Owner manual

POCKET REFERENCE GUIDE — 32
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 DISPLAY
Clear o o 0.00
Enter Income 1 0 0 ) i
100,000.00
Enter Debt 5 5 0 D 250.00
Enter %Down 2 5 d 25.00
Set Tax% 1 • 5 t 1.50
Set ins.% • 2 5 s t 0.25
Set MI% 0 s 9 0.00
Enter Term 3 0 T 30.00
Enter Interest 6 • 2 5 ˆ 6.25
Enter ratios 2 8 : 3 6 s q
28.00 – 36.00
Find maximum qualifying
amount q 326,213.59
Find Price P 434,951.46
PITI Payment p p 2,642.86