CANADIAN QUALIFIER PLUS 4X ® ADVANCED REAL ESTATE FINANCE CALCULATOR with CASH FLOW and BUILT-IN CANADIAN INTEREST MODE Model 3423 Pocket Reference Guide
CANADIAN QUALIFIER PLUS® 4X The CANADIAN QUALIFIER PLUS 4X calculator lets you perform mortgage qualifying and financial problems with ease! Quickly Solve: • Time-Value-of-Money (TVM) Problems: Find Mortgage Amount, Term, Interest, Payment, Future Value • P&I payment and Total (PITH) payment • Sales Price and Down Payment • Loan-to-Value • Complete Amortization • Bi-Weekly Mortgages • Qualifying Mortgage Amount • Required Income/Debt • Effective Interest Rate • Qualifying Based on Different Ratios • Cash F
TABLE OF CONTENTS KEY DEFINITIONS ...................................1 Canadian/U.S. Interest Modes ..............5 Preference Mode...................................6 EXAMPLES...............................................6 Basic Math ............................................6 Percentage Calculations .......................6 Memory Functions.................................7 Delta % - Rate of Appreciation..............7 Setting Decimal Places .........................
Setting Qualifying Ratios ....................20 Qualifying Mortgage Amount ..............21 “Restricted” Qualifying ........................22 “Unrestricted” Qualifying ....................23 Qualifying Comparison (Two Ratios at Once) ..........................................24 Finding Income Required and Allowable Monthly Debt ..................25 Cash Flow ..........................................26 EXAMPLES — U.S. MODE ....................28 Monthly Loan Payment ......................
KEY DEFINITIONS Note: This is a short “reference” guide. Please see your large User’s Guide for details. o On/Clear Key — Turns on power. Pressing once clears the display. Pressing twice clears all temporary values. O Off Key — Turns all power off, clearing all non-permanent registers. +–x ÷= Arithmetic operation keys. % Percent Key — Four-function (+, –, x, ÷) percent key. 0–9 and • Keys used for entering numbers.
® Recalls or re-displays a value when followed by a chosen key (e.g., ® ˆ will display current interest value) s Sets number of displayed decimal places and activates 2nd functions sx Clear All Note: perform with caution as it will clear/reset stored values. s÷ Payments per year (Default 12, for monthly) s– Change sign + or – s= Preference mode (see large User’s Guide) w Meters to Feet (m4ft ) — Converts entered value from Meters to Feet.
s% Delta Percent ( ) — Finds the percent change between two values. s) Month Offset sT Bi-Weekly mortgage l Mortgage amount or present value p P&I, PITI (U.S.), Total (PITH) payment, and interest-only payment (U.S.) T Number of years ˆ Annual interest rate Effective Interest Rate (Eff%) — Converts value stored as interest to equivalent U.S. rate. sˆ s+ Switches between Canadian and U.S.
Q Qualify based on 35%-42% (Canada) i Annual Income D Long-term, monthly Debt t Estimated annual property Tax (enter as percent or dollar amount) st Property Insurance — Used for calculating the Total Payment and for Qualifying sD Housing Expense, including monthly heating cost (Canada) C Canadian Mortgage Insurance c Used to enter up to 20 Cash Flows sc Used to enter Frequency R Internal Rate of Return sR Net Present Value/Net Future Value s6 Clears Cash Flows POCKET REFERENCE GUIDE
U.S. ONLY KEYS: sˆ APR (Annual % Rate), including mortgage insurance, if entered sp Interest-Only Payment s9 Estimated annual mortgage insurance, if applicable (enter as percent or dollar amount) Note: The mortgage insurance preference setting only works with U.S. mortgage insurance (s 9). It does not affect Canadian mortgage insurance (C). sq Interest-only qualifying based on 32% - 40% ratios. sQ Interest-only qualifying based on 35% - 42% ratios. s: Odd-days interest Canadian / U.S.
Preference Mode s= Preference Mode (see User’s Guide for details) Allows you to select special settings. To access, first press s and then the = key. Toggle through the various categories by pressing the = key. Toggle within each category by pressing the + key. To set the preference and exit, press the o key. To reset the calculator back to its default settings, turn off the calculator, hold down x and turn back on (“All Reset” will flash for one second before clearing to zero).
Memory Functions Pressing the µ key adds the displayed value to cumulative Memory. s µ subtracts the displayed value from cumulative Memory. ® µ recalls and displays the total value in Memory. ® ® displays and clears the Memory. KEYSTROKES DISPLAY 1. 3 5 5 µ ®® 355.00 2. 3 5 5 µ 255µ 745sµ ®® – 135.00 Note: s ® µ may be used to replace any value in Memory with the displayed value. KEYSTROKES DISPLAY 1. 3 5 5 µ 355.00 2. 5 0 0 s ® µ ®® 500.00 500.
Setting Decimal Places You can use the s key to 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 s followed by the number of decimal places you wish to display: s s s s s s s 5 4 3 2 1 0 • 0.00000 0.0000 0.000 0.00 (Default) 0.0 0. Floating Decimal Note: To return to the standard two decimal place setting, press s 2.
Convert 20 Feet to Meters. STEPS KEYSTROKES Clear oo Enter 20 Feet 2 0 Find number of Meters sw DISPLAY 0.00 20. MET 6.096 Convert 10 Square Meters to Square Feet. STEPS KEYSTROKES Clear oo Enter 10 Square Meters 10 Find number of Square Feet W DISPLAY 0.00 10. SQFT 107.64 Convert 20 Square Feet to Square Meters. STEPS KEYSTROKES Clear oo Enter 20 Square Feet 20 Find number of Square Meters sW DISPLAY 0.00 20. SQM POCKET REFERENCE GUIDE — 9 1.
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 you: 1) add a number of days to a date to find a future date, 2) subtract a number of days from a date to find a past date, and, 3) subtract one date from another date to find the number of days in between.
EXAMPLES — CANADIAN MODE See page 5 for instructions to return your calculator to Canadian Mode if your calculator does not display the letters “CDN” upon pressing the ˆ key. Or, if your calculator was not reset, press s + until the display reads “INT Cdn.” Note: For more examples, see your User’s Guide, or download it at www.calculated.com/ug. Mortgages and Real Estate Mortgages • The financial functions — l, p, T and ˆ — work just like you would say them.
(Cont’d) • Once an answer is calculated (for example, a payment) you can change any variable and recompute for a new answer without having to re-enter the other data. Monthly Mortgage Payment Find the monthly payment on a 25-year mortgage of $165,000 at 7.75% annual interest. STEPS KEYSTROKES DISPLAY Clear oo 0.00 Enter Mortgage 1 6 5 ) l 165,000.00 Enter Term 25T 25.00 Enter Interest 7 • 7 5 ˆ 7.75* Find Payment p 1,233.
Mortgage Amount Approximately how much can you borrow if the interest rate is 7.5% on a 25-year mortgage and you can afford $1,500 in monthly payments? What if the interest rate is lowered to 7%? STEPS KEYSTROKES DISPLAY Clear oo 0.00 Enter Interest 7 • 5 ˆ 7.50 Enter Term 25T 25.00 Enter Payment 1 5 0 0 p 1,500.00 Find Mortgage l 205,042.71 Enter new Interest rate 7ˆ 7.00 Find new Mortgage Amount l 214,158.
(Cont’d) Effective Interest Rate What is the Effective Interest Rate? STEPS KEYSTROKES Find Effective Rate (Eff%) sˆ DISPLAY 7.51 Non-Monthly Mortgages and Payments Per Year (Pmt/Yr) Most mortgages are paid monthly. If paying a non-monthly mortgage, however, the number of payments per year must be changed by entering the number of payments per year, then pressing s ÷, as shown in the following exercise: Enter number of payments per year: STEPS KEYSTROKES Clear oo 4 s ÷ (Pmt/Yr) DISPLAY 0.00 4.
Total (PITH) Payment • • • • • • Term: 25 years Interest: 7% Sales Price: $198,000 Down Payment: 5% Property Tax: 1.3% Monthly heating expense: $100 Find the total (PITH) payment: STEPS KEYSTROKES DISPLAY oo 0.00 25T 25.00 7ˆ 7.00 198)P 198,000.00 Down% 5d 5.00 Set Tax%* 1•3t 1.30 Enter heating 1 0 0 s D 100.00 Find Mortgage l 188,100.00 Find P&I Pmt. p 1,317.48 Find total, or (PITH) Pmt. p 1,631.
Quarterly Payment Find the quarterly payment on a ten year, 12%-interest loan of $15,000. STEPS KEYSTROKES DISPLAY Clear oo 0.00 Set to four payments per year 4s÷ 4.00 Enter Loan 1 5 ) l 15,000.00 Enter Term 10T 10.00 Enter Interest 1 2 ˆ 12.00 Find quarterly Payment p 644.36 Reset to 12 payments per year 12s÷ 12.00 Mortgage Amount Based on Sales Price and Percent Down Payment Find mortgage amount and dollar down payment if the price is $235,900 and you're putting 20% down.
Sales Price Based on Mortgage Amount and Percent Down Payment Find sales price if the mortgage amount is $150,000, down payment 5%, term 25 years and interest rate 7.75%. STEPS KEYSTROKES DISPLAY Clear oo 0.00 Enter Mortgage 1 5 0 ) l 150,000.00 Enter Down% 5 d 5.00 Enter Term 25T 25.00 Enter Interest 7 • 7 5 ˆ 7.75 Find Payment p 1,120.98 Find $Down dd 7,894.74 Find Price P 157,894.74 Finding Loan-to-Value (LTV) Find the Loan-to-Value if a buyer is putting $15,000 down on a $215,500 home.
Canadian Mortgage Insurance Find the monthly P&I payment on a 25-year, $150,000 mortgage at 7.5% annual interest with 1.5% mortgage insurance. STEPS KEYSTROKES DISPLAY Clear oo 0.00 Enter Mortgage 2 5 0 ) l 150,000.00 Enter Term 25T 25.00 Enter Interest 7 • 5 ˆ 7.50 Enter Mortgage Insurance 1•5C 1.50 Find Payment p 1,856.
Amortization (Total Principal / Total Interest, Remaining Balance) • Mortgage: • Term: • Interest: $175,000 25 years 7.5% Note: See large User’s Guide for more examples. Find total interest, principal and total payments. Then, find the remaining balance after ten years. STEPS KEYSTROKES DISPLAY Clear oo 0.00 Enter Mortgage 1 7 5 ) l 175,000.00 Enter Term 25T 25.00 Enter Interest 7 • 5 ˆ 7.50 Find Payment p 1,280.22 Find # pmts. a 1-300 Find ttl. int. a 209,066.33 Find ttl. prin. a 175,000.00 Find ttl.
Bi-Weekly Mortgages • Mortgage: $212,500 • Term: 25 years • Int: 7.85% Find Bi-Weekly term, savings, total cost and Bi-Weekly payment: STEPS KEYSTROKES DISPLAY Clear oo 0.00 Enter Mortgage 2 1 2 5 0 0 l 212,500.00 Enter Term 25T 25.00 Enter Interest 7 • 8 5 ˆ 7.85 Find Payment p 1,601.53 Find Bi-Weekly Term sT 20.14 Find total interest savings T 61,224.88 Find total interest paid T 206,735.29 Find total principal T 212,500.00 Find total payments T 419,235.29 Find Bi-Weekly Payment p 800.
STEPS KEYSTROKES Clear Set Ratios DISPLAY oo 0.00 30:38q 30.00-38.00 Qualifying Mortgage Amount • • • • • • • • Buyer’s Income: Monthly Debt: Down Payment: Property Tax: Monthly heating exp: Term: Interest: GDS/TDS Ratios: $45,000 $250 25% 1.5% $100 25 years 7.
“Restricted” Qualifying Buyers who make $45,000 annually and have $600 in long-term monthly debt wish to buy a home offered at $165,000. They will put 15% down. Will they qualify? For what maximum mortgage amount can they qualify? (Use previously stored 7.25% interest and 25-year term, tax rate of 1.5%, monthly heating expense of $100, and qualifying ratios of 32%:40%). Note: If you aren’t continuing from the previous problem, you’ll need to re-enter interest, term, and property tax.
Find $ Down Payment dd Find total (PITH) Payment pp 16,359.23 900.00 — DO NOT CLEAR CALCULATOR — “Unrestricted” Qualifying The amount calculated above is the “restricted” mortgage they may qualify for, based on current income and debt. What are the buyer's actual income and debt ratios? What is the “unrestricted” mortgage amount? What side is the “restricted” mortgage based on (income or debt)? What is the total allowable monthly debt? STEPS KEYSTROKES DISPLAY Find actual Ratios qqq “run” 24.00 - 40.
(Cont’d) **The restricted Qualifying Mortgage Amount is based on the ratio (income or debt) that limits the buyer the most — in this case it was debt. This means that if the buyer lowers their debt below the maximum allowable of $300 a month, they would qualify for the larger “unrestricted” mortgage amount. Qualifying Comparison (Two Ratios at Once) • • • • Buyer’s Income: Monthly Debt: Property Tax: Monthly heating cost and condo fees: • Down Payment: • Term: • Interest: $50,000 $125 1.
Display Qual 1 Ratios q 32.00 – 40.00 Find Qual 1 maximum Qualifying Mortgage q 145,893.06 Find Qual 1 P&I Payment p 1,044.48 Find Qual 1 PITH Payment p 1,333.33 — DO NOT CLEAR CALCULATOR — STEPS KEYSTROKES DISPLAY Display Qual 2 Ratios Q 35.00 – 42.00 Find Qual 2 maximum Qualifying Mortgage Q 160,923.25 Find Qual 2 P&I Payment p 1,152.08 Find Qual 2 Total Payment p 1,458.
(Cont’d) STEPS KEYSTROKES DISPLAY oo 0.00 7•5ˆ 7.50 25T 25.00 1•5t 1.50 1 2 5 s D 125.00 225)P 225,000.00 Enter %Down 3 5 d 35.00 Find $ Down d 78,750.00 Find Mortgage l 146,250.00 Display Qualifying Ratios q 32.00 – 40.00 Find income required q 55,355.59 Find maximum allowable Monthly Debt q 369.04 Find P&I Payment p 1,069.90 Find total p 1,476.
STEPS KEYSTROKES DISPLAY Clear cash flow s 6 0.00 Set 1 payment per year 1s÷ 1.00 Enter initial investment as cash outlay 2 2 5 ) s – c C-0 -225,000.00 Enter 1st CF 16)c C-1 16,000.00 Enter 2nd CF 1 6 6 0 0 c C-2 16,600.00 16900c C-3 16,900.00 Enter 4th CF 17200c C-4 17,200.00 Enter last CF 2 7 5 ) c C-5 275,000.00 Find IRR R 9.83% Enter desired rate of return and find NPV 9sR 7,616.73 Find NFV R 11,719.29 Re-display desired rate of return R 9.00% Set payment per year to 12 12s÷ 12.
EXAMPLES — U.S. MODE IMPORTANT: Your calculator must be in U.S. Mode by pressing s +. Monthly Loan Payment Find the monthly payment on a 30-year loan of $215,000 at 7.5% interest. STEPS KEYSTROKES Set US Mode Clear Enter Loan s+ INT USA oo 0.00 215)l 215,000.00 30T 30.00 7•5ˆ 7.50 p 1,503.
Setting Tax and Insurance Enter an annual property tax rate of 1.5%, a property/homeowner’s insurance rate of .25%, and a mortgage insurance rate of .50%: STEPS KEYSTROKES DISPLAY 1•5t 1.50 ANN TAX % Set homeowner’s insurance% • 2 5 s t 0.25 ANN INS % Set mortgage insurance% • 5 0 s 9 0.50 ANN M INS % Recall Tax% ®t 1.50 Recall insurance% ®st 0.25 Recall mortgage insurance% ® s 9 0.50 Set Tax%* *Enter dollar values for tax/insurance in the same manner — e.g.
PITI Payment and Interest-Only Payment • • • • • • • • Term: 30 years Interest: 6% Sales Price: $255,000 Down Payment: 5% Property Taxes: 1.3% Property Insurance: 0.25% Mortgage Insurance: 0.50% Monthly Association Dues: $60 Find the PITI, total and interest-only payments: STEPS KEYSTROKES DISPLAY oo 0.00 30T 25.00 6ˆ 6.00 255)P 255,000.00 Down% 5d 5.00 Set Tax% 1•3t 1.30 Set ins.% •25st 0.25 Set MI% •5s9 0.50 Enter Exp. 60sD 60.00 Find Loan l 242,250.00 Find P&I Pmt. p 1,452.
Qualifying Loan Amount • • • • • • • • • Buyer’s Income: $100,000 Monthly Debt: $550 Down Payment: 25% Property Tax: 1.5% Property Insurance: 0.25% Mortgage Insurance (not required): 0 Term: 30 years Interest: 6.25% Qualifying Ratios: 28% – 36% Find qualifying loan, price and payment: STEPS KEYSTROKES Clear Enter Income Enter Debt Enter %Down Set Tax% Set ins.% Set MI% Enter Term Enter Interest Enter ratios Find maximum amount Find Price PITI Payment DISPLAY oo 0.00 100)i 100,000.00 550D 250.
Interest-Only Qualifying Loan Amount • • • • • • • • • Buyer’s Income: $100,000 Monthly Debt: $550 Down Payment: 25% Property Tax: 1.5% Property Insurance: 0.25% Mortgage Insurance (not required): 0 Term: 30 years Interest: 6.25% Qualifying Ratios: 28% – 36% Find qualifying loan, price and payment: STEPS KEYSTROKES Clear Enter Income Enter Debt Enter %Down Set Tax% Set ins.% Set MI% Enter Term Enter Interest Enter ratios Find maximum amount Find Price PITI Payment DISPLAY oo 0.00 100)i 100,000.
APR and Total Finance Charges, Including Mortgage Insurance • • • • • Loan: Term: Interest: Cost: Mortgage Ins./MI: $250,000 30 years 6.25% 1.5 points + $550 $1,200/year STEPS KEYSTROKES Clear Enter Loan oo 0.00 250)l 250,000.00 30T 30.00 6•25ˆ 6.25 p 1,539.29 1 2 0 0 s 9 1,200.00 Enter Term Enter Interest Find P&I Pmt. Enter MI DISPLAY Find Loan Costs: Recall Loan Find points Add fees and find total Find APR Find ttl chgs. Amt. financed Total cost P&I payment Monthly MI PIMI payment ®l 250,000.
APPENDIX Default Settings Your calculator has the following default settings. Performing a Full Reset (e.g. - turn off calculator, hold down x and turn on) will return your calculator to the settings below: • Canadian Interest Mode • 12 Periods per Year • Property Tax/Prop. Insurance (percent and dollar values) = Not Permanently Stored/Clears Upon O • (U.S. Only) Mortgage Ins.
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Warranty Warranty Repair Service – U.S.A. 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.
Disclaimer CI MAKES NO WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE PRODUCT’S QUALITY, PERFORMANCE, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE. AS A RESULT, THIS PRODUCT, INCLUDING BUT NOT LIMITED TO, KEYSTROKE PROCEDURES, MATHEMATICAL ACCURACY AND PREPROGRAMMED MATERIAL, IS SOLD “AS IS,” AND YOU THE PURCHASER ASSUME THE ENTIRE RISK AS TO ITS QUALITY AND PERFORMANCE.
This equipment has been certified to comply with the limits for a Class B computing device, pursuant to Subpart J of Part 15 of FCC rules. Software copyrighted and licensed to Calculated Industries, Inc. by Real Estate Master Technologies, LLC, 2006. Pocket Reference Guide copyrighted by Calculated Industries, Inc. © 2006. Qualifier Plus® and Calculated Industries® are registered trademarks of Calculated Industries, Inc. ALL RIGHTS RESERVED CALCULATED INDUSTRIES® 4840 Hytech Drive Carson City, NV 89706 U.S.
