Calculated Industries Qualifier Plus IIcx Manuale utente

UALIFIER

LUS

For the Real Estate Professional

User’s Guide

Introducing the Qualifier Plus IIcx . . . . . . . . .3

Key Definitions . . . . . . . . . . . . . . . . . . . . . . .4

Operating Basics . . . . . . . . . . . . . . . . . . . . .12

Decimal Place Selection . . . . . . . .12

Basic Math . . . . . . . . . . . . . . . . . .12

Percent Calculations . . . . . . . . . . .13

Memory Functions . . . . . . . . . . . .13

Date Function . . . . . . . . . . . . . . .14

Mortgages & Real Estate Loans . . .15

Sales Price/Down Payment . . . . . .20

Taxes & Insurance/PITH Payment .21

Amortization & Remaining Balance26

Future Value . . . . . . . . . . . . . . . .33

Trust Deeds & Discounted Notes .34

APR & Total Finance Charges . . . .36

Qualifying . . . . . . . . . . . . . . . . . .38

U.S.-Mode Only Functions . . . . . . . . . . . . . .51

Odd Days Interest & APR . . . . . . .51

Bi–Weekly Loans . . . . . . . . . . . . .53

Adjustable Rate Mortgages . . . . . .54

Appendix . . . . . . . . . . . . . . . . . . . . . . . . . .59

Default Settings . . . . . . . . . . . . . .59

Battery & Auto Shut–Off . . . . . . . .59

Error Codes . . . . . . . . . . . . . . . . .59

Warranty & Repair . . . . . . . . . . . .60

How to Reach CII Headquarters . .63

TABLE OF CONTENTS

2—Qualifier Plus

IIcx

Created specifically for residential real

estate professionals, the enhanced

Qualifier Plus IIcx is the simplest calcu-

lator ever made for residential real estate

financing. With the press of a few but-

tons, it solves hundreds of real estate

problems.

◆3–way Mortgage Qualifying

◆Instant P&I and PITH Payments

◆Loan/Mortgage Amounts

◆Tax and Insurance Capabilities

◆Interest Rates & Terms for both

Canada and the U.S.

◆Built–in Sales Price and Down

Payment

◆Complete Amortization

◆Remaining Balances/Balloon

Payments

◆Date Math Functions

◆Future Value and Appreciation

◆Yields/Prices on Trust Deeds & Notes

◆Loan Start Month Other than January

INTRODUCING

QUALIFIER PLUS®IICX

User’s Guide — 3

[+] [–] [x] [÷] [=]

Arithmetic operation keys.

[0] – [9] [000] and [•]

Digits used for keying in numbers.

[Off]

Turns all power off. The Memory and

most financial registers are cleared.

[On/C]

When off, turns power on. When on,

first press clears the last entry. Second

press clears temporary registers.

[%]

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

[M+]

Adds displayed value to Memory.

Pressing [Set] [M+] will subtract the dis-

played value from Memory. See

Memory Functions

[Rcl]

Recalls and displays the contents of the

Memory or financial registers.

[Set]

Used with other keys to set or activate

the function printed above the key on

your calculator’s face. When used, a

small boxed “S” appears on the display.

KEY DEFINITIONS

4—Qualifier Plus

IIcx

[Dn Pmt]

Down Payment: Enters (in either Percent

or Dollars) or calculates a Down Payment

based on the entries of Loan Amount (or

equivalent mortgage components) and

Sales Price. A second press toggles the

entered down payment from dollar fig-

ure to percent or vice versa.

Note: any

entered numerical value under 100 is

assumed to be a “percent down payment.”

[Price]

Sales Price: Enters or calculates a Sales

Price based on the Loan Amount and

Down Payment.

Note: Entered Sales Price

values will not normally change.

[L/A]

Loan Amount: Enters or solves for the

initial loan amount or present value of a

financial problem.

[Pmt]

Payment: Enters or solves for the periodic

principal and interest (P&I) payment.

Pressing twice calculates PITH (including

property tax, insurance, mortgage insur-

ance and heat, if entered).

[Term]

Enters or solves for the number of years.

A second press gives number of periods.

[Int]

Interest: Enters or solves for the annual

interest rate. Press twice for the periodic

rate. (Stored permanently, until changed)

User’s Guide — 5

[Set] [9]

Interest Mode: Toggles the mode of interest

between a semi-annual compounding (for

Canadian Mortgages) and a compounding

equal to payment periods for simple inter-

est loans.

[Per]

Period: Specifies a mortgage component

(Term/Interest) or amortization/remain-

ing balance value as “per period” rather

than “per year.” For example, 360 [Per]

[Term] enters 360 periods.

[FV]

Future Value: Enters or solves for the

future value of a financial problem.

[Amort]

Amortization: Finds total interest, princi-

pal and remaining balance. First press

enters or shows range of periods.

Second press shows total interest for

period range. Third press shows total

principal for range, and final press gives

remaining balance at end of range.

[:]

Colon: Used to specify a range for

amortization or to separate ARM

Interest: Term and Qualifying

GDSR:TDSR ratio entries. Also used to

separate values in a date entry.

[Ins]

Property Insurance: Stores and recalls

annual property insurance as percent

6—Qualifier Plus

IIcx

or dollar amount. Repeated presses

toggle between percent and dollar val-

ues. Values of 10 or less are assumed to be

annual percentages. Computed from the

sales price.

Note: Tax & Insurance

entered as dollar amounts remain fixed,

even if sales price or loan amount are

changed. However, if entered as a percent

of sales price or loan amount, these items

are automatically recalculated if sales

price or loan amount are changed.

[Tax]

Property Tax: Stores and recalls annual

property tax in either percent or dollar

amount. Repeated presses toggle

between percent and dollar values.

Values of 10 or less are assumed to be

annual percentages. Computed from

the sales price.

[Set] [÷]

Payments per Year: Sets the number of

payment periods per year. Default is 12,

for monthly. Any change to this setting is

permanent until reset. To reset to 12 pay-

ments per year, press 12 [Set] [÷].

[Set] [x]

All Clear: Clears and resets the calculator

to its default settings and values. Use this

with caution as it resets ratios, periods

per year, etc. to default settings (see

Default Settings

in Appendix).

User’s Guide — 7

[Set] [+]

Pro-Mode: Toggles the Pro–Mode setting

“On” and “Off” (default). An advanced

user feature, Pro-Mode changes Tax,

Insurance, and Mortgage Insurance to

permanent entries. Pro-Mode also

changes the order that qualifying values

are displayed when using the [Qual 1]

and [Qual 2] keys, by showing the lower,

or restrictive amount with the first press,

the higher, or nonrestrictive amount with

the second press, and the buyer’s actual

ratios with the third press. The fourth

press displays the stored GDSR:TDSR

ratios.

[Set] [–]

Change Sign: Toggles the sign of a dis-

played value.

[Set] [:]

Month Offset: Used to set the first month

of payment for annual amortization if

other than January.

[Set] [Int]

AnnualPercentageRate(APR): Calculates

APR (for fixed rates only), based on the

entry of points and/or non-recurring loan

fees paid at initiation. Not used for ARM.

[Set] [Amort]

Remaining Balance: Displays

Remaining Balance when preceded by a

single year or range of years (or individ-

ual payment or range of payments by

8—Qualifier Plus

IIcx

using the [Per] key). Continue pressing

[Amort] to see the Remaining Balance.

U.S.-Mode Only Functions

[ARM]

Adjustable Rate Mortgage: Calculates

payment and re-amortizes fully or par-

tially amortized Adjustable Rate Mortgage

based on the inputs of both Interest

Adjustment and Term Adjustment,

which are separated by the Colon [:]

key. For example, an ARM which

adjusts 1% every year is entered as 1

[:] 1[ARM]. Pressing [Set] [ARM] adjusts the

rate up or down to show future payments.

(ARM rates are stored permanently.)

[Set] [%]

Lifetime Interest Cap (ARMs):

Permanently sets the lifetime interest cap

for ARMs by entering the maximum

interest increase. Reset to 0 by pressing 0

[Set] [%].

[Set] [000]

Odd Days Interest: Calculates the pre-

paid interest, or simple interest accumu-

lated (based on a 360 day year) during the

days before the first loan payment. Uses

stored Interest value.

[Set] [Pmt]

Estimated After-Tax Payment: Calculates

an estimated “after-tax” payment if loan

variables and property taxes are entered.

User’s Guide — 9

First enter a tax bracket, then press [Set]

[Pmt] to display the annual tax deduction;

second press displays the monthly tax

deduction; third press displays the “after-

tax” payment.

[Set] [Term]

Bi-Weekly Mortgage function: Converts

between monthly and bi-weekly loans.

A second press of [Term] while in bi-

weekly mode, displays the total interest

savings.

[Set] [ARM]

ARM Rate Increase/Decrease: Changes

ARM function from increasing to

decreasing rate.

Qualifying Keys – “Plus” Model Only

[Qual 1]

A multifunction key which performs

the following qualifying functions:

1. Stores a GDSR:TDSR Ratio: (i.e. 32 [:]

40 [Qual 1]). The entered ratio will

remain in storage until revised or reset.

(defaults to 28%:36%.)

2. Finds the Maximum Loan Amount

based on income and other entered

values (interest, term, taxes, insurance,

etc.) when loan amount is zero.

3. Finds the Minimum Income Required

based on loan amount and other

entered values when income is zero.

10 — Qualifier Plus

IIcx

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