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Calculated Industries QUALIFIER PLUS IIx User Manual

Manual is about: Calculated Industries Real Estate Master IIx: Users Guide

Summary of QUALIFIER PLUS IIx

  • Page 1

    R eal e state m aster ® ii x q ualifier p lus ® ii x for the real estate professional user’s guide.

  • Page 2: . . .

    Introducing the real estate master iix and . . . Qualifier plus iix . . . . . . . . . . . . . . . . . . . . . .3 key definitions . . . . . . . . . . . . . . . . . . . . . . .4 operating basics . . . . . . . . . . . . . . . . . . . . .12 decimal place selection . . . . . . . .12 basic math . . . . . ...

  • Page 3: Ntroducing

    Created specifically for residential real estate professionals, the enhanced real estate master iix and the qualifier plus iix are the simplest calculators ever made for residential real estate financing. With the press of a few buttons, they solve hundreds of real estate problems. ◆ 3–way mortgage ...

  • 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: [Per]

    [per] period: specifies a mortgage component (term/interest) or amortization/remain- ing balance value as “per period” rather than “per year.” for example, 360 [per] [term] enters 360 periods. [fv] future value: enters or solves for the future value of a financial problem. [amort] amortization: find...

  • Page 7: [Ins]

    1 [:] 1[arm] . Pressing [set] [arm] adjusts the rate up or down to show future pay- ments. (arm rates are stored permanently.) [ins] property insurance: stores and recalls annual property insurance as percent or dollar amount. Repeated presses toggle between percent and dollar val- ues. Values of 10...

  • Page 8: [Set] [X]

    [set] [x] all clear: clears and resets the calculator to its default settings and values. Use this with caution as it resets ratios, periods per year, etc. To default settings (see default settings in appendix). [set] [+] pro-mode: toggles the pro–mode setting “on” and “off” (default). An advanced u...

  • Page 9: [Set] [:]

    [set] [:] month offset: used to set the first month of payment for annual amortization if other than january. [set] [000] odd days interest: calculates the pre- paid interest, or simple interest accumu- lated (based on a 360 day year) during the days before the first loan payment. Uses stored intere...

  • Page 10: [Set] [Arm]

    [set] [arm] arm rate increase/decrease: changes arm function from increasing to decreasing rate. [set] [amort] remaining balance: displays remaining balance when preceded by a single year or range of years (or individ- ual payment or range of payments by using the [per] key). Continue pressing [amor...

  • Page 11: [Qual 2]

    [qual 2] stores additional (i.E., government fha/va) income and debt ratios and operates same as the [qual 1] key. Default income and debt ratios for this key are 29% and 41%, respectively. [inc] income: enters the annual income for loan qualifying. [debt] enters long-term monthly debt pay- ments. [...

  • 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 30 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, 30 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: 30 [term] 30.00 7.75 [int] 7...

  • Page 17: Steps/keystrokes

    Finding the interest rate of a loan find the interest rate on a $98,500 mort- gage with a 30 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 30 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 piti payment includes monthly ...

  • Page 23: — D

    — d o n ot c lear 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: (qualifi...

  • Page 24: Steps/keystrokes

    Total piti payment with percentages find both the p&i and piti payment on a new home priced at $125,000, with a 5% down payment at 8.75% interest for a term of 15 years, given a 1% annual prop- erty tax, 0.25% annual property insurance. Steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.0...

  • Page 25: Steps/keystrokes

    Total piti payment with dollar values find both the p&i and piti payment on a new home selling for $134,000, and 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 year- ly $350 property insurance premium. Steps/keystrokes display 1. C...

  • Page 26: Note:

    Estimated “after-tax” payment buyers in the 28% income tax bracket want to finance a $150,000 mortgage for 30 years at 9.75% interest. If they pay $1,500 in annual property taxes and $350 in annual insurance, find the estimated “after-tax” monthly payment. Note: this “after–tax” payment is an estima...

  • Page 27: Steps/keystrokes

    If the previous loan started in july, find the “after-tax” payment. Steps/keystrokes display 1. Set month 1 offset to july: 7 [set] [:] 7.00 2. Enter tax bracket to find annual tax deduction: 28 [set] [pmt] 2,255.09 3. Find monthly tax deduction: [pmt] 375.85 4. Find “after-tax” payment: [pmt] 1,067...

  • Page 28: 10 [Set] [Amort]

    Year, press 10 [set] [amort] ; to find the remaining balance after the 10th period, press 10 [per] [set] [amort] ). 3. Entered ranges are inclusive: that is, a range of 1 to 5 includes year 1 and 5. 4. Entering a numerical value or per- forming a math operation on the keyboard alters the values (inc...

  • Page 29: [Off]

    [off] then [on/c], or press 1 [set] [:] . Total principal/total interest for a loan find the total interest payed on a $200,000 loan at 9.25% interest over 30 years? Steps/keystrokes display 1. Turn calculator off then back on: [off] [on/c] 0.00 2. Enter loan amount, interest, term, then find monthl...

  • Page 30: 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 30 year, $90,000 loan at 8% interest during the first year? (first find the monthly payment to “set up” this loan.) steps/key...

  • Page 31: Steps/keystrokes

    Principal/interest for a given payment for a $175,000 loan at 9.25% interest for 30 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] 0.00 2. Enter loan amount, interest, term and find month...

  • Page 32: Payments/years

    Principal/interest – range of payments/years for a $125,000 loan at 10.25% interest for 30 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] 0.00 2. Enter loan amount: 125,000 [l/a] 125,000.00 3. Enter int...

  • Page 33: 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 30 years but due and payable after 10 years. What is the balloon payment (remaining balance) after 10 years? Steps/keystrokes ...

  • Page 34: 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.) steps/k...

  • Page 35: [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. ...

  • Page 36: 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] 20.00 2. Find purchase price: [l/a] “run” 5,693.80 finding th...

  • Page 37: 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] 18.00 2. Find purchase price: [l/a] “run” 5,530.99 apr & total finance charges solving for apr/tfc is done in two steps: 1) you set up the loan just l...

  • Page 38: Apr Solution

    Apr solution you are taking out a real estate loan of $50,000 for 30 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 39: 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 40: 100,000.00

    2. 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 3. Find days between escrow closing and date of 1st payment: 8 [:] 1 [:] 98 [–] 7 [:] 21 [:] 98 [=] 11.00 4. Find the prepaid interest due at closing: [set] [000]...

  • Page 41: 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 42: “Run”   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 43: [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 44: 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 45: 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 46: 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.” quali...

  • Page 47: [Qual 1]

    The first press of [qual 1] or [qual 2] displays the stored ratios, the sec- ond press displays the “restrictive” qualifying loan amount, the third press the “nonrestrictive” qualifying loan amount, and the fourth press the buyer’s actual income and debt ratios. 3. Find the minimum income required b...

  • Page 48: Note:

    Piti payment). Taxes and insurance rates, if applicable, are computed from the sales price. Mortgage insurance is computed from the loan amount. Note: all of the example problems in this section are based on the default income and debt ratios of 28% and 36%, respectively. Setting income/debt qualify...

  • Page 49: Steps/keystrokes

    Qual. Loan amount based on income & debt what size loan can a buyer qualify for if she earns $45,000/year, has $500/month long term debt and is putting $35,000 down? Loan parameters are a 7.5% inter- est rate at 30 years and qualifying ratios of 28%:36%. (no tax and insurance.) steps/keystrokes disp...

  • Page 50: 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] 28.00 – 36.00 [qual 1] “run” 92,961.46 [price] 127,961...

  • Page 51: 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 income a...

  • Page 52: 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” 184,492.74 3. Find nonrestrictive loan amount: [qual 1] “run” – 226,921.30 inc 4. Display ac...

  • Page 53: 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] key...

  • Page 54: 1.00

    3. Set annual property tax rate: 1 [tax] 1.00 4. Set annual property insurance rate: .5 [ins] 0.50 5. Set annual mortgage insurance rate: .25 [mtg ins] 0.25 6. Recall interest and term: [rcl] [int] 7.50 [rcl] [term] 30.00 7. Display qualifying ratios: [qual 1] 28.00 – 36.00 8. Find qualifying loan a...

  • Page 55: [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 homeowners’ association dues of $50, an interest rate of 7.25% and a 30 year term, what size conventional ...

  • Page 56: 28.00 – 36.00

    4. Find qual 1 stored ratios then find qual 1 qualifying loan amount: [qual 1] 28.00 – 36.00 [qual 1] “run” 77,692.53 5. Find qual 1 p & i payment, then total payment: [pmt] 530.00 [pmt] 580.00 — d o n ot c lear the c alculator — steps/keystrokes display 1. Find qual 2 stored ratios: [qual 2] 29.00 ...

  • Page 57: Steps/keystrokes

    Income required and allowable monthly debt — sales price & down payment using 28%:36% ratios, what income must a buyer earn to purchase a $245,000 home if they put down 20%? (use 8% interest for 30 years.) steps/keystrokes display 1. Clear calculator: [on/c] [on/c] 0.00 2. Enter annual interest: 8 [...

  • Page 58: 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 other housing expenses, what will this borrower’s...

  • Page 59: [Set] [X]

    Default settings – performing an all clear ( [set] [x] ) returns these settings to their original values. ◆ 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 “off” ◆ cap = “0” b...

  • Page 60: . S

    Warranty repair service — usa 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 in the u.S. If a defect exists during the war- ranty period, cii at its option will either rep...

  • Page 61: Disclaimer

    Non-warranty repair service — usa 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 ...

  • Page 62: Fcc Class B

    Liable for direct , indirect , special , inci - dental , or consequential damages resulting from any defect in the prod - uct or its documentation . The warranty, disclaimer, and remedies set forth above are exclusive and replace all others, oral or written, expressed or implied. No cii dealer, agen...

  • 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 3125–Ug–B

    Qualifier plus ® , real estate master ® and calculated industries ® are registered trademarks of calculated industries, inc. ©2000. A ll r ights r eserved software copyrighted and licensed to calculated industries by real estate master technologies, llc, 2000. Printed in indonesia manual 3125–ug–b.