Residential Mortgage Finance Calculator Model 3401 USER’S GUIDE
TABLE OF CONTENTS Key Definitions ..................................................1 Mortgage/TVM Keys ........................................2 Date Key ..........................................................3 Amortization Keys ............................................3 Payments Per Year ..........................................4 Delta Percent ..................................................4 Percentage Calculations ..................................4 Memory ...................................
KEY DEFINITIONS 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-permanent registers. +–x÷= Arithmetic Operation keys. % Four-function (+ – x ÷) Percent key. 0 - 9 and • Digits used for keying in numbers. b Backspace key; for backing up/deleting wrong entry one digit at a time. s Used to set or access second functions.
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 periodic InterestOnly Payment. A term does not need to be entered to solve Interest-Only Payments. T - Term of Loan Enters or solves for the number of years or periods.
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 calculator off, the values will stay in Memory. Date Key • - Date Entry Key Used to separate the month, day, and year when entering dates ( e.g., 5 • 2 • 0 7 to enter 05-02-07).
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 s ÷ or performing a Clear All/Reset s x. Delta Percent Delta Percent function ( ) finds the percent change between two values.The = key must be pressed to complete the calculation. KEYSTROKE DISPLAY 10s%15= 100s%25= 50.00 -75.
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 is cleared when the calculator is turned off or when s µ µ is pressed. Decimal Place Selection Press s and the number of decimal places desired, up to six (e.g., s 1, s 2, etc.).
LOAN EXAMPLES Monthly Payment Find the Monthly Payment on a 30-year loan of $220,000 at 7.5% annual interest rate. KEYSTROKE DISPLAY oo 220000l 7•5ˆ 30T p Term 0.00 220,000.00 7.50 30.00 1,538.27 How long does it take to pay off a loan of $275,000 at 6.5% interest if you make payments of $1,700 each month? KEYSTROKE DISPLAY oo 275000l 6•5ˆ 1700p T 0.00 275,000.00 6.50 1,700.00 32.23 What is the Periodic term, or number of months? KEYSTROKE DISPLAY T Interest Rate 386.
KEYSTROKE DISPLAY oo 155000l 30T 1100p ˆ 0.00 155,000.00 30.00 1,100.00 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? KEYSTROKE DISPLAY oo 7•75ˆ 30T 1200p l 0.00 7.75 30.00 1,200.00 167,501.32 Interest–Only Payment (Calculation) Find the Interest-Only payment on a loan of $15,000 at 9% interest KEYSTROKE DISPLAY oo 15000l 9ˆ j USER’S GUIDE - 7 0.
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 oo 7ˆ 1000j l 0.00 7.00 1000.00 171,428.57 Quarterly Payment Find the quarterly payment on a 10-year loan of $15,000 at 10% annual interest rate. KEYSTROKE DISPLAY oo 0.00 4s÷ 4.00 10T 10.00 15000l 15,000.00 10ˆ 10.00 p 597.54 12.
KEYSTROKE DISPLAY oo 180000l 7ˆ 30T p a (Range of Payments) a (Total Interest) a (Total Principal) a (Total Payments) 0.00 180,000.00 7.00 30.00 1,197.54 1-360 251,116.02 180,000.00 431,116.02 Total Interest, Principal and Remaining Balance - for Range of Payments How much Total Interest and Principal will you pay in payments 1-5 on a 30-year, $100,000 loan at 7% interest? What is the Remaining Balance? KEYSTROKE DISPLAY oo 0.00 100000l 100,000.00 7ˆ 7.00 30T 30.00 p 665.
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 oo 100000l 7ˆ 30T p 5 a (Range of Payments) a (Total Interest) a (Total Principal) a (Total Payments) a (Remaining Balance) 0.00 100,000.00 7.00 30.00 665.30 1-60 34,049.74 5,868.41 39,918.15 94,131.
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 oo 25ˆ 15T 100p l (price) 20ˆ l (new price) 0.00 25.00 15.00 100.00 4,682.68 20.00 5,693.80 Future Value What will a $200,000 house be worth after three years, if you figure an inflation or appreciation rate of 8.5%? Note: Set periods to one per year.
Date Examples If a 45-day escrow begins April 26, 2007, what is the closing date? KEYSTROKE DISPLAY oo 4•26•07 +45 = 0.00 4-26-07 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 date. KEYSTROKE DISPLAY oo 6•10•07 –4•26•07 = 0.00 6-10-07 4-26-07 45.00 Delta % - Rate of Appreciation A home originally purchased for $150,000 sold a year later for $185,000.
ACCURACY AND AUTO SHUT-OFF 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 calculation is carried out internally to 12 digits. Auto Shut-Off and Batteries Auto Shut-Off: After 8-12 minutes of non-use. Batteries Included: One CR-2032 battery. Battery-Life: 575 hours of actual use.
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 calling or returning any device for evaluation or repairs. 2. If your product won't turn on, use the end of a paperclip (or something similar) to press the reset located on the back of the calculator. 3. If you need more assistance, please go to the website listed below. 4.
WARRANTY 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 remanufactured parts) or replace (with a new or remanufactured calculator) the product at no charge.
Repair Service – Outside the U.S.A. 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 product repair information and charges, including freight and duties.
FCC Class B This equipment has been certified to comply with the limits for a Class B calculating device, pursuant 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 looking for new product ideas in these areas. If you have an idea, or a suggestion for improving this product or User's Guide, please submit your comments online at www.calculated.
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 CALCULATED INDUSTRIES ® 4840 Hytech Drive Carson City, NV 89706 U.S.A. 1-800-854-8075 or 1-775-885-4900 Fax: 1-775-885-4949 E-mail: info@calculated.com www.calculated.com Designed in the U.S.A.
