Calculated-industries 3416 User Guide Manuel d'utilisateur

USER’S GUIDEResidential Mortgage Finance CalculatorMORTGAGEQUALIFIER PLUS®Model 3416

USER’SGUIDE— 5AAdjustable Rate Mortgage— Calculates the pay-ment and re-amortizes a fully or partially amortizedAdjustable Rate Mortgage based on the

6 — MORTGAGEQUALIFIERPLUS®Tax, Insurance and Expense KeysIn addition to Qualifying, the following keys are also involved in PITIor total payment calcu

USER’SGUIDE— 7Note: Tax and Insurance entered as dollar amounts will remainfixed, even if sales price or loan amount is changed. However, ifentered as

8 — MORTGAGEQUALIFIERPLUS®Qualifying Keysq(Qualify Based on 28%-36%)— A multi-functionkey which, based on entered variables, performs thefollowing pre

USER’SGUIDE— 9(Cont’d)2) Calculates the maximum loan amount forwhich a buyer may qualify, based on the storedincome and debt qualifying ratios and the

10 — MORTGAGEQUALIFIERPLUS®(Cont’d)3) Calculates the annual income (“Stated Income”)required and allowable monthly debt for a desiredloan amount or sa

USER’SGUIDE— 111st and 2nd Trust Deeds (Combo Loan) Keys The Combo Loan keys show the savings of obtaining a 1st and 2ndtrust deed (TD) loan over a si

12 — MORTGAGEQUALIFIERPLUS®(Cont’d)** and s * (Int-Only 2nd) Key Output:For a comparison of a fixed-rate combo loan versusa fixed-rate loan with requi

USER’SGUIDE— 13BASIC ARITHMETIC EXAMPLESArithmeticThis calculator uses standard chaining logic, which simply meansthat you enter your first value, the

14 — MORTGAGEQUALIFIERPLUS®Reduction in Listing Price (Discount %)A nervous seller has had her property on the market for just overfour months listed

The MORTGAGEQUALIFIERPLUSwas custom-designed for mortgagelenders and residential real estate professionals. With the push of afew buttons, it will pre

USER’SGUIDE— 15Date ExamplesUsing the : key, you can quickly solve common real estate dateproblems: escrow or closing dates, listing expiration dates,

16 — MORTGAGEQUALIFIERPLUS®CALCULATOR SETTINGSDecimal Place SelectionWith the s key, you have the option of selecting the number ofdecimal places you’

USER’SGUIDE— 17Preference SettingsYour calculator has a Preference Mode, which allows you to programthe calculator to various settings. For example, i

18 — MORTGAGEQUALIFIERPLUS®(Cont’d)After s,KeepDescriptionPressing (Press +to Advance =:Displaywithin each category, –to Back up):4 Mortgage Insurance

USER’SGUIDE— 19MEMORYAccumulative MemoryWhenever the µ key is pressed, the displayed value will be addedto cumulative memory. This value will remain i

20 — MORTGAGEQUALIFIERPLUS®Memory Storage Keys (M0-M6)In addition to the standard cumulative Memory (as described above),your calculator has six indep

USER’SGUIDE— 21Additional Memory Storage Keys (M10-M19)In addition to M0-M6 (as described previously), your calculator hasten additional independent S

22 — MORTGAGEQUALIFIERPLUS®MORTGAGE LOANS/TIME-VALUE-OF-MONEY (TVM)1. The basic loan keys — l, p, T and ˆ — work just likeyou would say them. For exam

USER’SGUIDE— 23Finding the Monthly Mortgage (P&I) Payment Find the monthly P&I (principal and interest) payment on a 30-year,fixed-rate mortga

24 — MORTGAGEQUALIFIERPLUS®Finding the Interest RateFind the interest rate on a mortgage where the loan amount is$98,500, the term is 30 years, and th

GETTING STARTED...1KEY DEFINITIONS ...

USER’SGUIDE— 25Paying Off a Mortgage Early (Making Larger Payments) How long does it take to pay off a 30-year, fixed-rate mortgage of$150,000 at 8.5%

26 — MORTGAGEQUALIFIERPLUS®Future Value Given any four components to a problem that includes a futurevalue, you can calculate the fifth.AppreciationYo

USER’SGUIDE— 27Non-Monthly Loans Most residential real estate loans are based on a monthly paymentschedule. However, if you have a non-monthly loan, y

28 — MORTGAGEQUALIFIERPLUS®Sales Price/Down PaymentOne of the unique features of this calculator is its ability to work withnot only Loan Amount, but

USER’SGUIDE— 29Taxes and Insurance This calculator has keys that store your estimated local annualProperty Tax, Property Insurance, and Mortgage Insu

30 — MORTGAGEQUALIFIERPLUS®Setting Tax and Insurance Percent RatesEnter an annual property tax rate of 1.5%, a property insurance rateof 0.25%, and a

USER’SGUIDE— 31Calculating Tax and Insurance Percent or Dollar Amounts If loan variables are entered in addition to tax and insurance per-centage rate

32 — MORTGAGEQUALIFIERPLUS®PITI Payment (Tax and Insurance Entered as Percent)Find the PITI payment on a 30-year, 6.5% mortgage if the home’sselling p

USER’SGUIDE— 33(Cont’d)STEPS KEYSTROKES DISPLAYFind P&I payment p “run” 1,681.74Find PITI payment p 2,315.07Find total payment (PITI plusmonthly

34 — MORTGAGEQUALIFIERPLUS®Rent vs. BuyIf your client is currently renting a home for $1,250/month, what isthe comparable home sales price and loan am

Finding Loan Amount Based on Sales Price and DownPayment...28Taxes and

USER’SGUIDE— 35Adjustable Rate Mortgages Using the A key, you can quickly find the “adjusted” (increasing ordecreasing) payments for future years on f

36 — MORTGAGEQUALIFIERPLUS®ARM Payment — Worst-Case ScenarioFind the initial monthly payment on a 30-year, $176,000 mortgage at8.25% annual interest r

USER’SGUIDE— 37ARM Payment — Using Lifetime CapUsing the previous mortgage, add a lifetime cap of 4% and find theadjusted payments through year ten. Y

38 — MORTGAGEQUALIFIERPLUS®Decreasing ARM Payment Calculate the initial monthly payment on a 30-year, $250,000 ARMloan at 5% interest, and then find t

USER’SGUIDE— 39Amortization and Remaining BalanceThe amortization function is quick and simple. It allows you to findtotal interest, principal, and re

40 — MORTGAGEQUALIFIERPLUS®(Cont’d)6. If the first payment of a loan begins in a month other than Janu-ary, you can use the Month Offset function. The

USER’SGUIDE— 41Amortization List for Individual Year(s) — Using “Next” FeatureHow much total interest and principal will you pay on a 30-year,$90,000

42 — MORTGAGEQUALIFIERPLUS®Amortization List for Individual Year(s) — Using Month OffsetThe first payment of a loan begins in May. How much total inte

USER’SGUIDE— 43Amortization List for Individual Payment(s)For a $175,000 loan at 6.85% interest for 30 years, find out howmuch interest and how much p

44 — MORTGAGEQUALIFIERPLUS®Amortization List for a Range of Payments or YearsFor a $225,000, 30-year loan at 7.4% interest, find out how muchinterest

Finding Qualifying Loan Amount and Sales Price (SimpleExample Excluding Tax/Insurance)...54Qualifying Loan Amou

USER’SGUIDE— 45APR and Total Finance Charges Calculating the Annual Percentage Rate (APR) and Total FinanceCharges (TFC) is performed in two steps: (1

46 — MORTGAGEQUALIFIERPLUS®Prepaid/Odd-Days Interest and APR Find the monthly payment on a $100,000 loan at 8.25% annualinterest and 30-year term. The

USER’SGUIDE— 47Balloon Payment/Remaining Balance Needed to Pay Off a LoanYou’re looking at a new home with the following financing available:Loan amou

48 — MORTGAGEQUALIFIERPLUS®Bi-Weekly Term Reduction and PaymentFind the monthly P&I payment on a 30-year, $275,000 mortgage at5.88% annual interes

USER’SGUIDE— 49Purchase Price of a Note — Fully AmortizedThe mortgage you are thinking about buying has the following termsand conditions: 15 years re

50 — MORTGAGEQUALIFIERPLUS®(Cont’d)— DO NOT CLEAR CALCULATOR —What should you pay for this trust deed if you want an 18% yield onyour investment?STEPS

USER’SGUIDE— 51BUYER QUALIFYINGThe Qualifying keys were designed specifically for mortgage lend-ers/brokers, for doing instant pre-qualifications on t

52 — MORTGAGEQUALIFIERPLUS®(Cont’d)5. When calculating Annual Income Required (based on enteredloan amount or sales price, term, interest and stored

USER’SGUIDE— 53QUALIFYING EXAMPLESMost of the examples in this section will be based on the default In-come and Debt Ratios of 28% and 36%, respective

54 — MORTGAGEQUALIFIERPLUS®Finding Qualifying Loan Amount and Sales Price (SimpleExample Excluding Tax/Insurance)Given an interest rate of 7.5%, a ter

USER’SGUIDE— 1KEY DEFINITIONSBasic Operation KeysO Turns all power off. The memory and most financialregisters are cleared.o If off, turns power on. I

USER’SGUIDE— 55Qualifying Loan Amount and Sales Price (Complete ExampleIncluding Down Payment, Tax/Insurance, Monthly AssociationDues)The same buyers

56 — MORTGAGEQUALIFIERPLUS®“Restricted” QualifyingBuyers who make $68,000 annually and have $750 in long-termmonthly debt wish to buy a home offered a

USER’SGUIDE— 57Qualifying Comparison (Comparing 2 Different Loans or Ratiosat Once)Given a buyer's annual income of $60,000, $500 in long-termmon

58 — MORTGAGEQUALIFIERPLUS®Qualifying Loan Amount (Interest-Only Loan)Using the same values from the previous example, find qualifyingloan amount, pri

USER’SGUIDE— 59Finding Income Required and Allowable Monthly DebtUsing the stored q 28%:36% ratios, how much income would abuyer need to finance a $25

60 — MORTGAGEQUALIFIERPLUS®Solving for Actual Qualifying RatiosA buyer who makes $120,000 annually and has $550 in long-termmonthly debt wants to borr

USER’SGUIDE— 611ST AND 2ND TRUST DEEDS (COMBO LOANS) Your calculator figures Combo loans, or 1st and 2nd Trust Deeds,which are common financing option

62 — MORTGAGEQUALIFIERPLUS®Combo Loan (80:10:10) vs. Fixed-Rate Loan with MortgageInsuranceYou’d like to show your client the savings of a fixed-rate

USER’SGUIDE— 63(Cont’d)STEPS KEYSTROKES DISPLAY3. Find 80:10:10 Combo Loan and Comparison Values (vs. Fixed-Rate Loan with Mortgage Insurance): Find

64 — MORTGAGEQUALIFIERPLUS®Combo Loan (Interest-Only 2nd TD) vs. Fixed-Rate Loan withMortgage InsuranceYou’d like to show your client the savings of a

2 — MORTGAGEQUALIFIERPLUS®s –Change Sign (+/–)— Changes the sign of the dis-played value from positive to negative or vice versa.s xClear All— Clears

USER’SGUIDE— 65(Cont’d)STEPS KEYSTROKES DISPLAY3. Find 80:10:10 Combo Loan with an Interest-Only 2nd TD andComparison Values (vs. Fixed-Rate Loan with

66 — MORTGAGEQUALIFIERPLUS®Combo Loan — Entering a New LTVYou’d like to show your client the savings of a fixed-rate ComboLoan (80:20) over that of a

USER’SGUIDE— 67(Cont’d)STEPS KEYSTROKES DISPLAY3. Find 80:20 Combo Loan and Comparison Values (vs. Fixed-RateLoan with Mortgage Insurance): Enter LTV

68 — MORTGAGEQUALIFIERPLUS®Financed Mortgage Insurance compared to a Combo LoanFinanced Mortgage Insurance loans allow for higher than 80% LTVon a str

USER’SGUIDE— 69(Cont’d)STEPS KEYSTROKES DISPLAY4. Enter Combo Loan Values:Enter 1st TDInterest:Term 6 : 3 0 ! 6.00-30.00Enter 2nd TDInterest:Term 8

70 — MORTGAGEQUALIFIERPLUS®Default SettingsPerforming a total Reset (see below) will return the calculator to thefollowing default settings:• Two Fixe

USER’SGUIDE— 71Auto Shut-OffYour calculator is designed to shut itself off after about 8-12 minutesof non-use.BatteriesShould the display become very

72 — MORTGAGEQUALIFIERPLUS®WarrantyWarranty Repair Service – U.S.A.Calculated Industries (“CI”) warrants this product against defects in materi-als an

USER’SGUIDE— 73DisclaimerCI MAKES NO WARRANTY OR REPRESENTATION, EITHER EXPRESSOR IMPLIED, WITH RESPECT TO THE PRODUCT’S QUALITY, PERFOR-MANCE, MERCHA

74 — MORTGAGEQUALIFIERPLUS®1ST AND 2ND TRUST DEEDS (COMBO LOANS), 611st/2nd TD (Combo Loan) Keys, 11Actual Qualifying Ratios, Solving for, 60Adjustabl

USER’SGUIDE— 3ˆInterest— Enters or solves for the annual interestrate. Second press gives the periodic rate.Note: Stored permanently, until you change

USER’SGUIDE— 75Mortgage Loan (TVM) Keys, 2MORTGAGE LOANS/TIME-VALUE-OF-MONEY (TVM) EXAMPLES, 22Non-Monthly Loans, 27Odd-Days Interest and APR, 46Payin

Designed in the United States of AmericaPrinted in ChinaUG3416E-A1/06

4 — MORTGAGEQUALIFIERPLUS®s ÷Payments per Year (Pmt/Yr)— Used to set thenumber of payment periods per year. Default valueis 12, for monthly.Note: You