

    P ocket r eference g uide — 33 find 1st/2nd td combined monthly payment * 1,954.50 find 1st td loan amount * 280,000.00 find 2nd td loan amount * 70,000.00 find 1st td payment * 1,546.17 find 2nd td payment * 408.33 display entered ltv * 80.00:20.00 *to enter a different ltv without changing the sto...

  • Page 38: Ocket

    P ocket r eference g uide — 34 default settings performing a reset will return your calcu- lator to the default settings below: • 12 periods per year • property tax/insurance = % rates not permanently stored/clears upon o • mortgage insurance = % rates not permanently stored/clears upon o o • month ...

  • Page 39: Ocket

    P ocket r eference g uide — 35 decimal place setting to set the number of decimal places dis- played: s 6 0.000000 s 5 0.00000 s 4 0.0000 s 3 0.000 s 2 0.00 s 1 0.0 s 0 0. S • floating point preference settings to access the preference mode, press s, then =, then keep pressing = to toggle through th...

  • Page 40: Ocket

    P ocket r eference g uide — 36 batteries replacing the batteries: slide open and remove the battery door (located on upper backside of calculator). Remove the old batteries. Insert two new lr44 button-cell batteries, making sure they’re facing positive-side (+) up. Close the battery door. Reset keys...

  • Page 41

    Software copyrighted and licensed to calculated industries, by real estate master technologies, llc, 2006. Pocket reference guide copyrighted by calculated industries, 2006. Qualifier plus ® and calculated industries ® are registered trademarks of calculated industries, inc. All rights reserved calc...