Manual

58 — M

ORTGAGE

UALIFIER

LUS

Qualifying Comparison (Comparing 2 Different Loans or

Ratios at Once)

Given a buyer’s annual income of $45,000, $500 in long-term

monthly debt, estimated monthly homeowner’s association dues of

$50, an interest rate of 7.25% and term of 30 years, what loan

amounts can they qualify for based on both 28%:36% and 33%:40%

ratios? Also, find the corresponding total monthly payment for each.

Estimate property tax/insurance rates of 1.25% and .3%, respective-

ly, and a mortgage insurance rate of .45%.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter annual income 4 5 ) i 45,000.00

Enter monthly debt 5 0 0 D 500.00

Enter monthly assn. dues* 5 0 s D 50.00

Enter interest 7 • 2 5 ˆ 7.25

Enter term 3 0 T 30.00

Enter property tax rate 1 • 2 5 s 7 1.25

Enter property ins. rate • 3 s 8 0.30

Enter mortgage ins. rate • 4 5 s 9 0.45

Display Qual 1 stored ratios

q 28.00-36.00

Find Qual 1 qualifying loan q “run” 94,245.94

Find Qual 1 P&I payment p 642.92

Find PITI payment p 800.00

Find total payment p 850.00

Find interest-only payment p 569.40

— DO NOT CLEAR CALCULATOR —

STEPS KEYSTROKES DISPLAY

Display Qual 2 stored ratios

Q 33.00-40.00

Find Qual 2 qualifying loan Q “run” 111,917.05

Find Qual 2 P&I payment p 763.47

Find PITI payment p 950.00

Find total payment p 1,000.00

Find interest-only payment p 676.17

Note: Press

before pressing

in these examples for Interest-Only

qualifying.

For Desktop Model (#43442) Users:

*Enter

5 0 A

on the Desktop model.