1. DL manuals
  2. Calculated Industries
  3. Calculator
  4. Qualifier Plus IIcx
  5. User Manual

Calculated Industries Qualifier Plus IIcx User Manual

Manual is about: Calculated Industries Qualifier Plus IIcx: Users Guide

Summary of Qualifier Plus IIcx

  • Page 1

    Q ualifier p lus ® ii cx for the real estate professional user’s guide.

  • Page 2: Able Of

    Introducing the qualifier plus iicx . . . . . . . . .3 key definitions . . . . . . . . . . . . . . . . . . . . . . .4 operating basics . . . . . . . . . . . . . . . . . . . . .12 decimal place selection . . . . . . . .12 basic math . . . . . . . . . . . . . . . . . .12 percent calculations . . . . ....

  • Page 3: Ntroducing

    Created specifically for residential real estate professionals, the enhanced qualifier plus iicx is the simplest calcu- lator ever made for residential real estate financing. With the press of a few but- tons, it solves hundreds of real estate problems. ◆ 3–way mortgage qualifying ◆ instant p&i and ...

  • Page 4: [+] [–] [X] [÷] [=]

    [+] [–] [x] [÷] [=] arithmetic operation keys. [0] – [9] [000] and [•] digits used for keying in numbers. [off] turns all power off. The memory and most financial registers are cleared. [on/c] when off, turns power on. When on, first press clears the last entry. Second press clears temporary registe...

  • Page 5: [Dn Pmt]

    [dn pmt] down payment: enters (in either percent or dollars) or calculates a down payment based on the entries of loan amount (or equivalent mortgage components) and sales price. A second press toggles the entered down payment from dollar fig- ure to percent or vice versa. Note: any entered numerica...

  • Page 6: [Set] [9]

    [set] [9] interest mode: toggles the mode of interest between a semi-annual compounding (for canadian mortgages) and a compounding equal to payment periods for simple inter- est loans. [per] period: specifies a mortgage component (term/interest) or amortization/remain- ing balance value as “per peri...

  • Page 7: Note:

    Or dollar amount. Repeated presses toggle between percent and dollar val- ues. Values of 10 or less are assumed to be annual percentages. Computed from the sales price. Note: tax & insurance entered as dollar amounts remain fixed, even if sales price or loan amount are changed. However, if entered a...

  • Page 8: [Set] [+]

    [set] [+] pro-mode: toggles the pro–mode setting “on” and “off” (default). An advanced user feature, pro-mode changes tax, insurance, and mortgage insurance to permanent entries. Pro-mode also changes the order that qualifying values are displayed when using the [qual 1] and [qual 2] keys, by showin...

  • Page 9: U.S.-Mode Only Functions

    Using the [per] key). Continue pressing [amort] to see the remaining balance. U.S.-mode only functions [arm] adjustable rate mortgage: calculates payment and re-amortizes fully or par- tially amortized adjustable rate mortgage based on the inputs of both interest adjustment and term adjustment, whic...

  • Page 10: [Set] [Term]

    First enter a tax bracket, then press [set] [pmt] to display the annual tax deduction; second press displays the monthly tax deduction; third press displays the “after- tax” payment. [set] [term] bi-weekly mortgage function: converts between monthly and bi-weekly loans. A second press of [term] whil...

  • Page 11: [Qual 2]

    4. Finds the actual gdsr:tdsr ratio based on loan amount, income and other entered values. [qual 2] stores additional (i.E., government fha/va) gdsr and tdsr ratios and operates same as the [qual 1] key. Default gdsr and tdsr ratios for this key are 29% and 41%, respectively. [inc] income: enters th...

  • Page 12: Decimal Place Selection

    Decimal place selection you can use the [set] key to perma- nently 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 [set] followed by the number of decimal places you wish to display: [set] 3 0.000 [set] ...

  • Page 13: Percentage Calculations

    Percentage calculations the percent [%] key is used to find a given percent of a number or for work- ing add-on, discount or division percent- age calculations. A. 800 [x] 25 [%] [=] 200.00 b. 250 [+] 10 [%] [=] 275.00 c. 25 [–] 50 [%] [=] 12.50 d. 200 [÷] 50 [%] [=] 400.00 memory functions pressing...

  • 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 yo...

  • Page 15: [On/c]

    Mortgages & real estate loans 1. The financial functions; l/a, pmt, int, and term, work like you would say them. For example, to find the pay- ment on a $100,000 loan for 25 years at 10% interest, enter the three known variables and press the key for the unknown fourth variable: payment. 2. Financia...

  • Page 16: Steps/keystroke

    Finding a monthly loan payment find the monthly payment on a $95,500, 25 year loan at 7.75% annual interest. Steps/keystroke display 1. Clear calculator: [on/c] [on/c] 0.00 2. Enter loan amount: 95,500 [l/a] 95,500.00 3. Enter term, interest and find the monthly payment: 25 [term] 25.00 7.75 [int] c...

  • Page 17: Steps/keystrokes

    Finding the interest rate of a loan find the interest rate on a $98,500 mort- gage with a 25 year term and a monthly payment of $1,150. Steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.00 2. Enter loan amount, term, monthly pay- ment and find annual interest and peri- odic rate: 98,500 ...

  • Page 18: (Pmt/yr)

    Non-monthly loans & payments per year (pmt/yr) most residential real estate loans are paid monthly. If paying a non-monthly loan, the number of payments per year must be changed by entering the number of payments per year, then pressing [set] [÷] as shown in the following exercise: steps/keystrokes ...

  • Page 19: Finding A Quarterly Payment

    Finding a quarterly payment find the quarterly payment on a 10 year loan of $15,000 with an annual interest rate of 12%. Steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.00 2. Set to 4 payments per year: 4 [set] [÷] (pmt/yr) 4.00 3. Enter loan amount: 15,000 [l/a] 15,000.00 4. Enter ter...

  • Page 20: Sales Price/down Payment

    Sales price/down payment review these pointers before working with sales price and down payments. 1. When using the [price] , [dnpmt] and [l/a] keys, enter the two known values (i.E., price and down payment), then solve for the third (i.E., loan amount), before calculating financial values. 2. If a ...

  • Page 21: Based On L/a & Down Pmt

    Finding sales price and monthly payment based on l/a & down pmt find your maximum sales price if approved for a $125,000 loan with a 20% down. Find your monthly payment at 9% interest over 25 years. Steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.00 2. Enter loan amount: 125,000 [l/a] ...

  • Page 22: Note:

    Automatically. If entered as dollar amounts, they need to be re-entered with a change in sales price or loan amount to be correct. The number 10 or less is assumed to be an annual percent- age. Note: while in pro-mode, tax and insurance entries are permanent. Also, the pith payment includes monthly ...

  • Page 23: — D

    — d o n ot c lear the c alculator — recalling tax and insurance rates recall your stored rates by pressing [rcl] followed by the [tax], [ins] , or [mtg ins] keys: steps/keystrokes display 1. Recall tax rate and insurance rate: [rcl] [tax] 1.00 [rcl] [ins] 0.25 2. Recall mortgage insurance rate: [rcl...

  • Page 24: Steps/keystrokes

    Total pith payment with percentages find both the p&i and pith payment on a new home priced at $125,000, with a 5% down payment at 8.75% interest for a term of 25 years, given a 1% annual prop- erty tax, 0.25% annual property insurance and monthly heating expense of $80. Steps/keystrokes display 1. ...

  • Page 25: Steps/keystrokes

    Total pith payment with dollar values find both the p&i and pith payment on a new home selling for $134,000, and a 15% down payment at 7.75% interest for a term of 25 years, given an estimated annual property tax of $1,200, a yearly $350 property insurance premium and a monthly heating expense of $1...

  • Page 26: [:] Key, All Three

    Amortization & remaining balance using the amortization function, you can find the total interest, principal and remaining balance for an entire loan, a range of payments/years, or an individual payment/year, for fully or partially amortized loans. 1. When entering a range of payments using the colo...

  • Page 27: [Set] [:]

    5. In some cases, a final, regular p&i payment is included in the “balloon payment.” neither calculator includes this. While calculating the remaining balance; only the remaining princi- pal balance is calculated. 6. If the first loan payment begins in a month other than january, reset the month off...

  • Page 28: Steps/keystrokes

    Total principal/total interest for a loan find the total interest payed on a $200,000 loan at 9.25% interest over 25 years? Steps/keystrokes display 1. Turn calculator off then back on: [off] [on/c] cda 0.00 2. Enter loan amount, interest, term, then find monthly payment: 200,000 [l/a] 200,000.00 9....

  • Page 29: Steps/keystrokes

    Using month offset to calculate total principal & interest for one year your first loan payment begins in may. How much total interest and total princi- pal will you pay on a 25 year, $90,000 loan at 8% interest during the first year? (first find the monthly payment to “set up” this loan.) steps/key...

  • Page 30: Steps/keystrokes

    Principal/interest for a given payment for a $175,000 loan at 9.25% interest for 25 years, find out how much inter- est and how much principal you pay in the first and second payments. Steps/keystrokes display 1. Clear calculator: [off] [on/c] cda 0.00 2. Enter loan amount, interest, term and find m...

  • Page 31: Payments/years

    Principal/interest – range of payments/years for a $125,000 loan at 10.25% interest for 25 years, how much interest and princi- pal will you pay in payments 1–9 and years 1–10. Steps/keystrokes display 1. Clear calculator: [off] [on/c] cda 0.00 2. Enter loan amount: 125,000 [l/a] 125,000.00 3. Enter...

  • Page 32: To Pay Off A Loan

    Balloon payment/remaining balance needed to pay off a loan you are looking at a new home with the following financing available: loan amount $125,000 at 8.75% amortized over 25 years but due and payable after 10 years. What is the balloon payment (remaining balance) after 10 years? Steps/keystrokes ...

  • Page 33: Future Value

    Future value given any four components to a prob- lem 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 pay periods to one per year and simpl...

  • Page 34: [Int]

    Trust deeds & discounted notes two things to remember when calculat- ing trust deed purchase price and yield problems are: 1) when entering or solv- ing for “yield” or “rate of return,” use the [int] key, and 2) when entering or solv- ing for “purchase price” or “present value,” use the [l/a] key. P...

  • Page 35: Steps/keystrokes

    What if you wanted a 20% yield? Leave all of the above data the same and re- enter the 20% interest right over the old rate and then re-calculate the loan amount. Steps/keystrokes display 1. Enter your new desired rate of return: 20 [int] cda 20.00 2. Find purchase price: [l/a] “run” 5,887.45 findin...

  • Page 36: Steps/keystrokes

    What should you pay for this trust deed if you desire an 18% yield on your investment? Steps/keystrokes display 1. Enter your desired yield: 18 [int] cda 18.00 2. Find purchase price: [l/a] “run” 5,663.44 apr & total finance charges solving for apr/tfc is done in two steps: 1) you set up the loan ju...

  • Page 37: Apr Solution

    Apr solution you are taking out a real estate loan of $50,000 for 25 years at a quoted rate of 9% interest. The loan cost is quoted as 1.5 points and $250 in fees. Find the apr and total finance charges when these costs are included? Steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.00 2...

  • Page 38: Qualifying

    Qualifying when qualifying a prospective buyer, the [qual 1] and [qual 2] keys are used to perform the following qualify- ing functions: 1. Store a gdsr:tdsr ratio: the entered ratio will remain in storage until revised or reset. ( [qual 1] defaults to 28%:36% and [qual 2] to 29%:41% .) note: the [q...

  • Page 39: Pro–Mode

    3. Find the minimum income required based on loan amount and other entered values when income is zero. 4. Find the actual gdsr:tdsr ratio based on loan amount, income and other entered values. Pro–mode if in “pro-mode,” the order in which the information displays will be different. 1. When calculati...

  • Page 40: Steps/keystrokes

    Setting gdsr:tdsr qualifying ratios enter and permanently store qualify- ing ratios of 32% for gdsr; 40% for tdsr. Steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.00 2. Set qualifying ratios: 32 [:] 40 [qual 1] 32.00 – 40.00 recalling gdsr:tdsr qualifying ratios recall stored ratios by...

  • Page 41: Steps/keystrokes

    Steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.00 2. Recall tax rate, insurance rate and mortgage insurance rate: [rcl] [tax] 0.00 [rcl] [ins] 0.00 [rcl] [mtg ins] 0.00 3. Enter term in years, annual interest and down payment: 25 [term] 25.00 8.5 [int] cda 8.50 35,000 [dn pmt] 35,000....

  • Page 42: Steps/keystrokes

    Re-qualify this buyer assuming $200 per month in additional housing expenses. Steps/keystrokes display 1. Enter monthly housing expenses: 200 [exp] 200.00 2. Display qualifying ratios, then find new qualifying loan amount and new price: [qual 1] 32.00 – 40.00 [qual 1] “run” 100,582.94 [price] 135,58...

  • Page 43: Steps/keystrokes

    “nonrestrictive” qualifying l/a & actual ratios the amount calculated in the previous example is the lower, or “restrictive,” ratio. What does the other “nonrestric- tive” qualifying ratio calculate to and which side is it based on (i.E., buyer’s income or debt)? What are the buyer’s actual gdsr and...

  • Page 44: Using The “Pro-Mode”

    Using the “pro-mode” now change the order of the qualify- ing display using the “pro-mode.” steps/keystrokes display 1. Set the pro-mode to on: [set] [+] pro on 2. Find qualifying loan amount: [qual 1] “run” 190,688.49 3. Find nonrestrictive loan amount: [qual 1] “run” – 227,987.99 inc 4. Display ac...

  • Page 45: Important:

    Important: be sure to turn the “pro- mode” off ([set] [+]) before continuing to other problems, as it will store future amounts entered into the tax, insurance and mortgage insurance keys permanent- ly, in addition to changing the sequence, the values are displayed using the [qual 1] and [qual 2] ke...

  • Page 46: 1.00

    3. Set annual property tax rate: 1 [tax] 1.00 4. Set annual property insurance rate: .5 [ins] 0.50 5. Recall interest and term: [rcl] [int] cda 8.50 [rcl] [term] 25.00 6. Display qualifying ratios: [qual 1] 32 : 40 7. Find qualifying loan amount: [qual 1] “run” 156,641.01 8. Find price: [price] 176,...

  • Page 47: [Qual 1]

    Qualifying for both “conventional” and “government” loans based on income, debt, and expenses — no tax/insurance given a buyer’s annual income of $36,000, $500/month in long-term debts, monthly heating expense of $50, an interest rate of 7.25% and a 25 year term, what size conventional loan can he q...

  • Page 48: 32 : 40

    4. Find qual 1 stored ratios then find qual 1 qualifying loan amount: [qual 1] 32 : 40 [qual 1] “run” 90,792.44 5. Find qual 1 p&i payment, then total payment: [pmt] 650.00 [pmt] 700.00 — d o n ot c lear the c alculator — steps/keystrokes display 1. Find qual 2 stored ratios: [qual 2] 29.00 – 41.00 ...

  • Page 49: Steps/keystrokes

    Income required and allowable monthly debt — sales price & down payment using 32:40 ratios, what income must a buyer earn to purchase a $245,000 home if they put down 20%? (use 8% interest for 25 years.) steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.00 2. Enter annual interest: 8 [in...

  • Page 50: Steps/keystrokes

    Solving for actual qualifying ratios — given both borrower & property data a buyer with an annual income of $85,000 has $1,000 in long–term month- ly debts. He wants to borrow $150,000 to purchase a home. Estimating an addi- tional $300 per month for heating and other housing expenses, what will thi...

  • Page 51: 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 calculat- ed for a 360-day year, using the entered interest rate value. This interest is calcu- lated at funding time, an...

  • Page 52: 100,000.00

    3. Enter loan amount, interest, term and find monthly payment: 100,000 [l/a] 100,000.00 8.5 [int] 8.50 30 [term] 30.00 [pmt] “run” 768.91 4. Find days between escrow closing and date of 1st payment: 8 [:] 1 [:] 98 [–] 7 [:] 21 [:] 98 [=] 11.00 5. Find the prepaid interest due at closing: [set] [000]...

  • Page 53: Bi-Weekly Loans

    Bi-weekly loans the built-in bi-weekly loan function ( [set] [term]) converts established, fully amortized monthly loans into bi-week- lies (one-half the monthly payment is made every two weeks). With the addi- tion of two half-payments a year, 26 bi- weekly payments amount to 13 monthly payments. T...

  • Page 54: 20.72

    4. Find bi-weekly term, then the total inter- est savings: [set] [term] “run” 20.72 [term] – 62,166.78 5. Find bi-weekly payment: [pmt] 342.76 adjustable rate mortgages using the [arm] key, you can find the “adjusted” payments for future years on fully and partially amortized adjustable rate mortgag...

  • Page 55: [Set] [%]

    Ters, enter the maximum lifetime inter- est increase then press [set] [%] . This permanently sets the lifetime cap. To reset the cap to “0,” enter 0 then press [set] [%] , or perform an “all clear.” increasing & decreasing arm payment find the payment for the first three years on a $100,000, 30 year...

  • Page 56: Steps/keystrokes

    Arm payment — worst-case scenario find the initial monthly payment on a 30 year, $176,000 mortgage at 8.25% annual interest rate. Find the second and third years’ “worst-case” adjusted payments if this arm loan increases 1% at the end of each year. Find the remaining loan bal- ance, term, and intere...

  • Page 57: Steps/keystrokes

    Arm payment — using lifetime cap using the previous loan, add a lifetime cap of 4%, then find the adjusted pay- ments through year six. Steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.00 2. Enter loan amount, term and annual interest, then find the initial monthly pay- ment: 176,000 [l...

  • Page 58: Note:

    Note: the payment for 4th and 5th adjust- ments (corresponding to the 5th and 6th years) are the same because the lifetime cap was reached on the 4th adjustment. An “m” for “maximum” displays when the cap is reached. Before starting a new arm problem, press 0 [set] [%] to reset the cap to “0.” 58 — ...

  • Page 59: [Set] [X]

    Default settings – performing an all clear ( [set] [x] ) returns these settings to their original values (u.S. Settings). ◆ 12 periods per year ◆ two fixed decimal places ◆ qual 1 ratios = 28% : 36%* ◆ qual 2 ratios = 29% : 41%* ◆ month offset of january (1) ◆ arm ratios = 1.00 : 1.00 ◆ pro-mode “of...

  • Page 60: Warranty Repair Service

    Warranty repair service calculated industries, inc. (“cii”) warrants this product against defects in materials and workmanship for a period of one (1) year from the date of original consumer purchase. If a defect exists during the warranty period, cii at its option will either repair (using new or r...

  • Page 61: Non-Warranty Repair Service

    Non-warranty repair service non-warranty repair covers service beyond the warranty period or service requested due to damage resulting from misuse or abuse. Contact the cii authorized service provider listed on the back page of the user’s guide to obtain current product repair information and charge...

  • Page 62: Fcc Class B

    Indirect , special , incidental , or conse - quential damages resulting from any defect in the product or its documen - tation . The warranty, disclaimer, and remedies set forth above are exclusive and replace all others, oral or written, expressed or implied. No cii dealer, agent, or employee is au...

  • Page 63: How to Reach Cii

    How to reach cii headquarters user’s guide — 63 mail calculated industries, inc. 4840 hytech drive carson city, nv 89706 usa phone 1-775-885–4900 fax 1-775-885–4949 email techsup@calculated.Com world wide web http://www.Calculated.Com.

  • Page 64: Manual 3126–Ug–A

    Qualifier plus ® iicx and calculated industries ® are registered trademarks of calculated industries, inc. A ll r ights r eserved designed in the united states of america by calculated industries, inc. © 2002, calculated industries, inc. Printed in indonesia manual 3126–ug–a.