Manual
76 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P
X2
Pick-A-Payment (3-Month/30-Term) Combo Loan vs.
Fixed-Rate Loan w/MI
You’d like to show your client the savings of a P-A-P Combo Loan
over that of a fixed-rate loan with MI. Find the P-A-P Combo (1st
TD/2nd TD) loan amounts, payments and total cost, if you have the
following parameters:
FIXED-RATE P-A-P COMBO
LOAN w/MI (1st TD – 2nd TD)
Loan Amount 90,000 90,000
Interest 8.50% 1st: 4.95% – 8.00%
2nd: 11.50%
Term 30 1st: 3 mo – 30 yr 2nd: 30 yr
MI 0.62% --
LTV 95% 80% – 15%
STEPS KEYSTROKES DISPLAY
1.
Enter Fixed-Rate Loan Values:
Clear calculator o o 0.00
Enter loan amount 9 0 ) l 90,000.00
Enter interest 8 • 5 ˆ 8.50
Enter term 3 0 T 30.00
Enter MI value • 6 2 s 9 0.62
2.
Solve for Fixed-Rate Loan Payment and Total Cost:
Solve for P&I payment p 692.02
Solve for PITI payment
(incl. MI) p 738.52
Amortize the loan a 1-360
Find total interest a 159,127.97*
Find total principal a 90,000.00
Find total principal/interest
a 249,127.97
3.
Enter P-A-P Combo Loan Values:
Enter 1st TD-P-A-P
Start Rate 4 • 9 5 S 4.95
Enter P-A-P actual rate 8 s S 8.00
Enter P-A-P Start Rate
term (in months) 3 ß 3.00
Enter P-A-P term
(in years) 3 0 s ß 30.00
Enter 2nd TD Interest:Term
1 1 • 5 : 3 0 s !
11.50-30.00
Enter 1st:2nd LTV values
8 0 : 1 5 s d 80.00-15.00
(Cont’d)