Manual

40 — M

ORTGAGE

UALIFIER

LUS

Equity Builder Term Reduction and Payment

Find the monthly P&I payment on a 30-year, $212,500 mortgage at

7.85% annual interest. Then convert it to an Equity Builder and find

out how many years it will take to pay off this loan, the total interest

savings, the return-on-investment (ROI%), and Equity Builder P&I

payment.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 2 1 2 5 0 0 l 212,500.00

Enter term in years 3 0 T 30.00

Enter annual interest 7 • 8 5 ˆ 7.85

Find monthly P&I payment p “run” 1,537.09

Find Equity Builder term s T “run” 22.97

Find total interest savings T 94,305.23

Find effective interest rate T 6.01

Find total interest paid T 246,545.97

Find total principal T 212,500.00

Find total prin. and interest T 459,045.97

Find ROI% T 46.29

Find Equity Builder P&I payment

p 768.54

— DO NOT CLEAR CALCULATOR —

Equity Builder Interest Savings - Based on Adjusted

Equity Builder Payment

Now, add fifty dollars to the Equity Builder P&I payment and solve for

the new Equity Builder term, the total interest savings, the Effective

Interest Rate (EFF%) and the Return-On-Investment (ROI%).

STEPS KEYSTROKES DISPLAY

Add $50 and enter new payment

+ 5 0 = p 818.54

Solve for new Equity Term Builder

T 19.54

Find total interest savings T 137,487.13

Find effective interest rate T 5.11

Find total interest paid T 203,364.07

Find total principal T 212,500.00

Find total prin. and interest T 415,864.07

Find ROI% T 51.10

Clear calculator* o o 0.00

*Return to monthly payment mode by pressing

twice, or by pressing

s T