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- 3423
- Pocket Reference Manual
Calculated Industries 3423 Pocket Reference Manual
Summary of 3423
Page 1
Q ualifier p lus ® 4 x advanced real estate finance calculator with cash flow and built-in canadian interest mode model 3423 pocket reference guide c anadian.
Page 2: Quickly Solve:
The c anadian q ualifier p lus 4 x calculator 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 and total (pith) payment • sales price and down payment ...
Page 3: Examples —
Key definitions ...................................1 canadian/u.S. Interest modes ..............5 preference mode...................................6 examples...............................................6 basic math ............................................6 percentage calculations ...............
Page 4: Examples —
Setting qualifying ratios ....................20 qualifying mortgage amount ..............21 “restricted” qualifying ........................22 “unrestricted” qualifying ....................23 qualifying comparison (two ratios at once) ..........................................24 finding income requ...
Page 5: — 1
P ocket r eference g uide — 1 note: this is a short “reference” guide. Please see your large user’s guide for details. O on/clear key — turns on power. Pressing once clears the display. Pressing twice clears all temporary values. O off key — turns all power off, clearing all non-perma- nent register...
Page 6: Meters to Feet (M
® recalls or re-displays a value when followed by a chosen key (e.G., ® ˆ will display current interest value) 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...
Page 7: Delta Percent (
S % delta percent ( ) — finds the percent change between two values. S ) month offset s t bi-weekly mortgage l mortgage amount or present value p p&i, piti (u.S.) , total (pith) payment, and inter- est-only payment (u.S.) t number of years ˆ annual interest rate s ˆ effective interest rate (eff%) — ...
Page 8: Property Insurance
Q qualify based on 35%-42% (canada) i annual income d long-term, monthly debt t estimated annual property tax (enter as percent or dollar amount) s t property insurance — used for calculating the total payment and for qualifying s d housing expense, including monthly heating cost (canada) c canadian...
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U.S. Only keys: s ˆ apr (annual % rate) , including mortgage insur- ance, if entered s p interest-only payment s 9 estimated annual mortgage insurance, if applicable (enter as percent or dollar amount) note: the mortgage insurance preference setting only works with u.S. Mortgage insurance ( s 9 ) . ...
Page 10: Preference Mode
Preference mode s = preference mode (see user’s guide for details) allows you to select special settings. To access, first press s and then the = key. Toggle through the various categories by pressing the = key. Toggle within each category by pressing the + key. To set the preference and exit, press...
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P ocket r eference g uide — 7 memory functions pressing the µ key adds the displayed value to cumulative memory. S µ sub- tracts the displayed value from cumulative memory. ® µ recalls and displays the total value in memory. ® ® displays and clears the memory. Keystrokes display 1. 3 5 5 µ ® ® 355.0...
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P ocket r eference g uide — 8 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 number of decimal places you wish to display: s 5 0.00000 s...
Page 13: 0.00
Convert 20 feet to meters. Steps keystrokes display clear o o 0.00 enter 20 feet 2 0 20. Find number of meters s w met 6.096 convert 10 square meters to square feet. Steps keystrokes display clear o o 0.00 enter 10 square meters 1 0 10. Find number of square feet w sqft 107.64 convert 20 square feet...
Page 14: Date Function
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. The date function lets you: 1) ...
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P ocket r eference g uide — 11 see page 5 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 + until the display reads “int cdn.” note: for more examples, see you...
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P ocket r eference g uide — 12 (cont’d) • once an answer is calculated (for exam- ple, a payment) you can change any variable and recompute for a new answer without having to re-enter the other data. Monthly mortgage payment find the monthly payment on a 25-year mortgage of $165,000 at 7.75% annual ...
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P ocket r eference g uide — 13 mortgage amount approximately how much can you borrow if the interest rate is 7.5% on a 25-year mort- gage and you can afford $1,500 in monthly payments? What if the interest rate is low- ered to 7%? Steps keystrokes display clear o o 0.00 enter interest 7 • 5 ˆ 7.50 e...
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P ocket r eference g uide — 14 (cont’d) effective interest rate what is the effective interest rate? Steps keystrokes display find effective rate (eff%) s ˆ 7.51 non-monthly mortgages and payments per year (pmt/yr) most mortgages are paid monthly. If paying a non-monthly mortgage, however, the numbe...
Page 19: Total (Pith) Payment
Total (pith) payment • term: 25 years • interest: 7% • sales price: $198,000 • down payment: 5% • property tax: 1.3% • monthly heating expense: $100 find the total (pith) payment: steps keystrokes display clear o o 0.00 enter term 2 5 t 25.00 enter interest 7 ˆ 7.00 enter price 1 9 8 ) p 198,000.00 ...
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P ocket r eference g uide — 16 quarterly payment find the quarterly payment on a ten year, 12%-interest loan of $15,000. Steps keystrokes display clear o o 0.00 set to four 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 paym...
Page 21: And Percent Down Payment
Sales price based on mortgage amount and percent 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 mortgage 1 5 0 ) l 150,000.00 enter down% 5 d 5.00 enter term 2 5 t 25.00 enter int...
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P ocket r eference g uide — 18 canadian mortgage insurance find the monthly p&i payment on a 25-year, $150,000 mortgage at 7.5% annual interest with 1.5% mortgage insurance. Steps keystrokes display clear o o 0.00 enter mortgage 2 5 0 ) l 150,000.00 enter term 2 5 t 25.00 enter interest 7 • 5 ˆ 7.50...
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P ocket r eference g uide — 19 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 ten yea...
Page 24: Bi-Weekly Mortgages
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 mortgage 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 payment p 1,601.53 find bi-...
Page 25: 0.00
Steps keystrokes display clear o o 0.00 set ratios 3 0 : 3 8 q 30.00-38.00 qualifying mortgage amount • buyer’s income: $45,000 • monthly debt: $250 • down payment: 25% • property tax: 1.5% • monthly heating exp: $100 • term: 25 years • interest: 7.25% • gds/tds ratios: 32% – 40% find qualifying mor...
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P ocket r eference g uide — 22 “restricted” qualifying buyers who make $45,000 annually and have $600 in long-term monthly debt wish to buy a home offered at $165,000. They will put 15% down. Will they qualify? For what maximum mortgage amount can they qualify? (use previously stored 7.25% interest ...
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P ocket r eference g uide — 23 find $ down payment d d 16,359.23 find total (pith) payment p p 900.00 — do not clear calculator — “unrestricted” qualifying the amount calculated above is the “restricted” mortgage they may qualify for, based on current income and debt. What are the buyer's actual inc...
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P ocket r eference g uide — 24 (cont’d) **the restricted qualifying mortgage amount is based on the ratio (income or debt) that limits the buyer the most — in this case it was debt. This means that if the buyer lowers their debt below the maximum allowable of $300 a month, they would qualify for the...
Page 29: 32.00 – 40.00
Display qual 1 ratios q 32.00 – 40.00 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 1,333.33 — do not clear calculator — steps keystrokes display display qual 2 ratios q 35.00 – 42.00 find qual 2 maximum qualifying mortgage q 160,9...
Page 30: 0.00
(cont’d) steps keystrokes display clear o o 0.00 enter interest 7 • 5 ˆ 7.50 enter term 2 5 t 25.00 enter tax% 1 • 5 t 1.50 enter heating 1 2 5 s d 125.00 enter price 2 2 5 ) p 225,000.00 enter %down 3 5 d 35.00 find $ down d 78,750.00 find mortgage l 146,250.00 display qualifying ratios q 32.00 – 4...
Page 31: 0.00
Steps keystrokes display clear cash flow s 6 0.00 set 1 payment per year 1 s ÷ 1.00 enter initial investment as cash outlay 2 2 5 ) s – c c-0 -225,000.00 enter 1st cf 1 6 ) c c-1 16,000.00 enter 2nd cf 1 6 6 0 0 c c-2 16,600.00 enter 3rd cf 1 6 9 0 0 c c-3 16,900.00 enter 4th cf 1 7 2 0 0 c c-4 17,2...
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P ocket r eference g uide — 28 important: your calculator must be in u.S. Mode by pressing s + . Monthly loan payment find the monthly payment on a 30-year loan of $215,000 at 7.5% interest. Steps keystrokes display set us mode s + int usa clear o o 0.00 enter loan 2 1 5 ) l 215,000.00 enter term 3 ...
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P ocket r eference g uide — 29 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 .50%: steps keystrokes display set tax%* 1 • 5 t 1.50 ann tax % set homeowner’s insurance% • 2 5 s t 0.25 ann ins % set ...
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P ocket r eference g uide — 30 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 — 31 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 — 32 interest-only 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 quali...
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P ocket r eference g uide — 33 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 — 34 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 — 35 repair and return return guidelines 1. Please read the warranty in this user's guide to determine if your calculated industries product remains under warranty before calling or returning any device for evaluation or repairs. 2. If your product won't turn on, check the ...
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P ocket r eference g uide — 36 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 — 37 disclaimer ci makes no warranty or representation, either express or implied, with respect to the prod- uct’s quality, performance, merchantability, or fitness for a particular purpose. As a result, this product, including but not limited to, key- stroke procedures, ma...
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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, 2006. Pocket reference guide copyrighted by calculated ...