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- 3416
- Pocket Reference Manual
Calculated Industries 3416 Pocket Reference Manual - 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
0 t
0.00
Clear Insurance
0 I
0.00
Solve for P&I
payment
p
1,580.17
Solve for PITI (including
PMI)
p
1,709.34
2. Enter Combo Loan Values:
Enter 1st TD Interest
and Term
6 : 3 0 ! 6.00-30.00
Enter 2nd TD Interest
and Term
8 • 5 : 1 5 s
!
8.50-15.00
(Cont’d)
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...
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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...
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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...
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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; ...
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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...
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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 ...
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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...
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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....
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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 ...
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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
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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 ...
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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...
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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...
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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...
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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...
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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...
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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 ...
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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...
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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 * ..
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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...
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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...
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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 ...
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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...
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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...