Manual

46 — M

ORTGAGE

UALIFIER

LUS

Amortization List for a Range of Payments or Years

For a $225,000, 30-year loan at 7.4% interest, find out how much

interest and principal you’ll pay in payments 1-9 and years 1-10.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter loan amount 2 2 5 ) l 225,000.00

Enter interest 7 • 4 ˆ 7.40

Enter term 3 0 T 30.00

Find monthly payment p “run” 1,557.85

Enter Pmts #1-9 1 : 9 π a “run” 1-9

Find interest a 12,449.13

Find principal a 1,571.56

Total principal and interest a 14,020.69

Find remaining balance a 223,428.44

Find remaining term a 29.25

Find mortgage interest

deduction for Pmts #1-9 a 2,614.32

Enter Years #1-10 1 : 1 0 a “run” 1-120

Find interest a 156,798.68

Find principal a 30,143.87

Total principal and interest a 186,942.55

Find remaining balance a 194,856.13

Find remaining term a 20.00

Find mortgage interest

deduction for Years #1-10 a 32,927.72

Balloon Payment/Remaining Balance Needed to

Pay Off a Loan

You’re looking at a new home with the following financing available:

Loan amount $125,000 at 8.75% amortized over 30 years but due

and payable after 10 years. What is the balloon payment (remaining

balance) after 10 years?

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter the loan amount 1 2 5 ) l 125,000.00

Enter interest 8 • 7 5 ˆ 8.75

Enter term 3 0 T 30.00

Find monthly payment p “run” 983.38

Find balloon/remaining

balance after 10 years 1 0 s a “run” 111,277.99