Calculated-industries 3416 User Guide Manuel d'utilisateur télécharger pdf (Page 34)

SER

’

UIDE

— 29

Taxes and Insurance

This calculator has keys that store your estimated local annual

Property Tax, Property Insurance, and Mortgage Insurance (if appli-

cable) rates or dollar figures. This allows you to calculate the PITI

(Principal, Interest, Tax, and Insurance) payment, in addition to the

regular P&I payment. You may also enter monthly expenses, such

as homeowner’s association dues—these are included in the calcu-

lation of the total payment (PITI plus expenses).

By default, the Property Tax and Insurance values are cleared when

the calculator is shut off, while the Mortgage Insurance value clears

when you press o twice. However, you may use the Preference

Settings (s =) to permanently store Tax and Insurance (% and $)

values when the calculator is turned off (see Preference Settings

section for details).

Note: There’s a separate Preference Setting for Mortgage Insurance.

Tax and Insurance can be entered as dollar amounts or percent-

ages. If entered as percentages, the Sales Price or Loan Amount

can be changed and tax and insurance will be recalculated automati-

cally. If entered as dollar amounts, however, they will need to be re-

entered for a change in Sales Price or Loan Amount to be correct.

Entering values 10 or less are assumed to be annual percentage

rates (you do not need to use the percent key).

—IMPORTANT— Property Tax and Property Insurance rates are

based on the Sales Price (therefore, a Down Payment or Sales

Price should be entered). The Mortgage Insurance rate is based

on the Loan Amount. If neither Sales Price nor Down Payment

has been entered, the Sales Price is defaulted to equal the Loan

Amount (basically assuming a 100% loan), in which case the

Tax and Insurance rates will be based on the Loan Amount

value entered.

Note: If you are underwriting a loan, many lenders choose to use loan amount

instead of price when figuring out Hazard Insurance. In this case, you will need to

turn your Hazard Insurance into a dollar amount: Loan Amount x Hazard Insurance

rate = Hazard Insurance dollar amount. By entering a lower amount into Insurance, it

will improve the Buying Power of your client. However, the client will only be covered

for the loan amount and not the complete value of the home.

1 2 ... 29 30 31 32 33 34 35 36 37 38 39 ... 80 81

Pas de commentaire

Calculated-industries 3416 User Guide Manuel d'utilisateur Page 34