Calculated-industries 3416 User Guide Manuel d'utilisateur télécharger pdf (Page 67)

62 — M

ORTGAGE

UALIFIER

LUS

Combo Loan (80:10:10) vs. Fixed-Rate Loan with Mortgage

Insurance

You’d like to show your client the savings of a fixed-rate Combo

Loan (80:10:10) over that of a standard, fixed-rate loan with mort-

gage insurance, or MI. You have the following parameters:

FIXED-RATE

FIXED-RATE COMBO LOAN

LOAN w/PMI (1st TD – 2nd TD)

Loan Amount 100,000 100,000

Interest 7% 8% – 10%

Term 30 30 year – 10 year

PMI 2.5% --

LTV 90% 80% – 10%

STEPS KEYSTROKES DISPLAY

1. Enter Fixed-Rate Loan Values and Find Total Payment:

Clear calculator o o 0.00

Enter loan amount 1 0 0 ) l 100,000.00

Enter down payment 1 0 d 10.00

Enter interest 7 ˆ 7.00

Enter term 3 0 T 30.00

Enter MI (mortgage

insurance) value 2 • 5 s I 2.50

Clear Tax register 0 t 0.00

Clear Insurance register 0 I 0.00

Solve for price P 111,111.11

Solve for P&I payment p 665.30

Solve for PITI payment

(with MI) p 873.64

2. Enter Combo Loan Values:

Enter 1st TD

Interest:Term 8 : 3 0 ! 8.00-30.00

Enter 2nd TD

Interest:Term 1 0 : 1 0 s ! 10.00-10.00

(Cont’d)

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Calculated-industries 3416 User Guide Manuel d'utilisateur Page 67