Calculated Industries Mortgage PaymentCalc 3401 User Manual
Summary of Mortgage PaymentCalc 3401
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U ser ’ s g uide residential mortgage finance calculator model 3401.
Page 2: Able Of
T able of c ontents key definitions ..................................................1 mortgage/tvm keys ........................................2 date key ..........................................................3 amortization keys ............................................3 payments per year ....
Page 3: - On/clear Key
O - on/clear key turns power on. Pressing once clears the display. Pressing twice clears all temporary values. O - off turns power off, clearing all non-perma- nent registers. + – x ÷ = arithmetic operation keys. % four-function ( + – x ÷ ) percent key. 0 - 9 and • digits used for keying in numbers....
Page 4: - Payment
Mortgage/tvm (time value of money) keys l - loan amount or present value enters or solves for the initial loan amount or present value of a financial problem. P - payment enters or solves for the periodic principal and interest (p&i) payment. J - interest-only payment enters or solves for the period...
Page 5: - Periodic
S + - periodic used with other function keys to designate a value as periodic rather than annual (e.G., 3 6 s + t ). Note: interest and term are stored permanently until they are changed. This means when you turn the cal- culator off, the values will stay in memory. Date key • - date entry key used ...
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U ser ’ s g uide - 4 payments per year the calculator is set to monthly loans, or 12 payments per year (p/yr). To change to other than 12 payments per year, use the s and ÷ keys (e.G., to set a loan to six payments per year, press: 6 s ÷ ). Note: remember to change back to 12 by either resetting 1 2...
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U ser ’ s g uide - 5 memory µ - store value in semi-permanent memory (e.G., 1 5 0 µ ). S µ - recall memory value (e.G., if 1 5 0 has been stored in memory, pressing s µ will display 150.00). S µ µ - clears memory value. Note: semi-permanent means the value is not cleared by pressing o twice. Value i...
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U ser ’ s g uide - 6 monthly payment find the monthly payment on a 30-year loan of $220,000 at 7.5% annual interest rate. Keystroke display o o 0.00 2 2 0 0 0 0 l 220,000.00 7 • 5 ˆ 7.50 3 0 t 30.00 p 1,538.27 term how long does it take to pay off a loan of $275,000 at 6.5% interest if you make paym...
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U ser ’ s g uide - 7 keystroke display o o 0.00 1 5 5 0 0 0 l 155,000.00 3 0 t 30.00 1 1 0 0 p 1,100.00 ˆ 7.65 what is the periodic interest? Keystroke display ˆ 0.64 loan amount how much can you borrow if the interest rate is 7.75% on a 30-year mortgage and you can afford to pay $1,200 each month? ...
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U ser ’ s g uide - 8 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? Keystroke display o o 0.00 7 ˆ 7.00 1 0 0 0 j 1000.00 l 171,428.57 quarterly payment find the quarterly payment on a ...
Page 11: Keystroke
Keystroke display o o 0.00 1 8 0 0 0 0 l 180,000.00 7 ˆ 7.00 3 0 t 30.00 p 1,197.54 a (range of payments) 1-360 a (total interest) 251,116.02 a (total principal) 180,000.00 a (total payments) 431,116.02 total interest, principal and remaining balance - for range of payments how much total interest a...
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U ser ’ s g uide - 10 total interest, principal and remaining balance - for range of years how much total interest and principal will you pay in years 1-5 on a 30-year, $100,000 loan at 7% interest? What is the remaining balance after payments 1-36? Keystroke display o o 0.00 1 0 0 0 0 0 l 100,000.0...
Page 13: Fully Amortized
Trust deed/purchase price of a note - fully amortized you’d like to buy a mortgage with 15 years remaining, $100 per month in incoming payments and you desire a 25% return. What will you pay for the mortgage? What if you desire a 20% yield? Keystroke display o o 0.00 2 5 ˆ 25.00 1 5 t 15.00 1 0 0 p ...
Page 14: Date Examples
Date examples if a 45-day escrow begins april 26, 2007, what is the closing date? Keystroke display o o 0.00 4 • 2 6 • 0 7 4-26-07 + 4 5 45. = 06-10-07 your escrow closing date is june 10, 2007. If today’s date is april 26, 2007, how many days until it closes? Subtract today's date from the closing ...
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U ser ’ s g uide - 13 reset if your calculator should ever “lock up,” press reset - a small hole located on the back of the calculator - using the end of a paper clip. Accuracy the normal display is nine (9) digits. Each cal- culation is carried out internally to 12 digits. Auto shut-off and batteri...
Page 16: Warranty, Repair and Return
Warranty, repair and return information return guidelines: 1. Please read the warranty in this user's guide to determine if your calculated industries product remains under warranty before call- ing or returning any device for evalu- ation or repairs. 2. If your product won't turn on, use the end of...
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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, ci at its option will either repair (using new or remanufac- tured parts...
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U ser ’ s g uide - 16 to obtain warranty or non-warranty repair service for goods purchased outside the u.S., contact the dealer through which you initially purchased the product. If you cannot reasonably have the product repaired in your area, you may contact ci to obtain current prod- uct repair i...
Page 19: Fcc Class B
Fcc class b this equipment has been certified to comply with the limits for a class b calculating device, pur- suant to subpart j of part 15 of fcc rules. Looking for new ideas calculated industries, a leading manufacturer of special-function calculators and digital measuring instruments, is always ...
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Software copyrighted and licensed to calculated industries, by real estate master technologies, llc, 2006. User’s guide copyrighted by calculated industries, 2006. Paymentcalc ™ is a trademark and calculated industries ® is a registered trademark of calculated industries all rights reserved calculat...