Manual

38 — M

ORTGAGE

UALIFIER

LUS

Date Examples

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 two-digit Numerical Year.

The date function lets you: 1) add a number of days to a date to find

a second date (in the future), 2) subtract a number of days from a

date to find a second date (in the past), and, 3) subtract one date from

another date to find the number of days in between. For example, if a

45-day escrow begins April 27, 2007, what is the closing date and day?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter month 4 : 4.-

Enter day 2 7 : 4-27-

Enter year 0 7 4-27-07

Add 45 days + 4 5 = MON 06-11-07

Find the number of days to calculate prepaid interest due at closing, if

the escrow closing date is 10/14/07 and the first payment is due 11/1/07.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter 1st payment date 1 1 : 1 : 0 7 11-1-07

Subtract closing date to

find number of days – 1 0 : 1 4 : 0 7 = 18.00

Finding Odd-Days Interest and APR

Find the monthly payment on a $100,000 loan at 8.25% annual

interest and 30-year term. Then, find the amount of odd-days inter-

est, or “prepaid” interest due, if the escrow closes on 7/21/07 and

the first payment is due 8/1/07.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 1 0 0 ) l 100,000.00

Enter interest 8 • 2 5 ˆ 8.25

Enter term 3 0 T 30.00

Find monthly payment p “run” 751.27

Find days between escrow 8 : 1 : 0 7 –

closing & date of 1st pmt 7 : 2 1 : 0 7 = 11.00

Find the pre-paid interest

due at closing s : 252.08*

*This is based on a 360-day year, as most banks use this method for calculating pre-

paid interest.

— DO NOT CLEAR CALCULATOR —