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- 3420
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Calculated Industries 3420 Pocket Reference Manual
Summary of 3420
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Q ualifier p lus ® iii x professional residential real estate finance calculator with built-in canadian interest mode model 3420 pocket reference guide c anadian 3420 prg cvr english_mod 7/21/04 1:47 pm page 1.
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P ocket r eference g uide — 1 the c anadian q ualifier p lus iii x calcula- tor lets you perform mortgage qualifying and financial problems with ease! Quickly solve: • time-value-of-money (tvm) problems: find mortgage amount, term, interest, payment, future value • p&i payment, pith/total payment, a...
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P ocket r eference g uide — 2 key definitions .................................4 canadian/u.S. Interest modes ............8 preference mode.................................8 examples.............................................9 basic math ..........................................9 percentage calcu...
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P ocket r eference g uide — 3 amortization (total principal/total interest, remaining balance)........22 bi-weekly mortgages ........................23 setting qualifying ratios...................24 qualifying mortgage amount.............24 “restricted” vs. “unrestricted” qualifying ...................
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P ocket r eference g uide — 4 note: this is a short “reference” guide. Please see your large user’s guide for details. : colon separator (for date, amortization ranges, arm adjustment and qualifying ratios) b backspace ) triple-zero entry key µ memory function: - µ adds value on dis- play to memory ...
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P ocket r eference g uide — 5 s sets number of displayed decimal places and acti- vates 2nd functions s x clear all note: perform with caution as it will clear/reset stored values. S ÷ payments per year (default 12, for monthly) s – change sign + or – s = preference mode (see large user’s guide) s )...
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P ocket r eference g uide — 6 s l future value π period (identifies entry as periodic rather than yearly) p sales price of home d down payment (entered in % or $) s d loan-to-value (ltv) a amortization function s a remaining balance q qualify based on 32%-40% (canada) q qualify based on 35%-42% (can...
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P ocket r eference g uide — 7 u.S. Only keys: a adjustable rate mortgage s a arm decreasing interest % adjustment s % arm lifetime interest cap (cap%) s ˆ apr (annual percentage rate), including mortgage insurance, if entered s p estimated tax savings/after-tax payment s p rent vs. Buy s + tax brack...
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P ocket r eference g uide — 8 canadian / u.S. Interest modes your calculator can easily be switched between canadian or u.S. Interest mode by pressing: s 9 u.S. Mode allows: • entry/calculation of u.S. Interest rates. • enables selected u.S.-only functions (e.G., arm, apr, rent vs. Buy, tax deductio...
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P ocket r eference g uide — 9 basic math this calculator uses standard chaining logic. This means the first value is entered, then an operator, then the sec- ond value, then the equals = key to get your answer. A. 2 1 6 + 8 4 = 300.00 b. 2 1 6 – 1 6 = 200.00 c. 1 2 x 1 2 = 144.00 d. 1 4 4 ÷ 1 2 = 12...
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P ocket r eference g uide — 10 memory functions pressing the µ key adds the displayed value to cumulative memory. S µ subtracts the displayed value from cumu- lative memory. ® µ recalls and dis- plays the total value in memory. ® ® displays and clears the memory. Keystrokes display 1. 3 5 5 µ ® ® 35...
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P ocket r eference g uide — 11 setting decimal places you can use the s key to select the number of decimal places displayed. (values are rounded using 5/4 rounding.) you may do this before or after finding an answer. Press s followed by the num- ber of decimal places you wish to display: s 4 0.0000...
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P ocket r eference g uide — 12 date function using the : key, you can quickly solve common real estate date problems: escrow or closing dates, listing expiration dates, and the number of days prepaid interest, etc. You enter a date as follows: numerical month : , numerical day : and numerical year. ...
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P ocket r eference g uide — 13 mortgages and real estate mortgages • the financial functions — l , p , t and ˆ — work just like you would say them. For example, to find the payment on a $100,000 mortgage for 25 years at 10% interest, enter the three known variables and press the key for the unknown ...
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P ocket r eference g uide — 14 see page 8 for instructions to return your calculator to canadian mode if your calcu- lator does not display the letters “cdn” upon pressing the ˆ key. Or, if your cal- culator was not reset, press s 9 until the display reads “int cdn.” note: for more examples, see you...
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P ocket r eference g uide — 15 term of a mortgage how long does it take to pay off a mort- gage of $15,000 at 10% interest if you make payments of $200 each month? Steps keystrokes display clear o o 0.00 enter mtg. 1 5 ) l 15,000.00 enter interest 1 0 ˆ 10.00 enter payment 2 0 0 p 200.00 find term/y...
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P ocket r eference g uide — 16 interest rate find the interest rate on a mortgage if the mortgage amount is $155,500, term is 25 years and payment is $1,150 per month. Steps keystrokes display clear o o 0.00 enter mortgage 1 5 5 5 0 0 l 155,500.00 enter term 2 5 t 25.00 enter payment 1 1 5 0 p 1,150...
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P ocket r eference g uide — 17 non-monthly mortgages and payments per year (pmt/yr) most mortgages are paid monthly. If pay- ing a non-monthly mortgage, however, the number of payments per year must be changed by entering the number of pay- ments per year, then pressing s ÷ , as shown in the followi...
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P ocket r eference g uide — 18 pith and interest-only payment • term: 25 years • interest: 7% • sales price: $198,000 • down payment: 5% • property tax: 1.3% • monthly heating expense: $100 find the pith payment and interest-only payment: steps keystrokes display clear o o 0.00 enter term 2 5 t 25.0...
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P ocket r eference g uide — 19 quarterly payment find the quarterly payment on a 10-year, 12%-interest loan of $15,000. 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 find quarterly payment ...
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P ocket r eference g uide — 20 sales price based on mortgage amount and % down payment find sales price if the mortgage amount is $150,000, down payment 5%, term 25 years and interest rate 7.75%. Steps keystrokes display clear o o 0.00 enter mtg. 1 5 0 ) l 150,000.00 enter down% 5 d 5.00 enter term ...
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P ocket r eference g uide — 21 future value (appreciation) what will a $250,000 home be worth in three years, figuring 6% appreciation? Steps keystrokes display clear o o 0.00 set 1 payment per year 1 s ÷ 1.00 enter pv 2 5 0 ) l 250,000.00 enter term 3 t 3.00 enter appreciation rate 6 ˆ 6.00 find fv...
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P ocket r eference g uide — 22 amortization (total principal / total interest, remaining balance) • mortgage: $175,000 • term: 25 years • interest: 7.5% note: see large user’s guide for more examples. Find total interest, principal and total pay- ments. Then, find the remaining balance after 10 year...
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P ocket r eference g uide — 23 bi-weekly mortgages • mortgage: $212,500 • term: 25 years • int: 7.85% find bi-weekly term, savings, total cost and bi-weekly payment: steps keystrokes display clear o o 0.00 enter mtg. 2 1 2 5 0 0 l 212,500.00 enter term 2 5 t 25.00 enter interest 7 • 8 5 ˆ 7.85 find ...
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P ocket r eference g uide — 24 setting qualifying ratios in canadian mode, gds:tds (gross debt service/total debt service) ratios of 32% and 40% are permanently stored in the q key, and optional ratios of 35%- 42% in the q key. However, you can enter any ratios you desire. For example, enter new qua...
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P ocket r eference g uide — 25 (cont’d) find qualifying mortgage amount, price and total payment: steps keystrokes display clear o o 0.00 enter income 4 5 ) i 45,000.00 enter debt 2 5 0 d 250.00 enter %down 2 5 d 25.00 set tax% 1 • 5 t 1.50 enter heating expense 1 0 0 e 100.00 enter term 2 5 t 25.00...
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P ocket r eference g uide — 26 “restricted” vs. “unrestricted” qualifying • buyer’s income: $52,000 • monthly debt: $150 • down payment: 5% • property tax: 1.5% • monthly heating expense: $75 • term: 25 years • interest: 7.25% • gds/tds ratios: 32% – 40% find the “restricted” qualifying mortgage amo...
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P ocket r eference g uide — 27 (cont’d) steps keystrokes display enter %down payment 5 d 5.00 display qualifying ratios q 32.00 – 40.00 find “restricted” or maximum qualifying mortgage amount q 154,769.36 find actual ratios q 32.00-35.46 find “unrestricted” mortgage amount q 177,974.93 find maximum ...
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P ocket r eference g uide — 28 qualifying comparison (two ratios at once) • buyer’s income: $50,000 • monthly debt: $125 • property tax: 1.25% • monthly heating cost and condo fees: $120 • down payment: 10% • term: 25 years • interest: 7.25% qualify this buyer based on both stored 32%:40% and 35%:42...
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P ocket r eference g uide — 29 (cont’d) steps keystrokes display find qual 1 maximum qualifying mortgage q 145,893.06 find qual 1 p&i payment p 1,044.48 find qual 1 pith payment p p 1,333.33 — do not clear calculator — steps keystrokes display display qual 2 ratios q 35.00 – 42.00 find qual 2 maximu...
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P ocket r eference g uide — 30 finding income required and allowable monthly debt • sales price: $225,000 • down%: 35% • property tax: 1.5% • heating expense: $125 • term: 25 years • interest: 7.5% find the income required to finance a $225,000 home and also find the maxi- mum allowable debt. Steps ...
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P ocket r eference g uide — 31 (cont’d) steps keystrokes display find income required q 55,355,59 find maximum allowable mo. Debt q 369.04 find p&i payment p 1,069.90 find pith p p 1,476.15 important: your calculator must be in u.S. Mode by pressing s 9 . Monthly loan payment find the monthly paymen...
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P ocket r eference g uide — 32 important: change your calculator back to canadian mode if you are return- ing to canadian examples. (again press s 9 .) setting tax and insurance enter an annual property tax rate of 1.5%, a property/homeowner’s insurance rate of .25%, and a mortgage insurance rate of...
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P ocket r eference g uide — 33 piti payment and interest-only payment • term: 30 years • interest: 6% • sales price: $255,000 • down payment: 5% • property taxes: 1.3% • property insurance: 0.25% • mortgage insurance: 0.50% • monthly association dues: $60 find the piti, total and interest-only pay- ...
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P ocket r eference g uide — 34 qualifying loan amount • buyer’s income: $100,000 • monthly debt: $550 • down payment: 25% • property tax: 1.5% • property insurance: 0.25% • mortgage insurance (not required): 0 • term: 30 years • interest: 6.25% • qualifying ratios: 28% – 36% find qualifying loan, pr...
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P ocket r eference g uide — 35 arm payment — lifetime cap • loan: $330,000 • term: 30 years • interest: 7% • lifetime cap: 4% • arm interest adj.: 1% per year find the adjusted arm payments through year six: steps keystrokes display clear o o 0.00 enter loan 3 3 0 ) l 330,000.00 enter term 3 0 t 30....
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P ocket r eference g uide — 36 (cont’d) steps keystrokes display find 3rd “adjusted” payment a 3 2,869.91 find 4th “adjusted” payment a 4 3,099.73 m * find 5th “adjusted” payment a 5 3,099.73 m * find principal at start of year ® l 316,262.56 recall current interest rate ® ˆ 11.00 recall remaining t...
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P ocket r eference g uide — 37 apr and total finance charges, including mortgage insurance • loan: $250,000 • term: 30 years • interest: 6.25% • cost: 1.5 points + $550 • mortgage ins./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 ente...
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P ocket r eference g uide — 38 estimated tax savings • loan: $150,000 • buyer’s tax bracket: 28% • term: 30 years • interest: 6.75% • property taxes: $1,500 • property insurance: $250 note: this is an estimate only. Consult a tax advisor. What is this buyer’s estimated income tax savings and “after ...
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P ocket r eference g uide — 39 rent vs. Buy • term: 30 years • tax: 1.25% • interest: 6.5% • insurance: 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...
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P ocket r eference g uide — 40 default settings your calculator has the following default settings. Performing a full reset (e.G. - turn off calculator, hold down x and turn on) will return your calculator to the settings below: • canadian interest mode • 12 periods per year • property tax/prop. Ins...
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P ocket r eference g uide — 41 warranty warranty repair service – u.S.A. Calculated industries (“ci”) warrants this product against defects in materials and workmanship for a period of one (1) year from the date of original consumer purchase in the u.S. If a defect exists during the warranty period,...
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P ocket r eference g uide — 42 disclaimer ci makes no warranty or representation, either express or implied, with respect to the product’s quality, performance, merchantability, or fitness for a particular purpose. As a result, this product, including but not limited to, keystroke procedures, mathem...
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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 technologies, llc, 2004. Pocket reference guide copyrighted by calculated ...