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- 3420
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Calculated Industries 3420 Pocket Reference Manual - Ocket
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
Term
® T
25.00
Clear Cap
0 s %
CAP 0.00
*Note that the payment for 4th and 5th adjust-
ments (corresponding to the 5th and 6th years)
is the same because the lifetime cap was
reached on the 4th adjustment. An “M” for
“maximum” will appear in the display once the
Cap is reached.
3420PRG-E-A 7/2/04 9:07 AM Page 36
Summary of 3420
Page 1
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...
Page 44
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 ...