1. DL manuals
  2. Calculated Industries
  3. Calculator
  4. 43285
  5. User Manual

Calculated Industries 43285 User Manual

Manual is about: RESIDENTIAL REAL ESTATE FINANCE CALCULATOR with exclusive buyer qualifying features

Summary of 43285

  • Page 1

    U ser ’ s g uide q ualifier p lus ® iix dt d esktop m odel 43285 residential real estate finance calculator with exclusive buyer qualifying features r eal e state m aster ®.

  • Page 2: Ualifier

    Introduction q ualifier p lus ® ii x dt created specifically for residential real estate professionals, the newly-enhanced qualifier plus iix dt is the simplest calculator ever made for residential real estate financing. With the push of a few buttons, it will solve hundreds of your real estate prob...

  • Page 3: Table of Contents

    Table of contents getting started introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 key definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 decimal place selection . . . . . . . . . . . . . . . . . . . . . . . .10 basic math . . . . . . . . . . . ...

  • Page 4: Key Definitions

    Key definitions [+] [–] [x] [÷] [=] arithmetic operation keys. [0] – [9] & [000] digits used for keying-in numbers. [•] decimal point. [off] turns all power off. The memory and most financial registers are cleared. [on/c] if off, turns power on. If on, a single press clears the last entry while a se...

  • Page 5: [L/a]

    [l/a] loan amount — enters or solves for the initial loan amount or present value of a financial problem. [int] interest — enters or solves for the annual inter- est rate. A second press of this key gives you the periodic rate. (stored permanently, until you change it.) [term] enters or solves for n...

  • Page 6: [Bal]

    Total interest for period range, third press shows total principal for range, and final press gives remaining balance at end of range. [bal] remaining balance — displays the remaining balance when preceded by a single year or range of years (or individual payment or range of payments by also using t...

  • Page 7: [Ins]

    [ins] property insurance — stores and recalls annual property insurance in either percent or dollar amount. If entered as a dollar amount, a second press converts to annual percentage rate. If entered as a percentage, a second press shows annual dollar amount. Entering the number 10 or less is assum...

  • Page 8: [Set] [+]

    [set] [+] pro-mode — activates pro-mode. An advanced- user feature, it changes tax and insurance, and mortgage insurance keys from temporary to permanent entries. That is, entered values will remain set even after pressing [on/c] [on/c] or turning calculator off, then on. The pro-mode also changes t...

  • Page 9: [Set] [Arm]

    Pressing [set] [term] again will return and re-cal- culate to the original term. [set] [arm] arm rate increase/decrease — changes arm rate from increasing to decreasing. Qualifying keys [qual 1] a multi-function key which, based on entered variables, performs the following qualifying functions: 1) s...

  • Page 10: [Qual 2]

    (based either on the income ratio or the debt ratio). The “non-restrictive” loan amount (the other side) can be found by pressing [qual 1] a third time. The calculator will display the loan amount with a negative sign (—) and the word “inc” or “debt” to indicate the restrictive side (income or debt)...

  • Page 11: [Mtg Ins]

    [mtg ins] mortgage insurance — stores and recalls annu- al mortgage insurance (i.E., private mortgage insurance) in either percent or dollar amount. If entered as a dollar amount, a second press con- verts to annual percentage rate. If entered as a percentage, a second press shows annual dollar amou...

  • Page 12: Basic Math

    Basic math this calculator uses standard chaining logic which simply means that you enter your first value, the operator (+, –, x, ÷), the sec- ond value and then the equals sign (“=”). A. 3 [+] 2 [=] 5 b. 3 [–] 2 [=] 1 c. 3 [x] 2 [=] 6 d. 3 [÷] 2 [=] 1.5 percentage calculations the percent [%] key ...

  • Page 13: 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 fol- lows: numerical month [:], numerical day [:], and numerical year. The date function lets ...

  • Page 14: Using The Memory Function

    Using the memory function whenever the [m+] key is pressed, the displayed value will be added to memory. Other memory functions: function keystrokes recall total in memory [rcl] [m+] display & clear memory [rcl] [rcl] clear memory, no display [set] [rcl] subtract displayed value from memory [set] [m...

  • Page 15: Sing Your

    Mortgages & real estate loans 1. The financial functions — l/a, pmt, int, term — work just like you would say them. For example, if you wanted to borrow $100,000 for 30 years at 10% interest, just enter those three known variables and press the key for the unknown fourth variable: payment. 2. Financ...

  • Page 16: Finding A Term Of A Loan

    Finding a term of a loan how long does it take to pay off a loan of $15,000 at 10% interest if you make payments of $181.01 each month? Steps keystrokes display clear calculator [on/c] [on/c] 0.00 enter loan amount 15,000 [l/a] 15,000.00 enter interest 10 [int] 10.00 enter monthly payment 181.01 [pm...

  • Page 17: Finding A Quarterly Payment

    Non-monthly loans & payments per year most residential real estate loans are paid off monthly. However, if you have a non-monthly loan, you must change your number of payments per year using a two-key sequence: [set] [÷]. For exam- ple, here’s how to set your calculator to four payments per year. St...

  • Page 18: Sales Price/down Payment

    Sales price/down payment one of the unique features of this calculator is its ability to work with not only loan amounts, but with sales price and down payments as well. Notes on sales price/down payment 1. When using [price], [dnpmt] and [l/a] keys, it’s recom- mended that you always enter the two ...

  • Page 19

    Finding sales price & monthly payment based on l/a & down pmt find your maximum sales price if you’ve been approved for $125,000 loan and plan to put 20% down, and then find your monthly payment at 9% interest over 30 years. Steps keystrokes display clear calculator [on/c] [on/c] 0.00 enter loan amt...

  • Page 20

    Taxes & insurance/piti payment this calculator has keys that temporarily store property tax, property insurance and mortgage insurance rates to allow you to calculate a piti (principal, interest, taxes & insurance) payment in addition to the regular p&i payment. These figures can be entered as dolla...

  • Page 21

    Recalling tax and insurance rates recall your stored rates: steps keystrokes display recall tax rate [rcl] [tax] 1.00 recall insurance rate [rcl] [ins] 0.25 recall mortgage ins. Rate [rcl] [mtg ins] 0.15 note: pressing [on/c] [on/c] will set [tax], [ins] and [mtg ins] reg- isters to zero. When in pr...

  • Page 22

    Total piti payment with dollar values find both the p&i and piti payment on a new home with a $134,000 selling price, a 15% down payment at 7.75% interest for a term of 30 years, given an estimated annual property tax of $1,200 and a yearly $350 property insurance premium. Steps keystrokes display c...

  • Page 23

    Estimated “after-tax” payment note: this “after-tax” payment calculation is only an estimate, since it does not include adjustments for specific tax variables for an individual’s situation, different applications of tax laws, etc. The individual should consult a tax specialist when figuring accurate...

  • Page 24: Notes On Amortization

    Amortization & remaining balance the amortization function is quick and simple. It allows you to find total interest and principal (and remaining balance) for an entire loan, for any individual payment or individual year, or any range of payments or range of years, for fully or partially amor- tized...

  • Page 25

    [set] and [:] keys. This allows you to calculate the correct number of periods in the amortization range. For example, if the first payment of a loan begins in april, the value stored in the month offset would be 4 (4 [set] [:]). If requesting amortization values for year 1 (1 [amort]), the amortiza...

  • Page 26

    Total principal & interest for an individual year using month offset the first payment of a loan begins in may. How much total interest and total principal will you pay on a 30-year, $90,000 loan at 8% interest during the first year? The second year? (first find monthly payment to “set-up” this loan...

  • Page 27

    Principal/interest for a given payment for a $175,000 loan at 9.25% interest for 30 years, find out how much interest and how much principal you pay in the first and second payments. Steps keystrokes display clear calculator [off] [on/c] 0.00 enter loan amount 175,000 [l/a] 175,000.00 enter interest...

  • Page 28

    Principal/interest — range of payments/years for a $125,000 loan at 10.25% interest for 30 years, find out how much interest and how much principal you’ll pay in pay- ments 1-9 and years 1-10. Steps keystrokes display clear calculator [off] [on/c] 0.00 enter loan amount 125,000 [l/a] 125,000.00 ente...

  • Page 29: Future Value

    Future value given any four components to a problem which includes a future value, you can calculate the fifth. Appreciation you buy a house for $200,000 and want to know what it will be worth in 3 years figuring an inflation or appreciation rate of 8.5%. (set periods to one per year.) steps keystro...

  • Page 30

    Trust deeds & discounted notes your calculator easily handles trust-deed purchase price and yield problems. Two things to remember are: (1) when entering or solving for “yield” or “rate of return,” use the [int] key, and (2) when entering or solving for “purchase price” or “present value,” use the [...

  • Page 31

    Finding the yield on a discounted note an individual wants to sell you a note under the following terms: 60 months remaining in the term, a face amount when due of $7,500, 10% interest-only payments of $62.50 (incom- ing). He says he will sell this note to you for $6,500 if you buy today. If you buy...

  • Page 32: Apr & Total Finance Charges

    Apr & total finance charges solving for apr/tfc is done in two steps: (1) you set up the loan just like any other problem (that is, enter three known variables and solve for the fourth) and (2) combine points and fees and press [set] [int] (apr) to solve apr, then press [int] a second time (in succe...

  • Page 33: Odd Days Interest & Apr

    Odd days interest & apr odd days interest is the “prepaid” interest accumulated from the date of escrow closing to the first payment date. It is based on straight simple interest calculated for a 360-day year, using the entered interest rate value. This interest is calculated at funding time, and is...

  • Page 34

    Now, without clearing the calculator, add the pre-paid interest to the loan’s points and fees if they are equal to 1.5% and $500, respectively. Then find the annual percentage rate (apr), based on these closing costs. Steps keystrokes display store the pre-paid interest in memory [m+] 259.72 find lo...

  • Page 35: Bi-Weekly Loans

    Bi-weekly loans your calculator includes a built-in bi-weekly loan function ([set] [term]) which allows you to convert established, fully amortized monthly loans into bi-weeklies (in which one-half the monthly payment is made every two weeks). Because you make two extra half-payments per year (since...

  • Page 36: Adjustable Rate Mortgages

    Adjustable rate mortgages using the [arm] key, you can quickly and simply find the “adjust- ed” payments for future years on fully and partially amortized adjustable rate mortgages. Here are some notes on solving arm loan using this calculator: 1. You solve the initial arm payment just as you would ...

  • Page 37

    Find initial monthly pmt [pmt] “run” 1,322.23 enter arm parameters 1 [:] 1 [arm] 1.00 – 1.00 find 1st “adj.” payment [arm] “run” 1,445.79 find 2nd “adj.” payment [arm] “run” 1,570.86 find princ. At start of year [rcl] [l/a] 173,350.16 recall current interest rate [rcl] [int] 10.25 recall remaining t...

  • Page 38: Decreasing Arm Payment

    Decreasing arm payment calculate the initial monthly payment on a 30-year, $85,000 arm loan at 10% interest, and then find the second and third years’ adjusted payments if the loan’s rate of interest decreas- es 1% at the end of each year. Steps keystrokes display clear calculator [on/c] [on/c] 0.00...

  • Page 39: Qualifying

    Qualifying the qualifying functions on your calculator let you qualify buy- ers for mortgage loans in three ways: (1) loan amount available given buyer income and debts, (2) income required given loan amount (or price/down payment) and (3) actual ratios given both income/debt and property data. Here...

  • Page 40: Qualifying Examples

    5. When calculating annual income required, (based on entered loan amount or sales price, term, interest and stored qualifying ratios) the first press of [qual 1 or 2] will display your stored ratios, the second press in succession will display the annual income required, and the third press in succ...

  • Page 41

    Recalling income/debt qualifying ratios recall stored ratios: steps keystrokes display clear calculator [on/c] [on/c] 0.00 recall qualifying ratios [rcl] [qual 1] 28.00 – 36.00 qualifying loan amount based on income & debts given an interest rate of 7.5%, a term of 30 years, and the stored 28%:36% q...

  • Page 42

    Re-qualify this buyer assuming $200 per month in additional housing expenses. Steps keystrokes display enter mo. Hsg. Expenses 200 [exp] 200.00 display qual. Ratios [qual 1] 28.00 – 36.00 find new qual. Loan amt. [qual 1] “run” 92,961.46 find new price [price] 127,961.46 qualifying loan amount based...

  • Page 43: Using The “Pro-Mode”

    Using the “pro-mode” now switch to “pro-mode” to change the display order. Steps keystrokes display set the pro-mode “on” [set] [+] pro on find qualifying loan amt. [qual 1] “run” 184,492.74 find non-restricting l/a [qual 1] “run” 226,921.30 inc display actual qual. Ratios [qual 1] 22.76 – 36.00 dis...

  • Page 44

    Steps keystrokes display enter down payment 20,000 [dn pmt] 20,000.00 enter annual income 68,000 [inc] 68,000.00 enter monthly debts 750 [debt] 750.00 set annual prop. Tax rate 1 [tax] 1.00 set annual prop. Ins. Rate .5 [ins] 0.50 set annual mortg. Ins. Rate .25 [mtg ins] 0.25 recall interest [rcl] ...

  • Page 45: Sales Price & Down Payment

    Steps keystrokes display clear calculator [on/c] [on/c] 0.00 enter annual income 36,000 [inc] 36,00.00 enter monthly debts 500 [debt] 500.00 enter monthly hous. Exp. 50 [exp] 50.00 enter interest 7.25 [int] 7.25 enter term 30 [term] 30.00 find qual 1 stored ratios [qual 1] 28.00 – 36.00 find qual 1 ...

  • Page 46

    Solving for actual qualifying ratios with borrower & property data a buyer who makes $85,000 annually and has $1,000 in long- term monthly debts wants to borrow $150,000 to purchase a home. Estimating an additional $300 per month for other housing expenses, what will this borrower’s ratios be? (use ...

  • Page 47: Calculator Information

    Calculator information the following default settings are built in to this calculator. Performing an all-clear — [set] [x] — will return your calculator to these original settings. • 12 periods per year • month offset of january (1) • two fixed decimal places • arm ratios = 1.00 : 1.00 • qual 1 rati...

  • Page 48: Reset Key

    Reset key if your calculator should ever “lock up,” press reset—a small hole located below the [set] key—to perform a total reset. Battery your calculator is powered by a single 3-volt lithium cr-2032 bat- tery. This should last upwards of 3,000 hours of actual use. Should the display become very di...

  • Page 49: Arranty

    48 – qualifier plus ® iix dt calculated industries, inc. (“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, ci at its option will either repair (...

  • Page 50: Disclaimer

    To obtain warranty or non-warranty repair service for goods pur- chased outside the u.S., contact the dealer through which you ini- tially purchased the product. If you cannot reasonably have the product repaired in your area, you may contact ci to obtain cur- rent product repair information and cha...

  • Page 51: Calculated Industries

    Software copyrighted and licensed to calculated industries, inc., by real estate master technologies, llc, 1999. User’s guide copyrighted by calculated industries, inc., 1999. Q ualifier p lus ® and calculated industries ® are registered trademarks of calculated industries, inc. All rights reserved ...