Manual

U SER ’ S G UIDE — 33
PITI Payment (Tax and Insurance Entered as $)
Find the PITI payment on a 30-year, 7.25% loan if the home’s selling
price is $311,000 and the down payment is 20%. Local annual prop-
erty taxes are estimated at $5,900 and property insurance at $370.
Note: MI or mortgage insurance is not included in this case, as the down payment
is 20%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter term in years 3 0 T 30.00
Enter annual interest 7 • 2 5 ˆ 7.25
Enter sales price 3 1 1 ) P 311,000.00
Enter down pmt % 2 0 d 20.00
Find dollar $ d 62,200.00
Enter property tax 5 9 0 0 s 7* 5,900.00
Enter property insurance 3 7 0 s 8 370.00
Set mortgage ins. to zero 0 s 9 0.00
Find loan amount l 248,800.00
Find P&I payment p “run” 1,697.25
Find PITI payment p 2,219.75
*To view the Tax/Insurance rates in their monthly and percent forms: press ® 7 ,
® 7 , ® 7 to recall the annual property tax, monthly property tax and % tax rate
of $5,900, $491.67 and 1.9%, respectively.
Total Payment and Interest-Only Payment
Find the PITI, total payment (including principal, interest, tax/insur-
ance and monthly expenses) and interest-only payment on a 30-
year, 6% mortgage loan if the home’s selling price is $330,000 and
the down payment is 15%. (Local annual property taxes are estimat-
ed at $5,900, property insurance at $500, mortgage insurance at
$1,200, and mo. expenses at $150.)
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter term in years 3 0 T 30.00
Enter annual interest 6 ˆ 6.00
Enter sales price 3 3 0 ) P 330,000.00
Enter down pmt % 1 5 d 15.00
Find dollar $ d 49,500.00
Enter property tax 5 9 0 0 s 7 5,900.00
(Cont’d)