Calculated Industries 3442 Manuale utente

ORTGAGE

UALIFIER

LUS

PX2

User’s Guide

Model 3442

Desktop Model 43442

MORTGAGE FINANCE CALCULATOR

The

ORTGAGE

UALIFIER

LUS PX

was custom-designed for mort-

gage lenders and residential real estate pros. With the push of a few

buttons, it will pre-qualify prospective buyers instantly and solve hun-

dreds of mortgage loan problems, including

Pick-A-Payment ARMS

and Combo Loans!

Features:

• Easy and Complete Buyer Qualifying

• Interest-Only Qualifying

• Find Qualifying Loan Amount, Income Required and Maximum

Allowable Debt

• Use 2 Qualifying Ratios at Once to Compare Different Loans

(e.g., conventional vs. FHA/VA loans)

• Instant P&I, PITI, Total Payment, and Interest-Only Payment

• Expanded Tax and Insurance Capabilities

• Built-in Sales Price, Down Payment & LTV

• Works in Annual Term and Interest

• Flexible, “What If” Loan or TVM Calculations — Finds Loan

Amount, Term, Interest or Payment

• Rent vs. Buy

• Estimated Income Tax Savings, Mortgage Interest Deduction

• Date Math, Odd-Days Interest (ODI), Month Offset

• Equity Builder Loans with Comparative Savings

• APR and Total Finance Charges, including Mortgage Insurance

• Complete Amortization

• Remaining Balances/Balloon Payments

• Trust Deeds

• Future Value and Appreciation

• Also Works as a Standard Math Calculator

Pick-A-Payment and Combo (1st/2nd TD) mortgage calculations:

•Pick-A-Payment

• Equity Builder Pick-A-Payment

• Fixed “Combo” Loans

• Pick-A-Payment/Equity Builder Combo Loans

• Loan Savings/Investment Comparisons

Introducing the M

ORTGAGE

UALIFIER

LUS

Mortgage Finance Calculator

GETTING STARTED..........................................................................1

KEY DEFINITIONS.........................................................................1

Basic Operation Keys....................................................................1

Mortgage Loan (TVM) Keys ..........................................................2

Tax Savings Keys..........................................................................5

Rent vs. Buy Keys.........................................................................6

Qualifying Keys..............................................................................6

Tax, Insurance and Expense Keys................................................9

Pick-A-Payment and Equity Builder Pick-A-Payment Loan Keys...10

Combo Loan Keys.......................................................................13

Pick-A-Payment and Equity Builder Pick-A-Payment

Combo Loan Keys.....................................................................15

BASIC ARITHMETIC EXAMPLES...............................................16

Arithmetic.....................................................................................16

Percentage Calculations..............................................................16

Figuring Straight % Commission.................................................16

Reduction in Listing Price (Discount %)......................................17

Simple, One-Year Home Appreciation (Add-on %) .....................17

CALCULATOR SETTINGS...........................................................17

Decimal Place Selection..............................................................17

Preference Settings.....................................................................18

MEMORY ......................................................................................21

Memory Storage Keys (M0-M5) ..................................................22

Additional Memory Storage Keys (M10-M19) .............................23

EXAMPLES......................................................................................23

MORTGAGE LOANS/TIME-VALUE-OF-MONEY (TVM).............23

Finding the Monthly Loan Payment.............................................24

Finding the Interest-Only Payment..............................................25

Finding the Term of a Loan..........................................................25

Paying Off a Loan Early (Making Larger Payments)...................25

Finding the Interest Rate.............................................................26

Finding the Loan Amount ............................................................26

Finding the Loan Amount (with Interest-Only Payment)..............26

Non-Monthly Loans .....................................................................27

Finding a Quarterly Payment.......................................................27

Sales Price/Down Payment.........................................................28

Finding Loan Amount Based on Sales Price and

Down Payment..........................................................................28

Finding Sales Price and Payment Based on Loan Amount and

Down Payment..........................................................................28

TABLE OF CONTENTS

Finding Loan-to-Value (LTV) Based on Down Payment and

Sales Price ................................................................................29

Entering Loan-to-Value (LTV) and Finding Loan and

Down Payment..........................................................................29

Taxes and Insurance ...................................................................30

Setting Tax and Insurance % Rates............................................30

Recalling Tax and Insurance % Rates.........................................31

Setting Tax and Insurance $........................................................31

Calculating Tax and Insurance % or $.........................................31

PITI Payment (Tax and Insurance Entered as %).......................32

PITI Payment (Tax and Insurance Entered as $)........................33

Total Payment and Interest-Only Payment..................................33

Estimated Income Tax Savings and “After-Tax” Payment...........34

Rent vs. Buy................................................................................35

APR and Total Finance Charges.................................................36

Finding APR, Total Finance Charges (Excluding Mortgage

Insurance)..................................................................................36

Finding APR, Total Finance Charges (Including Mortgage

Insurance)..................................................................................37

Date Examples ............................................................................38

Finding Odd-Days Interest and APR...........................................38

Equity Builder Loans....................................................................39

Equity Builder Term Reduction and Payment..............................40

Equity Builder Interest Savings - Based on Adjusted

Equity Builder Payment.............................................................40

Amortization and Remaining Balance .........................................41

Notes on Amortization .................................................................41

Total Principal/Total Interest for a 30-Year Loan..........................42

Amortization List for Individual Year(s) —

Using “Next” Feature

....43

Amortization List for Individual Year(s) —

Using Month Offset

......44

Amortization List for Individual Payment(s).................................45

Amortization List for a Range of Payments or Years ..................46

Balloon Payment/Remaining Balance Needed to Pay Off a Loan

...46

Mortgage Interest Tax Savings —

21% or 30% Tax Bracket

...........47

Future Value ................................................................................48

Appreciation.................................................................................48

Basic Savings Account Problem

(Future Value of an Initial Deposit or Lump Sum).....................48

Investment Future Value..............................................................48

Retirement Annuity ......................................................................49

Begin/End Interest Mode.............................................................49

Trust Deeds and Discounted Notes.............................................50

Purchase Price of a Note —

Fully Amortized

.................................50

Finding the Yield on a Discounted Note......................................50

Finding the Value and Discount of a Trust Deed.........................51

BUYER QUALIFYING...................................................................52

QUALIFYING EXAMPLES ...........................................................53

Recalling Income/Debt Qualifying Ratios....................................53

Storing New Income/Debt Qualifying Ratios...............................54

Finding Qualifying Loan Amount and Sales Price

(Simple Example Excluding Tax/Insurance)..............................54

Qualifying Loan Amount and Sales Price (Complete Example

Including Down Payment, Tax/Insurance, Monthly

Association Dues)......................................................................55

“Restricted” Qualifying.................................................................56

“Unrestricted” Qualifying..............................................................57

Qualifying Comparison (Comparing 2 Different Loans or

Ratios at Once) .........................................................................58

Finding Income Required and Allowable Monthly Debt...............59

Solving for Actual Qualifying Ratios ............................................60

PICK-A-PAYMENT AND COMBO LOANS ..................................61

Pick-A-Payment Loan (Zero-Month/30-Term) vs.

Standard Fixed-Rate Loan —

Entering Starting Payment

.............62

Pick-A-Payment Loan (Zero-Month/30-Term) vs.

Standard Fixed-Rate Loan —

Entering a Starting Interest Rate %,

Changing ROI% and Payment Cap%; Solving Payment Options

.........65

Equity Builder Pick-A-Payment Loan (Zero-Month/30-Term) vs.

Standard Fixed-Rate Loan........................................................68

Pick-A-Payment Loan (3-Month/30-Term) vs.

Standard Fixed-Rate Loan —

Finding P-A-P Savings for the First

Three Years (Versus the First Five Years)

.........................................70

Fixed-Rate Combo Loan (1st TD/2nd TD) ..................................72

Combo Loan vs. Fixed-Rate Loan with MI..................................73

Combo Loan —

Storing a New LTV

................................................74

Pick-A-Payment (3-Month/30-Term) Combo Loan vs.

Fixed-Rate Loan w/MI...............................................................76

Equity Builder Pick-A-Payment (3-Month/30-Term)

Combo Loan vs. Fixed-Rate Loan w/MI....................................78

APPENDIX .......................................................................................80

Default Settings ...........................................................................80

Error Codes .................................................................................80

Auto Shut-Off...............................................................................81

Batteries.......................................................................................81

Reset ...........................................................................................82

Repair and Return.......................................................................82

Warranty ......................................................................................83

Legal Notes .................................................................................84

Looking For New Ideas ...............................................................84

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— 1

KEY DEFINITIONS

Basic Operation Keys

OTurns all power off. The memory and most financial

registers are cleared.

oIf off, turns power on. If on, a single press clears the

last entry while a second press in succession clears

all non-permanent registers.*

*Clears Loan Amount, Payment, Price, Down Payment, Income,

Debt, Expense, and Mortgage Insurance/MI (unless MI is set to

hold; see Preference Settings).

+–x Arithmetic operation keys.

÷ =

0– 9Digits used for keying in numbers.

)Triple-zero key (saves time when entering 000 values).

•Decimal point.

Percent

— Four-function (+, –, x, ÷) percent key.

See page 20 for examples.

Memory

— Adds the displayed number to the inde-

pendent memory. Pressing s µ

(M-)

will sub-

tract the displayed value from the memory. Pressing

® µ recalls and displays the memory contents.

Pressing ® ® clears the memory. (See Memory

section for details.)

Recall

— Recalls and displays the contents of the

financial registers (e.g., ® ˆ). Also used for

Memory functions.

sWorks with other keys to set or activate additional

second functions (it will perform the function printed

above the key on the calculator’s face). Also used

to set the number of displayed decimal places (see

section on Decimal Place Selection).

s –

Change Sign

(+/–) — Changes the sign of the dis-

played value from positive to negative or vice-versa.

GETTING STARTED

2 — M

ORTGAGE

UALIFIER

LUS

s x

Clear All

— Clears all entered values and returns all

storable values to the default settings. Use this only

with caution, as it will reset ratios, payments per

year, etc. back to their defaults (see the Appendix

for a list of these settings).

Note: Clear All will not affect any changes made to Preference

Settings.

s =

Preferences (Prefs)

— Activates the Preference

Mode, where you can select custom settings (see

Preference Settings).

Mortgage Loan (TVM) Keys

The following keys let you solve time-value-of-money (TVM) prob-

lems, such as finding a loan payment, term, interest or future value,

amortization or Equity Builder loans. Other useful keys, such as

Price and Down Payment, are also included. These mortgage loan

keys let you demonstrate various “What-if” loan scenarios to your

clients.

Loan Amount

— Enters or solves for the initial loan

amount or present value of a financial problem.

P&I, PITI Payment, Total Payment, Interest-Only

Payment

— Enters or solves for the periodic princi-

pal and interest (P&I) payment. Pressing pa sec-

ond time in succession calculates the PITI payment

(P&I plus property tax, property insurance and mort-

gage insurance, if entered). The third press of p

computes the total payment (PITI plus any entered

expenses such as homeowner’s association dues

and other housing expenses). The fourth press cal-

culates the interest-only payment.

TEnters or solves for the number of years. Second

press gives the number of periods. You may enter a

periodic term, if you prefer, by pressing the πkey

(e.g., 3 6 π T instead of 3 T). An entered

term greater than 100 will be classified as periodic,

not annual.

Note: Stored permanently, until you change it.

Interest

— Enters or solves for the annual interest

rate. Second press gives the periodic rate.

Note: Stored permanently, until you change it.

s l

Future Value (FV)

— Enters or solves for the future

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’

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— 3

value of a financial problem.

s +

Investment Future Value

— Functions the same as

Future Value, but compounds interest at the begin-

ning of the period rather than the end.

Sales Price

— Enters or calculates Sales Price

based on the entries of Loan Amount (or equivalent

mortgage components) and Down Payment.

Down Payment

— Enters (in either percent or dollars)

or calculates Down Payment, based on the entries

of Loan Amount (or equivalent mortgage compo-

nents) and Sales Price. A second press changes the

entered down payment from a dollar figure to a per-

cent, or vice versa.

Note: Any number under 100 is assumed to be a percent down

payment.

s d

Loan-to-Value (LTV)

— Calculates the loan-to-value

percent when a Down Payment and Sales Price,

Loan Amount and Down Payment, or Loan Amount

and Sales Price are entered. Also calculates the

above dollar values if an LTV percent and one of the

above values are entered (cannot calculate loan

amount or price based on entered LTV and Down

Payment). Also used in Combo Loan problems for

comparing to a straight first with mortgage insurance.

(Default: 80.00%-10.00%)

Note: Stored permanently, until you change it.

s ˆ

Annual Percentage Rate (APR)

— Calculates APR

(for fixed-rate loans only) based on the entry of points

and/or non-recurring loan fees paid at initiation. It

also calculates finance charges, amount financed,

total amount financed (finance charges + amount),

P&I payment, monthly mortgage insurance (MI) and

the P&I with MI payment (PIMI),

based on the entry

of mortgage insurance

via the s 9 keys.

Periodic

— Used to specify a term, interest,

income, amortization, or remaining balance value as

periodic

rather than

annual

. Periods are determined

by the payments per year setting. For example,

3 6 π T enters 36 periods, or months.

s π

Interest-Only Payment

— Enters or calculates the

4 — M

ORTGAGE

UALIFIER

LUS

interest-only payment. This is also calculated via the

fourth press of the pkey.

s ÷

Payments per Year (Pmt/Yr)

— Used to set the

number of payment periods per year. Default value

is 12, for monthly.

Note: You can store the number of payments per year permanently

or semi-permanently. See “Preference Settings”.

Amortization (Amort)

— Finds total interest, princi-

pal, remaining balance, remaining term, and estimat-

ed mortgage interest tax deduction.

The output of this key is as follows:

Press Display or Calculation

1 Enters or displays range of periods

2 Calculates total interest for period range

3 Displays total principal for range

4 Calculates total principal and interest

5 Calculates remaining balance

6 Calculates remaining term

7 Calculates estimated mortgage interest tax

deduction for the specified period, based on

the default tax bracket of 21%*

*You may enter any tax bracket (e.g., 30%, press

3 0 s p

and recalculate amortization values).

Note: This is only for estimating a mortgage interest tax deduction

it does not include property tax. See “Tax Savings” keys for

income tax savings including property tax and mortgage interest.

s a

Remaining Balance (Rem Bal)

— Displays the

remaining balance when preceded by a single year

or range of years (or individual payment or range of

payments by also using the πkey). Note that you

can also see the remaining balance with continuous

presses of the akey.

Colon Separator (Date)

— Used as a separator for

entering dates, qualifying ratios, Combo loan (1st/2nd)

interest and terms, and for entering amortization ranges.

s )

Month Offset (Mo Offset)

— Used to set the first

month of payment if other than January.

s :

Odd-Days Interest

— Calculates the pre-paid inter-

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— 5

est, or simple interest accumulated (based on a

360-day year) during the days before the first loan

payment is made using the interest rate stored in

the Interest register.

s T

Equity Builder

— Converts a regular monthly loan

to an Equity Builder loan, where the buyer may real-

ize significant interest savings. After loan variables

are entered, pressing sTdisplays the reduc-

tion in term. The second press of Tdisplays the

total interest savings; third press displays the effec-

tive interest rate; the fourth press displays the total

interest paid; fifth press displays the total principal

paid; sixth press displays the total principal and

interest paid; and seventh press calculates the

Return on Investment (ROI%). Pressing pwill cal-

culate the Equity Builder payment. Pressing s

Tagain will exit Equity Builder Mode and re-cal-

culate based on the original term.

Note: Your calculator is programmed to calculate special interest-

saving Equity Builder Pick-A-Payment loans. With the EB P-A-P,

each payment is directly applied to loan principal, or applied twice

a month – unlike other loan programs, which may apply the pay-

ments to principal only once a month, or at the end of the year.

This results in even lower interest costs than typical bi-weeklies,

as well as significant P-A-P loan investment savings.

Tax Savings Keys

s p

Estimated Tax Savings (Tax Svgs)

— Calculates

an estimated annual income tax savings for a mort-

gage, based on entered loan variables, including

property tax, mortgage interest, and tax bracket. You

must enter a tax bracket, then press sppto

display the estimated annual tax savings; the third

consecutive press of pwill display the monthly tax

savings, and the fourth press will display the estimated

“after-tax” mortgage payment, or net payment.

Note: This function is different from the mortgage interest deduc-

tion figured in the Amortization calculation, as it also includes

property tax for a total estimated tax savings and only provides

an annual estimate, not an estimate for a specified range (see the

key definition for details).

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