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Calculated Industries Qualifier Plus IIIx

1. STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Recall of payments year G amp S 4 00 IMPORTANT To return payments per year to the default value of 12 perform the following steps STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter of payments year 0 2 Em S 12 00 Finding a Quarterly Payment Find the quarterly payment on a 10 year loan of 15 000 with an annual interest rate of 12 STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Set to 4 payments year 4 En amp 4 00 Enter loan amount 5 ED Gea 15 000 00 Enter term in years 1 0 10 00 Enter annual interest U Kn 12 00 Find quarterly payment Em run 648 94 Reset to 12 payments year 1f Em S run 12 00 USER S GUIDE 29 Sales Price Down Payment One of the unique features of this calculator is its ability to work with not only Loan Amount but with Sales Price and Down Payment You can enter two values to find the third e g enter Price and Down Payment to find Loan Amount You may also enter the down pay ment in both percent or dollar format For example to enter 20 enter 20 and press the QED key you do not have to label it as a percent Or enter 20 000 e g 2 D CD Note A number under 100 entered as the Down Payment is assumed to be a per centage Note When using z2 Gi and EZ keys it s recommended that you always enter the two known values Price and Down Payment then solve for the third Loan Amount before
2. QUALIFIER PLus IIIx EXAMPLES MORTGAGE LOANS TIME VALUE OF MONEY TVM 1 The basic loan keys E EZ and work just like you would say them For example if you want to borrow 100 000 for 30 years at 10 interest just enter those three known vari ables and press the key for the unknown fourth variable Ga When computing future value problems enter the present value into the key Financial values may be entered in any order you want Entered values for Term and Interest are permanently stored they do not clear when the calculator is turned off The calculator s default setting is 12 payments per year for monthly loans It is good practice to press twice after completing a finan cial problem to ensure that you have cleared the previous EZ and Gi registers When solving for a financial component the calculator may dis play the word run in the display Solving for interest may take several seconds up to 15 while the word run displays Once you have calculated an answer for example a payment you can go back and change any financial variable and recalcu late your new answer without re entering all the other data This is handy for demonstrating various what if loan problems Successive presses of the D key will calculate 1 the Principal and Interest P amp I payment 2 the PITI payment which includes Property Tax Property Insurance and Mortgage Insurance if entered 3 th
3. 4 QUALIFIER PLUS IIIx GETTING STARTED KEY DEFINITIONS Basic Operation Keys Off n x Q e O a ogee B Turns all power off The memory and most financial registers are cleared If 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 Arithmetic operation keys Digits used for keying in numbers Triple zero key saves time when entering 000 values Backspace key deletes incorrect entries one digit at a time Decimal point Percent Four function x percent key See page 16 for examples Memory Adds the displayed number to the cumulative memory Pressing Gil M will subtract the displayed value from memory Pressing Ez recalls and displays the memory contents Pressing C CI clears the memory See page 22 for details Recall Recalls and displays the stored values in most keys functions such as the TVM keys pay ments per year etc e g C CD Also used for Memory functions Works with other keys to set or activate 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 page 19 US
4. ARM 4 ARM 1 566 43 Find 5th adjusted 6th year ARM payment ARM 5 ARM 1 626 81 Find 6th adjusted 7th year ARM payment an 6 ARM 1 686 78 Find 7th adjusted 8th year ARM payment ARM 7 ARM 1 746 26 Find 8th adjusted 9th year ARM payment ARM 8 ARM 1 805 17 Find 9th adjusted 10th year ARM payment Ev 9 ARM 1 805 17 Find principal at start of 10th year u ea 163 155 23 Recall current interest rate EZ 12 25 Recall remaining term co 21 00 Reset cap to zero 0 E CAP ARM 0 00 Note that the payment for 8th and 9th adjustments corresponding to the 9th and 10th years is the same because the lifetime cap was reached on the 8th adjustment An M for maximum will appear at the bottom of the display once the Cap is reached Be sure to set the Cap back to 0 by pressing 0 E0 before starting a new ARM problem USER S GUIDE 39 Decreasing ARM Payment Calculate the initial monthly payment on a 30 year 250 000 ARM loan at 5 interest and then find the second and third years adjust ed payments if the loan s interest rate decreases 1 at the end of each year STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter loan amount 2 5 0 Ell EZ 250 000 00 Enter term in years 3 0 30 00 Enter annual interest 5 0 5 00 Find initial monthly payment QD run 1 342 05 Enter ARM parameters 8 2 Em 1 00 1 00 Find 1st lower ARM payment ARM 1ARM 1 197 01 Find 2nd lower ARM payment ARM 2AR
5. Cont d 66 QUALIFIER PLus IIIx Cont d STEPS KEYSTROKES DISPLAY 3 Find 90 5 5 Combo Loan and Comparison Values vs Fixed Rate Loan with Mortgage Insurance Enter LTV and find 1st 2nd blended interest rate 9 0 5 8 05 Find equivalent interest rate of fixed rate loan with mortgage insurance MI 9 95 Find total combined 1st 2nd payment 764 70 Find equivalent payment of fixed rate loan with MI 873 64 Find monthly savings over fixed rate loan with MI 108 94 Find adjusted 2nd term if savings applied to 2nd TD 2 83 Find 1st TD loan amount 94 736 84 Find 2nd TD loan amount 5 263 16 Find 1st TD monthly payment 695 15 Find 2nd TD monthly payment 80 10 10 69 55 Re display LTV 80 10 10 90 00 5 00 Note an entered LTV is not stored in order to re calculate a Combo Loan based on a different LTV than 80 10 10 or 80 15 5 you will need to enter the LTV prior to press ing or GD a USER S GUIDE 67 APPENDIX Default Settings Performing a total Reset see below will return the calculator to the following default settings Two Fixed Decimal Places 12 Periods per Year Reset to 12 Upon Property Tax Insurance Values Cleared Upon Mortgage Insurance Values Cleared Upon Amortization Range Specified Year Ent Ent Qualifying Ratios Displayed 1st Month Offset to January 1 Tax Bracket 28 Qual 1 Ratios 28 36 Qual 2 Ratios 29 41 Combo Loan 1st 2nd LTV 80 10 80 15 Res
6. Displays total principal for range Calculates total principal and interest Calculates remaining balance Calculates remaining term Calculates estimated mortgage interest tax deduction for the specified period based on the default tax bracket of 28 You may enter any tax bracket e g 30 press 30 Em and recalculate amortization values Note This is only for estimating a mortgage interest tax deduc tion it does not include property tax See Tax Savings keys for income tax savings including property tax and mortgage inter est on page 9 Remaining Balance Bal Displays the remain ing balance when preceded by a single year or range of years or individual payment or range of payments by using the Elm keys Note that you can also view the remaining balance as part of the Amortization display see above description Colon Separator Date Used as a separator for entering dates ARM adjustments qualifying ratios Combo Loan 1st 2nd interest and terms and for entering amortization ranges Month Offset Mo Offset Used to set the first month of payment if other than January Odd Days Interest Calculates the prepaid inter 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 N 9 QI gt Q N 8 QUALIFIER PLUS IIIx ARM a g aM Ka Adjustable Rate Mortgage
7. foie seis E A visto eh iat acne cd oy to E 56 Restricted Qualifying keke 57 USER S GUIDE 3 Unrestricted Qualifying kk 57 Qualifying Comparison Comparing 2 Different Loans or Ratios at ONCC AD ND ns DD cade et ciate eee teeta ea naaa 58 Finding Income Required and Allowable Monthly Debt 59 Solving for Actual Qualifying Ratios 60 1ST AND 2ND TRUST DEEDS COMBO LOAN3 61 Combo Loan 80 10 10 vs Fixed Rate Loan with Mortgage Hall an E E A ec Dr n eet 62 Combo Loan 80 15 5 vs Fixed Rate Loan with Mortgage tl an R EET E E de 64 Combo Loan Entering a New LTV oaeee 66 APPENDIX r a EST pa w Ha P k SENE E SA sU kek eeii 68 Default SettiNg Ss sx yij uu called ilan sla Waa l peed 68 R SOL a wena eku nike yekek lak n yek kade key n E o e deve lay daka adres 68 Error CodeS i eatea b yi kwla er eeN Daka kaka da Lal w r n dat CEK b le iya kad 68 Auto Shut Offics tix sed ANN DU De E aan A D 69 Batteres morun Yaneya e bi R A HO Ke ye R be eee K n tac el Taka REYEK 69 Repair and Return cccceeccscceeeeesceeeeeeeesneeeeeeseneeeeeeseneeeeeeenaees 69 Warranty cu kon fois eae arbi xewa SOK bax k d k pk dawe eed ehla xd kwa kK k 70 Legal a DY DD DD e AA DD rrr rrr 71 Looking For New ld a S li kak kaka kake kk 71 IN DE X 4558554255 ces Era kerek che e KEN he Seke ed E RN Pet k A 72
8. 2nd TD 7 1st Trust Deed Loan Amount 8 2nd Trust Deed Loan Amount 9 1st Trust Deed Payment 10 2nd Trust Deed Payment 11 Displays LTV 1st TD Interest Term Stores the annual interest and term for the 1st fixed rate TD These values are used when computing the 1st 2nd fixed Combo Loan Entry is made using the key Interest Term Both interest and term values are required for a valid entry Values will be retained until changed or reset 2nd TD Interest Term Stores the annual interest and term for the 2nd fixed rate TD Entry is made using the key Interest Term Both interest and term values are required for a valid entry Values will be retained until changed or reset USER S GuipE 15 BASIC ARITHMETIC EXAMPLES Arithmetic This calculator uses standard chaining logic which simply means that you enter your first value the operator amp the sec ond value and then the equals sign 8 A 3 2 5 00 B GG 2 1 00 Cc 3 88 2 8 6 00 D 3 2 8 1 50 Percentage Calculations The Percent amp key can be used for finding a given percent of a number or for working add on discount or division percentage calculations A 8 0 0 2 5 200 00 B 2 5 0 D 0 275 00 Cc 2 5 fw 5 0 12 50 D 2 0 0 amp 5 0 400 00 The Percent function is a key that has special applications for real estate professionals especially when f
9. 3 3 9 300 00 Multiply by term 5 9 1 500 00 Add original loan amount 6 an 8 6 500 00 If the loan is compounded monthly what will you owe STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter loan amount t5 El ea 5 000 00 Enter term 5 5 00 Enter interest 6 0 6 00 Find future value Em ca run 6 744 25 Future Value Given any four components to a problem that includes a future value you can calculate the fifth Appreciation You purchased a home for 350 000 and want to know its value in 3 years figuring an inflation or appreciation rate of 6 Set periods to one per year STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Set to 1 payment year OMS 1 00 Enter present value 50 Ell EZ 350 000 00 Enter term in years 3 3 00 Enter appreciation rate 6 Ki 6 00 Find future value Em ca run 416 855 60 Return to 12 payments year D 2 Em S 12 00 Present Value PV original purchase price enter as G amp D Future Value FV lm 28 QUALIFIER PLus IIIx Non Monthly Loans Most residential real estate loans are based on a monthly payment schedule However if you have a non monthly loan you must change the number of payments per year using a two key sequence Em amp For example here s how to set your calculator to four pay ments per year STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter of payments year 4 Em S 4 00 To recall the currently stored number of payments
10. DEC OFF 0 00 Clears decimal place setting resets DEC Hold Entry 2 Payments Per Year P Y OFF 12 00 ANN P Y Hold Entry ANN to 0 00 at B Default Permanently sets number of decimal places Resets to 12 00 at EZ2 Default Permanently sets pmts year 3 Property Tax Insurance T l Clr OFF TAX INS Hold Pct TAX INS Hold All TAX INS Clr Clr TAX INS 20 QUALIFIER PLus IIIx Clears all T I and values at B Default Holds only T I percent entries at Holds all T I and values at Clears all T I and values at double press of or Elya Cont d Cont d After Em Keep Description Pressing Press to Advance 5 Display within each category to Back up 4 Mortgage Insurance Ml Clr Clr M Ins Clears mortgage insurance and upon A Default Clr OFF M Ins Clears mortgage insurance and at EZ2 HOLD Pct M Ins Holds only percent mortgage insurance entry at B HOLD ALL M Ins Holds or mortgage insurance entry at EM 5 Amortization Single Entries AMRT Ent Ent Displays amortization for specified year only e g enter 5 e payments 49 60 Default AMRT 1 Ent Displays amortization from beginning to specified year e g enter 5 payments 1 60 6 Display Qualifying Ratios Q R PRESS 1 Displays ratio at beginning of sequence Default
11. Price Discount J 17 Simple One Year Home Appreciation Add On 17 Date Examples 52yi so arin a ieee dae ee ee 18 CALCULATOR SETTINGS scseccceseeeeseeeeeeeeeessneeeenseeeessaeeeseeeeess 19 Decimal Place Selection cccccceceeeeeeeeeeeeeeeeeeeeeeseneeeeeeeee 19 Preference Settings Ek kk kk kk KS 20 MEMORY AAE nas E ee s ERE T u HECER A ER UE Aya We Re READ ENE RUn ban 22 A cum ulativ Memory xi kxsax al leala s ra aai 22 Memory Storage Keys MO MB6 EE 23 EXAMPLES 2 22ccz 5c xis sare ak keka kk k ke VE Eu Wa wu u l p ak e k vU A wie v e wehe b Sy k u k Dewa 25 MORTGAGE LOANS TIME VALUE OF MONEY TVM 25 Finding the Monthly Mortgage P amp I Paymeni 26 Finding the Interest Rate MA A GLkK U N F3M Ips l EEE 26 Finding the Term Of a Loan ii Eke 26 Finding the Loan Amount sareren atia ku kk kek 27 Paying Off a Mortgage Early Making Larger Payments 27 Simple Interest vs Compound lnterest 28 Future S U lex Sarki aaae anka vak k naya aN 28 APDIeCiatiOn ye ccrec kik krna n dn eaa EN e ikea xweke E yew Raa 28 Norn Monthly LOS gt ik ssaln o salla eya yd k pekiya k i k kak EKE WaRE n 29 Finding a Quarterly Payment EEeEe 29 Sales Price Down Payment keke 30 Finding Loan Amount B
12. Q R AT END Displays ratio at end of sequence USER S GUIDE 21 MEMORY Accumulative Memory Whenever the key is pressed the displayed value will be added to cumulative memory This value will remain in Memory until cleared or when the calculator is turned off Other Memory functions FUNCTION KEYSTROKES Recall total in Memory ca Display and clear Memory a aa Subtract displayed value from Memory EN Replace Memory with displayed value Em KED The Memory is semi permanent that is it will only be cleared when you 1 turn off the calculator 2 press RJ CA and 3 press Gi 3 Clear All Examples STEPS KEYSTROKES DISPLAY Store number into Memory 3 5 5 355 00 Add number to Memory 2 5 6 255 00 Recall total in Memory co oD 610 00 Subtract from Memory 7 4 6 Em 745 00 Recall total in Memory En 135 00 Replace Memory G 0 ET Ez 50 00 Recall and clear Memory EZ EZ 50 00 22 QUALIFIER PLus IIIx Memory Storage Keys MO M6 In addition to the standard cumulative Memory as described above your calculator has six independent Storage Registers MO through M6 that can be used to permanently store single non cumulative values These values will be held when your calculator is turned off and will only clear when a Clear All is performed via Em 3 You can replace a value in one of these Memory registers by storing a new value in place of the stored value FU
13. 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 USER S GuipE 31 Setting Tax and Insurance Rates Enter an annual p
14. Stores income and debt ratios for loan quali fying Ratios are entered using the Colon key Income Ratio Debt Ratio For example income and debt ratios of 28 and 36 respectively are entered and permanently stored as follows 2 8 3 6 GEM Default income and debt ratios for this key are 28 and 36 respectively You may change qualifying ratios if desired What are Qualifying Ratios The income ratio calculates the allowable percent age of income for the total housing payment while the debt ratio finds the allowable percentage of income for the total housing payment plus long term debts usually 12 months or longer The conserva tive rule is that total housing expenses should b e 28 or less of income while total housing expense plus monthly debt should be 36 or less of income Cont d 10 QUALIFIER PLus IIIx Cont d INCOME RATIO TOTAL HOUSING EXPENSE GROSS MONTHLY INCOME DEBT RATIO TOTAL HOUSING EXPENSE MONTHLY DEBT GROSS MONTHLY INCOME Note Typically when figuring government loans FHA VA these formulas also include estimated expenses for maintenance and utilities added to the Total Housing Expense for both ratios Also real estate financing and qualifying varies per region and by lender who of course take other factors into consideration such as a buyer s credit and employment history 2 Calculates the maximum loan amount for which a buyer may qualify based on the s
15. Z3 CS 0 00 Enter loan amount 2256 Ell EZ 225 000 00 Enter interest C4 7 40 Enter term 3 30 00 Find monthly P amp I payment QD run 1 557 85 Enter Payments 1 9 OBO ED E run 1 9 Find interest 12 449 13 Find principal 1 571 56 Total principal and interest CUZ 14 020 69 Find remaining balance Amort 223 428 44 Find remaining term Amort 29 25 Find mortgage interest deduction for Payments 1 9 3 485 76 Enter Years 1 10 amp 1D 0 run 1 120 Find interest Amort 156 798 68 Find principal Amort 30 143 87 Total principal and interest Cuz 186 942 55 Find remaining balance 194 856 13 Find remaining term 20 00 Find mortgage interest deduction for Years 1 10 Amort 43 903 63 46 QUALIFIER PLus IIIx APR and Total Finance Charges Calculating the Annual Percentage Rate APR and Total Finance Charges TFC is performed in two steps 1 you set up the loan just like any other problem that is enter three known variables and solve for the fourth and 2 combine points and fees and press El CI APR to solve APR If you continue to press the calculator will also display the total finance charges and a third press will dis play total finance charges plus principal total cost of loan If mortgage insurance is entered as seen in the second example your calculator will include that expense into APR and total finance charges as well as calculate the periodic mortgage insurance dollar amount and PIMI Prin
16. aka Eke kak k 44 Amortization List for Individual Payment s 45 Amortization List for a Range of Payments or Years 46 APR and Total Finance Charges cccceccceeseseeeseeeeeesneeeseaes 47 Finding APR Total Finance Charges Excluding Mortgage Insurance 47 Prepaid Odd Days Interest and APR n se 48 Balloon Payment Remaining Balance Needed to Pay Off LOAN A AA E kiya yy xen dea dek atid keky Wl E 49 Bi Weekly Loans osure ylla iya karin n yan ca BER awa kak wik a y wey ka w n kan 49 Bi Weekly Term Reduction and Payment UEEEEUU UULULU OEU EEEU 50 Trust Deeds and Discounted Notes eneen 50 Purchase Price of a Note Fully Amortized 51 Finding the Yield on a Discounted Note ancene 51 Finding the Value and Discount of a Trust Deed 52 BUYER QUALIFYING 0cccccccssseeeeeeeeesseeeeneeeeeseeesenseeeeseneseeseenenes 53 QUALIFYING EXAMPLEG c ccccesseeesseeeeeeeeeeseeeeeseeeesneeeeneeneees 54 Recalling Income Debt Qualifying Ratios 54 Storing New Income Debt Qualifying Ratioe 54 Finding Qualifying Loan Amount and Sales Price Simple Example Excluding Tax InSurance ccscceesseeeeeeeneeees 55 Qualifying Loan Amount and Sales Price Complete Example Including Down Payment Tax Insurance Monthly Association BUGS
17. and APR Find the monthly payment on a 100 000 loan at 8 25 annual interest and 30 year term Then find the amount of odd days inter est or prepaid interest due if the escrow closes on 7 21 03 and the first payment is due 8 1 03 STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter loan amount DOO El EZ 100 000 00 Enter interest 2 5 ga 8 25 Enter term 3 0 30 00 Find monthly P amp I payment QD run 751 27 Find days between escrow closing and date of 1st payment OL 1 amp 0 3 amp 7 8 2 1 0 G3 8 11 00 Find the prepaid interest due at closing an 8 252 08 Note This is based on a 360 day year as most banks use this method for comput ing prepaid interest DO NOT CLEAR CALCULATOR Nov without clearing the calculator add the prepaid interest to the loan s points and fees if they are equal to 1 5 and 500 respec tively Then find the Annual Percentage Rate APR based on these closing costs STEPS KEYSTROKES DISPLAY Store the prepaid interest in memory 252 08 Find Loan Costs Recall loan amount Ki ea 100 000 00 Find point cost x 1 5 8 1 500 00 Add fees 5 0 0 9 2 000 00 Add prepaid interest stored in memory cI 2 252 08 Find APR for this loan Em m run 8 50 Clear All Em All Cleared 0 00 48 QUALIFIER PLUS IIIx Balloon Payment Remaining Balance Needed to Pay Off a Loan You re looking at a new home with the following financing a
18. calculating financial values Finding Loan Amount Based on Sales Price and Down Payment Find both the down payment dollar amount and loan amount if the sales price is 250 000 and you re planning to put 20 down STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter sales price 2 5 0 Ell az 250 000 00 Enter down payment 2 0 Ta 20 00 Find down payment Dn Prt 50 000 00 Find loan amount a 200 000 00 Note You can find Sales Price based on an entered Loan Amount and Down Payment or find the Down Payment based on entered Sales Price and Loan Amount values 30 QUALIFIER PLus IIIx 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 amp l 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 twice However you may use the Preference Settings E amp M to permanently store or hold all Tax and Insurance and values when the calculator is turned off see page 20 Note There s a separate Preference
19. d 34 QUALIFIER PLus IIIx Cont d STEPS KEYSTROKES DISPLAY Find P amp l payment Em run 1 681 74 Find PITI payment Em 2 315 07 Find total payment PITI plus monthly expenses Em 2 465 07 Find interest only payment GD 1 402 50 Estimated Income Tax Savings and After Tax Payment Important Note This example estimates the annual tax savings including property tax and mortgage interest It is important to inform your clients to consult a tax advisor for an accurate income tax deduction computation for their particular tax situation Buyers in a 28 income tax bracket are looking to finance a 150 000 mortgage for 30 years at 8 annual interest If they will be paying approximately 1 500 in annual property taxes and 250 in annual property insurance find their estimated annual tax savings or mort gage interest property tax savings and after tax monthly payment STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter term in years 3 0 30 00 Enter annual interest 8 Kw 8 00 Enter annual property tax 1 5 0 0 1 500 00 Enter annual property ins 2 0 E3 250 00 Enter loan amount OS 0 E EZ 150 000 00 Find P amp l payment Em run 1 100 65 Find PITI payment Em 1 246 48 Enter tax bracket 2 6 Em Em 28 00 Find annual income tax savings cD 3 767 32 Find monthly tax savings D 313 94 Find after tax payment GD 932 54 DO NOT CLEAR CALCULATOR If the above loan start
20. monthly mortgage insurance amount or premium and press ing again converts to the annual percentage rate If entered as a percentage pressing E3 Gi C3 converts to the annual dollar amount and press ing once more shows the monthly insurance USER S GUIDE 13 Note Entering a number equal to or less than 10 is assumed to be an annual percentage Mortgage insurance is calculated from the loan amount Note Tax and Insurance entered as dollar amounts will remain fixed even if sales price or loan amount is changed However if entered as a percentage of sales price or loan amount these items will automatically be re calculated if sales price or loan amount is changed ED Expense For Total Payment and Qualifying Enters monthly housing expense e g homeowner s association dues maintenance and utilities 1st and 2nd Trust Deeds Combo Loan Keys The Combo Loan keys show the savings of obtaining a 1st and 2nd trust deed TD loan over a single fixed rate loan where mortgage insurance or private mortgage insurance PMI is required This routine requires a fixed rate loan to be entered using the stan dard EZ CD C and or keys so that a loan comparison can be made Loan to Value Combo Loan for 80 10 10 This key provides a loan comparison see below key out puts of an 80 10 10 combo fixed rate loan versus a single fixed rate loan requiring mortgage insurance The stored values are a percentage of the sales
21. of years period or range of periods For example to find the Remaining Balance after the 10th year press 1 0 Em GUE to find the Remaining Balance after the 10th period press 0 ED Ew periodic Gi Caz 3 Entered ranges are inclusive so that a range of 1 to 5 would in clude both year 1 and year 5 4 Entering a numerical value or performing a math operation on the keyboard will alter the values including the default settings for range of payments calculations It is therefore best to speci fy a range of payments or an individual payment before you cal culate any of the above 5 In some cases it is the practice to include a final regular P amp I payment with the balloon payment This calculator will not in clude that in the internal calculation of remaining balance it will only display the actual principal balance remaining Cont d USER S GuipE 41 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 default for this setting is 1 for January To change the start month from January enter the month number e g 2 for February then the GD and AM keys This allows you to calculate the correct number of periods in the amortization range As another exam ple if the first payment of a loan begins in April the value stored in the month offset would be 4 press 4 El Ma If request ing amortization values for year 1 press 1
22. payment amount 6 2 5 Ew 62 50 Find your yield m run 13 70 Note Pressing Em identifies your entry as a periodic value DO NOT CLEAR CALCULATOR USER S GUIDE 51 What should you pay for this trust deed if you want an 18 yield on your investment STEPS KEYSTROKES DISPLAY Enter your desired yield T 6 EZ 18 00 Find purchase price CH run 5 530 99 Finding the Value and Discount of a Trust Deed Determine the value and discount required for a 75 000 mortgage payable at 937 50 per month bearing interest at 11 per year due in seven years STEPS KEYSTROKES DISPLAY Clear calculator On C 0 00 Store loan amt in Memory 5 Gi M 75 000 00 Enter monthly payment VIAOS E 937 50 Enter annual term Term 7 00 Enter annual interest rate 0 0 11 00 Compute remaining balance Em 43 576 27 DO NOT CLEAR CALCULATOR What should you pay for this trust deed if you want a 17 yield on your investment STEPS KEYSTROKES DISPLAY Enter your desired yield 7 E 17 00 Compute value of mortgage VZ 59 243 35 Subtract from Memory Shift 59 243 35 Compute discount recall Memory ca M 15 756 65 Clear Memory uz E 15 756 65 Note Pressing J EJ or turning the calculator B will clear the value stored in Memory 52 QUALIFIER PLus IIIx BUYER QUALIFYING The Qualifying keys were designed specifically for mortgage lend ers brokers for doing instant pre qualifications on the
23. price e g 80 10 identifies that 80 of the price is covered by the 1st TD 10 of the price is covered by the 2nd TD and the remaining 10 is covered by the down payment Shift Loan to Value Combo Loan for 80 15 5 The second function of this key provides a loan com parison see below of an 80 15 5 combo fixed rate loan versus a single fixed rate loan requiring mort gage insurance The stored values are a percentage of the sales price e g 80 15 identifies that 80 of the price is covered by the ist TD 15 of the price is covered by the 2nd TD and the remaining 5 is covered by the down payment Note You may also enter any LTV for either C H or Em 80 15 5 Combo Loans keys For example to enter a 90 5 LTV enter 9 0 amp or 9 8 E0 and continue to press the key to find the below values 14 QUALIFIER PLus IIIx Em ca For a comparison of a fixed rate combo loan versus a fixed rate loan with required mortgage insurance each key press once all other loan values are entered including 1st and 2nd Interest Term will calculate Press Calculation 1 Combo Loan Combined Blended Interest Rate 2 Equivalent Interest Rate of Fixed Rate Mortgage with Mortgage Insurance 3 Combo Loan Combined 1st 2nd TD Payment 4 Equivalent Payment of Fixed Rate Mortgage with Mortgage Insurance 5 Monthly Savings over Fixed Rate Loan with Mortgage Insurance 6 Adjusted 2nd Term if Savings Applied to
24. respectively a mortgage insurance rate of 0 6 and monthly home owner s association dues of 50 for what loan amount can they now qualify What sales price can they afford What s their total pay ment Again use the previously stored 7 5 interest 30 year term and qualifying ratios of 28 36 if you ve cleared or changed these values please re enter them STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter annual income 5 Gi 75 000 00 Enter monthly debt 0 0 Gey 500 00 Enter down payment Gh Gp 5 000 00 Set annual property tax rate D 5 1 50 Set annual property insurance rate 2 5 E3 0 25 Set annual mortgage insurance rate 6 Em co 0 60 Enter homeowner s dues 5 0 50 00 Recall interest m 7 50 Recall term ca 30 00 Display qualifying ratios EZZT 28 00 36 00 Find qualifying loan amount GZD run 189 119 31 Find price 194 119 31 DO NOT CLEAR CALCULATOR Now find the monthly P amp l payment PITI payment total payment and interest only payment STEPS KEYSTROKES DISPLAY Find P amp l payment cD run 1 322 35 Find PITI payment Pmt 1 700 00 Find total payment cD 1 750 00 Find interest only payment cD 1 182 00 If you re not continuing from the previous problem you ll need to re enter interest and term 56 QUALIFIER PLus IIIx Restricted Qualifying Buyers who make 68 000 annually and have 750 in long term monthly debt wish to buy a home offered
25. sec ond payments Note Use the E keys to label the payments STEPS KEYSTROKES DISPLAY Clear calculator a Cha 0 00 Enter loan amount U 5 E EZ 175 000 00 Enter interest 6 8 5 EW 6 85 Enter term 3 0 30 00 Find monthly payment cD run 1 146 70 Enter Payment 1 UU E e run 1 1 Find interest in Payment 1 998 96 Find principal in Payment 1 147 75 Find principal interest in Payment 1 1 146 70 Find remaining balance in Payment 1 174 852 25 Find remaining term in Payment 1 29 92 Find mortgage interest deduction in Payment 1 279 71 Display Payment 2 run 2 2 etc sequence repeats for each payment DO NOT CLEAR CALCULATOR For the same loan find the amount of principal and interest paid in the 36th payment Also find the total payment remaining balance and remaining term STEPS KEYSTROKES DISPLAY Enter Payment 36 6 Shift run 36 36 Find interest in Payment 36 966 39 Find principal in Payment 36 180 32 Find principal interest Payment 36 1 146 70 Find remaining balance 169 113 79 Find remaining term 27 00 Note Payments are rounded to the nearest whole cent therefore the penny difference USER S GUIDE 45 Amortization List for a Range of Payments or Years For a 225 000 30 year loan at 7 4 interest find out how much interest and principal you ll pay in payments 1 9 and then for years 1 10 STEPS KEYSTROKES DISPLAY Clear calculator
26. 0 Enter down payment 2 0 Gi 20 00 Find dollar down payment 50 000 00 Find loan amount aan 200 000 00 Display qualifying ratios EZET 28 00 36 00 Find income required ET run 71 219 12 Find maximum allowable monthly debt ET run 474 79 Find P amp l payment cD 1 297 20 Find PITI payment cD 1 661 78 USER S GUIDE 59 Solving for Actual Qualifying Ratios A buyer who makes 120 000 annually and has 550 in long term monthly debt wants to borrow 275 000 to purchase a home He has 68 750 for the down payment and the property tax insurance rates are estimated at 1 4 and 0 2 respectively monthly homeowner s association dues are 65 Use 6 5 interest for 30 years What are his actual ratios What is the price of the home he can afford What is the monthly payment STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter interest t5 0 6 50 Enter term 3 0 30 00 Enter loan amount 2 6 E EZ 275 000 00 Enter down payment 6 8 7 5 0 Gi 68 750 00 Enter annual income 2 0 El ay 120 000 00 Enter monthly debt 5 Ge 550 00 Enter property tax rate 13 Za 1 40 Enter property insurance rate o 2 0B 0 20 Clear mortgage insurance rate 0 Emn o 0 00 Enter monthly association dues 6 5 65 00 Display stored ratios ET 28 00 36 00 Calculate actual ratios ET run 22 62 28 12 Find sales price 343 750 00 Find the P amp l payment cD 1 738 19 Find the PITI payment cD 2 196 52 Find the total pa
27. 1 67 42 QUALIFIER PLus IIIx Amortization List for Individual Year s Using Next Feature How much total interest and principal will you pay on a 30 year 90 000 loan at 8 interest during the first year The second year Third year etc First find monthly payment to set up this loan The calculator will automatically advance to the next year upon sub sequent presses of CHE Note The mortgage interest tax deduction is based on the default tax bracket of 28 unless you have changed it via Elm STEPS KEYSTROKES DISPLAY Clear calculator On C 0 00 Enter loan amount 9 0 TI 90 000 00 Enter interest m 8 00 Enter term 3 0 30 00 Find monthly P amp l payment Ew run 660 39 Enter Year 1 run 1 12 Find total interest in Year 1 7 172 83 Find total principal in Year 1 751 83 Find prin interest in Year 1 7 924 66 Find remaining balance 89 248 17 Find remaining term 29 00 Find mortgage interest tax deduction in Year 1 2 008 39 Display next year Year 2 run 13 24 Find total interest in Year 2 7 110 43 Find total principal in Year 2 FT 814 23 Find principal interest in Year 2 7 924 66 Find remaining balance 88 433 94 Find remaining term 28 00 Find mortgage interest tax deduction in Year 2 1 990 92 Display next year Year 3 run 25 36 etc sequence repeats for each year USER S GUIDE 43 Amortization List for Individual Year s Using Month Offset
28. Also what is the monthly P amp I payment Based on no Tax and Insurance STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter term in years 0 ETA 30 00 Enter annual interest D 0 5 E 7 50 Clear tax rate 0 0 00 Clear insurance rate 0 3 0 00 Clear mortgage insurance rate 0 Em a 0 00 Enter annual income 7 5 000 75 000 00 Enter monthly debt 0 0 Ga 500 00 Enter down payment 3 6 EE Gi 35 000 00 Display qualifying ratios EZET 28 00 36 00 Find qualifying loan amount G2 run 250 280 85 Find price 285 280 85 Find monthly P amp l payment Ew 1 750 00 Note Tax and Insurance will need to be cleared if you re continuing from a previous example where rates were stored DO NOT CLEAR CALCULATOR Re qualify this buyer assuming 200 per month in additional debt STEPS KEYSTROKES DISPLAY Enter new monthly debt 0 0 Ge 700 00 Display qualifying ratios GZ 28 00 36 00 Find lower qualifying loan amount Cz run 221 677 32 Find lower price 256 677 32 Find monthly P amp l payment Ew 1 550 00 USER S GUIDE 55 Qualifying Loan Amount and Sales Price Complete Example Including Down Payment Tax Insurance Monthly Association Dues The same buyers as in the previous example who make 75 000 annually and have 500 in long term monthly debt wish to buy a lower priced home and can only put 5 000 down If you include estimated annual property taxes and insurance of 1 5 and 0 25
29. Calculates the pay ment and re amortizes a fully or partially amortized Adjustable Rate Mortgage based on the inputs of both an Interest Adjustment and a Term Adjustment which are entered using the Colon key Interest Adjustment Term Adjustment For example an ARM which increases 1 every six months is entered e8 5 GM an ARM which decreases 1 every six months is entered GD GED ARM rates are stored permanently Lifetime Interest Cap ARMs Sets the lifetime interest cap for ARMs by entering the maximum interest increase This is a permanent setting To clear set the cap back to zero Gil Bi Weekly Bi Wkly Converts a regular monthly loan to a Bi Weekly loan where the buyer may real ize significant interest savings After loan variables are entered pressing Gila displays the reduc tion in term The second press of shows the total interest savings third press displays the total interest paid fourth press displays the total principal and fifth press displays the total principal and inter est paid Pressing Ga will calculate the bi weekly payment Pressing Gi again will return and re calculate to the original term or pressing twice will exit Bi Weekly Mode Tax Savings Keys Em Gu 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
30. ER S GUIDE 5 Em o Em Change Sign Changes the sign of the dis played value from positive to negative or vice versa Clear All Clears all entered values and returns any stored values to their default settings Use this only with caution as it will reset ratios Periods 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 with the exception of Payments Year and Decimal Places which are returned to their defaults unless you perform a Reset see page 68 Preferences Prefs Activates the Preference Mode where you can select custom settings see page 20 Mortgage Loan TVM Keys The following keys let you solve Time Value of Money TVM problems such as finding a Loan Payment Term Interest or Future Value Amortization or Bi Weekly loans Other useful keys such as Price and Down Payment are also included These mortgage loan keys let you easily demonstrate various what if loan scenarios to your clients Term Loan Amount Enters or solves for the initial loan amount or present value of a financial problem P amp I PITI Payment Total Payment Interest Only Payment Enters or solves for the periodic princi pal and interest P amp I payment Pressing Gi a sec ond time in succession calculates the PITI payment P amp I plus property tax property insurance and mort gage i
31. G29 the amortiza tion of periods 1 9 would be displayed Year 2 press 2 GHZ would display values for periods 10 21 Turning your calculator off and back on returns the Month Offset to 1 January Note If you have changed your Month Offset be sure to return it to 1 i e Q0 Em GD before proceeding to the next problem 7 A useful new feature is that your calculator will also display an estimated Mortgage Interest Tax Deduction at the end of the amortization value list after remaining balance is displayed if a tax bracket is also entered via Eli Tax Brkt Note If a tax bracket is not entered the calculator will use the default of 28 displayed upon G amp D 8 Your calculator automatically advances to the Next Amortization Range or Period after the initial sequence is complete upon repeated presses of W This saves you from entering the next range or period each time Total Principal and Interest for a 30 Year Loan How much total interest will you pay on a 300 000 loan at 7 5 interest over 30 years What is the total principal and interest paid STEPS KEYSTROKES DISPLAY Clear calculator On C 0 00 Enter loan amount 3 0 0 GD EZ 300 000 00 Enter interest C t5 E 7 50 Enter term 3 0 30 00 Find monthly P amp I payment w run 2 097 64 Find total of payments run 1 360 Find total interest paid Amort 455 151 67 Find total principal paid 300 000 00 Find total principal interest 755 15
32. H RESPECT TO THE PRODUCT S QUALITY PERFOR MANCE MERCHANTABILITY OR FITNESS FOR A PARTICULAR PUR POSE AS A RESULT THIS PRODUCT INCLUDING BUT NOT LIMITED TO KEYSTROKE PROCEDURES MATHEMATICAL ACCURACY AND PREPROGRAMMED MATERIAL IS SOLD AS IS AND YOU THE PUR CHASER ASSUME THE ENTIRE RISK AS TO ITS QUALITY AND PER FORMANCE 70 QUALIFIER Plus IIIx IN NO EVENT WILL CI BE LIABLE FOR DIRECT INDIRECT SPECIAL INCIDENTAL OR CONSEQUENTIAL DAMAGES RESULTING FROM ANY DEFECT IN THE PRODUCT OR ITS DOCUMENTATION The warranty disclaimer and remedies set forth above are exclusive and replace all others oral or written expressed or implied No Cl dealer agent or employee is authorized to make any modification extension or addition to this warranty Some states do not allow the exclusion or limitation of implied warranties or liability for incidental or consequential damages so the above limitation or exclusion may not apply to you This warranty gives you specific rights and you may also have other rights which vary from state to state Legal Notes This equipment has been certified to comply with the limits for a Class B computing device pursuant to Subpart J of Part 15 of FCC rules Software copyrighted and licensed to Calculated Industries Inc by Real Estate Master Technologies LLC 2007 User s Guide copyrighted by Calculated Industries Inc 2007 QUALIFIER PLUS and CALCULATED INDUSTRIES are regist
33. M 1 064 20 For second and third year payments Increasing and Decreasing ARM Payment Find the ARM payments for a 300 000 30 year ARM loan that starts out at 5 but increases 1 after six months and then decreases 1 5 after an additional 12 months STEPS KEYSTROKES DISPLAY Clear calculator On c 0 00 Enter loan amount 3 0 0 El E 300 000 00 Enter term in years 3 0 EZA 30 00 Enter annual interest 5 K 5 00 Find initial monthly payment cD run 1 610 46 Enter 1st ARM adjustment M 6 1 00 0 50 Find higher ARM payment 1ARM 1 796 41 Enter 2nd ARM adjustment T gt 6 1 Em 1 50 1 00 Find lower ARM payment run 1 ARM 1 527 15 40 QUALIFIER PLus IIIx Amortization and Remaining Balance The amortization function is quick and simple It allows you to find total interest principal and remaining balance for an entire loan for an individual payment or individual year or any range of payments or range of years for fully or partially amortized loans It also lets you quickly compute the mortgage interest deduction as an esti mate for your clients Notes on Amortization 1 When you enter a range of payments using the key you can find all three possible outputs Interest Principal and Remaining Balance without having to re enter the range each time Simply keep pressing the key to find the values 2 You can also find Remaining Balance using the Gi key by specifying a year or range
34. NCTION KEYSTROKES Store single value in MO EN ao Store single value in M1 EM KED 1 Store single value in M2 M6 GD a 2 3 4 5 or 6 Clear register e g M1 E a 1 Review stored value e g M1 Rci 1 Clear stored value Shift Perform a GM 3 Clear All with caution as it will clear any stored values from your calculator s registers Example Store 175 into M1 recall the value and then store a new value in place of the first stored value KEYSTROKES DISPLAY O78 ap KEJ 1 M 1 175 00 0 00 EZ 1 M 1 175 00 0S 0 ETI EE 1 M 1 150 00 USER S GUIDE 23 Additional Memory Storage Keys M10 M19 In addition to MO M6 as described previously your calculator has ten additional independent Storage Registers M10 through M19 that can also be used to permanently store single non cumulative values To access these storage registers use the follow ing keystrokes Gi CI with being digits 9 These storage registers operate identically to MO M6 Examples Store 250 into M10 and recall the value KEYSTROKES DISPLAY 2 5 0 Gil a 0 M 10 250 00 an 0 00 Rci 0 M 10 250 00 Store 350 into M11 and recall the value KEYSTROKES DISPLAY 3 5 0 GM Z2 1 M 11 350 00 an 0 00 Ga M 11 350 00 Note Repeat the above procedure for registers 12 19 using digits 2 9 Note To clear all above values stored in Memory press Ell 3 24
35. QUALIFIER PLUS IIlX ADVANCED RESIDENTIAL REAL ESTATE FINANCE CALCULATOR WITH COMPLETE BUYER QUALIFYING User s Guide Model 3415 _R QuauiFier Pius lllx 4 CI REAL ESTATE QUALIFYING Port 494997 e a loy gt 8 g Ins Y S S y J00 60E Ins Si 8888 880f 3 N oO oO Oo 88680880 000088 000808868 4 CALCULATED J7 INDUSTRIES i Introducing the QUALIFIER PLus IIIx Mortgage Loan Calculator The QUALIFIER PLUS llix was custom designed for mortgage lenders and residential real estate professionals With the push of a few buttons it will pre qualify prospective buyers instantly and solve hundreds of mortgage loan problems with ease It s the most complete and easy to use real estate finance calculator on the market Features New Easy and Complete Buyer 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 Find the Restricted and Unrestricted Qualifying Loan Amount Instant P amp I PITI and Total Payment Interest Only Payment Expanded Tax and Insurance Capabilities Built in Sales Price and Down Payment Works in Annual Term and Interest Flexible what if Loan or TVM Calculations Finds Loan Amount Term Interest or Payment Future Value and Appreciation Complete Amortiz
36. The first payment of a loan begins in May How much total interest and principal will you pay on a 30 year 90 000 loan at 8 interest during the first year The second year Third year etc First find monthly payment to set up this loan Note The mortgage interest tax deduction is based on the default tax bracket of 28 unless you have changed it via Gi Calculator will automatically advance to the next year upon subsequent presses of ID STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Set Month Offset to May Gil Ell 5 00 Enter loan amount 9 0 Gh Gh 90 000 00 Enter interest m 8 00 Enter term 3 0 30 00 Find monthly P amp I payment Ew run 660 39 Enter Year 1 Go run 1 8 Find total interest in Year 1 4 788 58 Find total principal in Year 1 494 53 Find principal interest in Year 1 5 283 10 Find remaining balance 89 505 47 Find remaining term 29 33 Find mortgage interest tax deduction in Year 1 1 340 80 Display next year Year 2 run 9 20 etc sequence repeats for each year Return Month Offset to 1 O El W 1 00 Note Payments are rounded to the nearest whole cent therefore the penny difference Note Remember to reset Month Offset to 1 Check this setting by pressing ED Gi 44 QUALIFIER PLus IIIx Amortization List for Individual Payment s For a 175 000 loan at 6 85 interest for 30 years find out how much interest and how much principal you ll pay in the first and
37. a term interest and stored qualifying ratios succes sive presses of the E2i or GED keys give the following results e the first press of G2 or GZ will display your stored ratios the second press in succession will display the restricted maximum qualifying loan amount used in loan approval e the third press in succession will show the buyer s actual income and debt ratios the fourth press will display the higher unrestricted qualify ing loan amount and the last press will display the allowable monthly debt Note You can set your Qualifying Ratios to display first or last via the Preference Settings See page 20 USER S GUIDE 53 5 When calculating Annual Income Required based on entered loan amount or sales price term interest and stored qualifying ratios the first press of GZ or GED will display your stored ratios the second press in succession will display the Annual Income Required and the third press in succession will show the Allowable Monthly Debt 6 When calculating buyer s Actual Ratios based on entered bor rower data i e income and debt and property data i e loan amount sales price term interest the first press of GD or CY will display the stored qualifying ratios and the second press will calculate the buyer s actual ratios 7 You can use the EB Expense CB GB and Gil GB Mig Ins keys as optional variables affecting buyer qualifying and PITI payments Tax
38. alue use the EG key 50 QUALIFIER PLus IIIx Purchase Price of a Note Fully Amortized The mortgage you are thinking about buying has the following terms and conditions 15 years remaining 100 per month incoming pay ments and you want a 25 yield or return on your investment In this case you are paying for the income stream the incoming pay ments and not the future value STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter desired yield 2 5 EW 25 00 Enter term OS 15 00 Enter payment amount 00 0 Ew 100 00 Find purchase price amt run 4 682 68 DO NOT CLEAR CALCULATOR What if you want a 20 yield Leave all of the above data and re enter the 20 interest over the old rate then re calculate the loan amount STEPS KEYSTROKES DISPLAY Enter your new desired rate of return 20 E 20 00 Find purchase price run 5 693 80 Finding the Yield on a Discounted Note An individual wants to sell you a note under the following terms 60 months remaining in the term a face amount when due of 7 500 10 interest only payments of 62 50 incoming He says he will sell this note to you for 6 500 if you buy today If you buy it what will be the yield on your investment STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter future value of note when due 5 0 0 Em Ge 7 500 00 Enter purchase price 6 5 0 0 El 6 500 00 Enter remaining term t6 0 ETI EZ3 60 00 Enter
39. and Insurance rates are calculated from the Sales Price Mortgage Insurance is calculated from the Loan Amount QUALIFYING EXAMPLES Most of the examples in this section will be based on the default In come and Debt Ratios of 28 and 36 respectively which are stored in the GD key Recalling Income Debt Qualifying Ratios Recall stored 28 36 and 29 41 ratios STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Recall qualifying ratios 1 Ca D 28 00 36 00 Recall qualifying ratios 2 C ETZB 29 00 41 00 Storing New Income Debt Qualifying Ratios Enter and permanently store new qualifying ratios of 30 for Income and 38 for Debt in Qual 1 STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Set qualifying ratios 3083 8 Gp 30 00 38 00 Return ratios to 28 36 2 8 3 6 Gp 28 00 36 00 Note Your ratios will be permanently stored and will remain even after your calcula tor is turned off However if you have changed the Qualifying Ratios from the default of 28 36 Qual 1 or 29 41 Qual 2 you can re enter these ratios at any time 54 QUALIFIER PLus IIIx Finding Qualifying Loan Amount and Sales Price Simple Example Excluding Tax Insurance Given an interest rate of 7 5 a term of 30 years and the stored GED 28 36 qualifying ratios for what size loan and what sales price can a buyer qualify for if he or she makes 75 000 annually and has 500 in long term monthly debt The buyer plans to put 35 000 down
40. ased on Sales Price and Down Payment nck deh iii eee de eerie ies 30 Taxes and INSUANCE eee eee eee cette eee eeeeteeeeeteeeaeeeeeeetaeeeeeneeaaees 31 Setting Tax and Insurance Rates 32 2 QUALIFIER PLus IIIx Recalling Tax and Insurance Rates cccccececeeeeeeeeeetteeeeees 32 Setting Tax and Insurance ii eee 32 Calculating Tax and Insurance OF 4 33 PITI Payment Tax and Insurance Entered as 34 Total Payment Including Expenses and Interest Only Payment 2 E E a taints A alec Site eta 34 Estimated Income Tax Savings and After Tax Payment 35 Rent VS Buys raionar ai fan A Xu na HE ORDEK e RR set ki A8 0E rin n Aa 36 Adjustable Rate Morltgages iiE Ek 37 ARM Payment Worst Case Scenario CCL LEEELLLE 38 ARM Payment Using Lifetime Cap 39 Decreasing ARM Payment ccccceeesesseeeeeeeeneeeeeeeeneeeeeeeaes 40 Increasing and Decreasing ARM Paymen 3 40 Amortization and Remaining Balance 41 Notes On Amortization isaer anran K RE keke V Kak Kek kak 41 Total Principal and Interest for a 30 Year Loan 42 Amortization List for Individual Year s Using Next Feature MA L C L EEL EEE lak kaka 43 Amortization List for Individual Year s Using Month Offset L L LELL E EEL
41. at 175 000 They can only afford 5 000 for the down payment For what maximum loan amount can they qualify Use previously stored 7 5 interest 30 year term Tax Ins Mtg Ins rates of 1 5 25 and 0 6 respec tively and qualifying ratios of 28 36 Re enter 0 6 mortgage insurance rate 50 assn dues and 5 000 down Note If these val ues aren t stored you ll need to re enter them STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Recall interest ca co 7 50 Recall term ca 30 00 Recall annual prop tax EJ 1 50 Recall annual prop ins EZ 0 25 Re enter annual MI rate 6 Em 0 60 Enter homeowner s dues 5 0 50 00 Enter down payment aD GD 5 000 00 Enter annual income 6 8 Gh Ka 68 000 00 Enter monthly debt 5 0 Ge 750 00 Display qualifying ratios GZ 28 00 36 00 Find restricted qualifying loan amount Cz run 137 725 41 DO NOT CLEAR CALCULATOR Note If you re not continuing from the previous problem you ll need to re enter inter est term and in this case property tax and insurance Unrestricted Qualifying The amount calculated in the previous example is the loan they may qualify for based on current income and debt and the standard 28 36 qualifying ratios What are the buyer s actual income and debt ratios What does the unrestricted loan amount calculate to and which side is it based on i e buyer s income or debt What is the buyer s maximum allo
42. ated on upper backside of calculator Remove the old batteries Insert two new LR44 button cell batteries making sure they re facing positive side up Close the battery door 4 Note Replacement batteries are available at most camera or electronics stores You may also call Calculated Industries at 1 800 854 8075 X Warranty Repair and Return Information Repair and Return Return Guidelines 1 Please read the Warranty in this User s Guide to determine if your Calculated Industries product remains under warranty before calling or returning any device for evaluation or repairs 2 If your product won t turn on check the batteries as outlined in the User s Guide 3 If you need more assistance please go to the website listed below 4 If you believe you need to return your product please call a Calculated Industries representative between the hours of 8 00a m to 4 00p m Pacific Time for additional information and a Return Merchandise Authorization RMA Call Toll Free 1 800 854 8075 Outside USA 1 775 885 4900 www calculated com warranty USER S GUIDE 69 Warranty Warranty Repair Service U S A Calculated Industries CI warrants this product against defects in materi als and workmanship for a period of one 1 year from the date of original consumer purchase in the U S If a defect exists during the warranty peri od Cl at its option will either repair using new or remanufacture
43. ation Remaining Balances Balloon Payments Adjustable Rate Mortgages ARMs APR and Total Finance Charges Bi Weekly Loans Trust Deeds investments Date Math Also Works as a Standard Math Calculator 1st and 2nd Trust Deeds 80 10 10 80 15 5 or Combo Loans APR including Mortgage Insurance Income Tax Savings Mortgage Interest Deduction Interest Only Payments Loan to Value LTV Odd Days Interest ODI and Month Offset Rent vs Buy USER S GuIDE 1 TABLE OF CONTENTS GETTING STARTED lt 4 4 1 1 2 1154 5 1xx2 e e ee a xizak a Heka k na kn ki ME ai ken 5 KEY DEFINITIONS iieiaei daera ina enaena Sawak Va ek w VEY D Rav ek kr S REY 5 Basic Operation Keys E u Ek kk kk kk kek 5 Mortgage Loan TVM K yS u kk kk kk 6 Tax Savings KEYS teed lala sl l n dehl s r dak es KOY k s k ieee kal M K 9 Rentiva Buy KO yS ak seydaye ke e k ed ba TEK a yekek R jene kn ne RA YAY 10 Qualifying KEYS ol s inene dk kere lsa kr n bi k l silal eka xeva WARE kU AR eE 10 Tax Insurance and Expense Keys ll E d EE 13 1st and 2nd Trust Deeds Combo Loan Keye 14 BASIC ARITHMETIC EXAMPLES cccceesseseseeeeeeseeseseeeeeeeas 16 AVIINIMOUIGC c cist Sena r rg cn ania 16 Percentage Calculations ELLu Eke 16 Figuring Straight Commission cccceeeseeeeeeeeeeeteeeeseeeeee 16 Reduction in Listing
44. cipal Interest Mortgage Insurance payment Note APR for non real estate loans such as for autos and boats that compound interest based upon 365 days per year cannot not be solved using this function as calculations are based on 360 days per year Finding APR Total Finance Charges Excluding Mortgage Insurance You are financing a mortgage of 250 000 for 30 years at a nominal or quoted rate of 8 interest The cost of getting the loan is quoted as 1 5 points and 550 in fees Mortgage insurance is not required What is the APR and total finance charges when these costs are included STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter loan amount 2 5 0 Gh EZ 250 000 00 Enter interest m 8 00 Enter term 3 0 30 00 Find monthly P amp l payment K run 1 834 41 Find Loan Costs Recall loan amount CO F2 250 000 00 Find point cost U 5 8 3 750 00 Add fees and find total 5 5 0 9 4 300 00 Find APR Em o run 8 18 Find total finance charges E 414 688 12 Find amount financed a 245 700 00 Find total finance charges plus amount financed m 660 388 12 Note Because APR is an interest calculation it may take several seconds to calculate APR includes mortgage insurance if entered Total finance charges include mortgage insurance over the life of the loan to present a worst case scenario however most people can eliminate MI once a certain LTV is met USER S GUIDE 47 Prepaid Odd Days Interest
45. d parts or replace with a new or remanufactured calculator the product at no charge THE WARRANTY WILL NOT APPLY TO THE PRODUCT IF IT HASBEEN DAMAGED BY MISUSE ALTERATION ACCIDENT IMPROPER HANDLING OR OPERATION OR IF UNAUTHORIZED REPAIRS ARE ATTEMPTED OR MADE SOME EXAMPLES OF DAMAGES NOT COVERED BY WAR RANTY INCLUDE BUT ARE NOT LIMITED TO BATTERY LEAKAGE BENDING BLACK INK SPOT OR VISIBLE CRACKING OF THE LCD WHICH ARE PRESUMED TO BE DAMAGES RESULTING FROM MISUSE OR ABUSE To obtain warranty service in the U S please go to the website A repaired or replacement product assumes the remaining warranty of the original product or 90 days whichever is longer Non Warranty Repair Service U S A Non warranty repair covers service beyond the warranty period or service requested due to damage resulting from misuse or abuse Contact Calculated Industries at the number listed above to obtain current product repair information and charges Repairs are guaranteed for 90 days Repair Service Outside the U S A To obtain warranty or non warranty repair service for goods purchased out side the U S contact the dealer through which you initially purchased the product If you cannot reasonably have the product repaired in your area you may contact Cl to obtain current product repair information and charges including freight and duties Disclaimer Cl MAKES NO WARRANTY OR REPRESENTATION EITHER EXPRESS OR IMPLIED WIT
46. e Total payment PITI plus any entered housing expenses and 4 the Interest Only payment USER S GUIDE 25 Finding the Monthly Mortgage P amp I Payment Find the monthly P amp l principal and interest payment on a 30 year fixed rate mortgage of 265 000 at 6 75 annual interest STEPS KEYSTROKES DISPLAY Clear calculator On C 0 00 Enter loan amount 2 6 5 D ea 265 000 00 Enter term 3 0 KETA 30 00 Enter interest 1 153 E 6 75 Find monthly P amp I payment Kw run 1 718 78 Note Use the l l key to save keystrokes What is the new payment if the interest rate is lowered to 6 5 STEPS KEYSTROKES DISPLAY Enter new interest rate 6 0 6 E 6 50 Find monthly P amp l payment GD run 1 674 98 Finding the Interest Rate Find the interest rate on a mortgage where the loan amount is 98 500 the term is 30 years and the payment is 1 150 a month STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter loan amount 9 8 5 0 0 Cem 98 500 00 Enter term 3 0 30 00 Enter monthly payment D 5 0 Em 1 150 00 Find annual interest mm run 13 78 Find periodic interest m 1 15 Finding the Term of a Loan How long does it take to pay off a loan of 15 000 at 10 interest if you make payments of 200 each month STEPS KEYSTROKES DISPLAY Clear calculator On C 0 00 Enter loan amount OS ED Gea 15 000 00 Enter interest U0 KB 10 00 Enter monthly payment 2 0 0 Ew 200 00 Find
47. e 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 PMI You have the following parameters FIXED RATE FIXED RATE COMBO LOAN LOAN w PMI ist TD 2nd TD Loan Amount 100 000 100 000 Interest 7 8 10 Term 30 30 year 10 year PMI 2 5 LTV 95 80 10 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values and Find Total Payment Clear calculator 0 00 Enter loan amount DOO E EZ 100 000 00 Enter interest m 7 00 Enter term 3 0 30 00 Enter PMI mortgage insurance value AICS K3 2 50 Clear Tax register 0 0 00 Clear Insurance register 0 B 0 00 Solve for P amp l payment GD 665 30 Solve for PITI payment with PMI 873 64 2 Enter Combo Loan Values Enter 1st TD Interest Term 83 0 ER 8 00 30 00 Enter 2nd TD D 0 8 2 0 Ein 10 00 10 00 Cont d Interest Term 62 QUALIFIER PLus IIIx Cont d STEPS KEYSTROKES DISPLAY 3 Find 80 10 10 Combo Loan and Comparison Values vs Fixed Rate Loan with Mortgage Insurance Find 1st 2nd combined blended interest rate 8 11 Find equivalent interest rate of single fixed rate loan with mortgage insurance 9 95 Find total combined 1st 2nd payment 799 07 Find equivalent payment of single fixed rate loan with mortgage insurance 873 64 Find monthly savings over fixed rate loan with mortgage insurance 74 57 Find adjusted 2nd term if savings app
48. ent interest rate of single fixed rate loan with mortgage insurance 9 95 Find total combined 1st 2nd payment 826 57 Find equivalent payment of single fixed rate loan with mortgage insurance 873 64 Find monthly savings over fixed rate loan w PMI 47 07 Find adjusted 2nd term if savings applied to 2nd TD 7 26 Find 1st TD loan amount 84 210 53 Find 2nd TD loan amount 15 789 47 Find 1st TD monthly payment 617 91 Find 2nd TD monthly payment 208 66 Re display LTV 80 00 15 00 USER S GUIDE 65 Combo Loan Entering a New LTV You d like to show your client the savings of a fixed rate Combo Loan over that of a standard fixed rate loan with PMI The LTV for the 1st 2nd TD is 90 5 See 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 95 90 5 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values and Find Total Payment Clear calculator 0 00 Enter loan amount DOO Ek EZ 100 000 00 Enter interest m 7 00 Enter term 3 0 30 00 Enter PMI mortgage insurance value 2 5 Em a 2 50 Clear tax register 0 0 00 Clear insurance register 0 B 0 00 Solve for P amp I payment Ew 665 30 Solve for PITI payment with PMI EZ 873 64 2 Enter Combo Loan Values Enter 1st TD Interest Term 83 0 EZ 8 00 30 00 Enter 2nd TD Interest Term 0 8 2D 0 Ein 10 00 10 00
49. enter a tax bracket then press Gil CD Gi to display the estimated annual income tax savings the third consecutive press of Gi will display the monthly tax savings and the fourth press will display the estimated after tax or net mortgage 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 USER S GUIDE 9 Rent vs Buy Keys Em Rent vs Buy Calculates a comparable sales price loan amount and mortgage payment versus the cost of monthly rent You must enter loan vari ables and a tax bracket via Gi then enter the prospective buyer s current rent and press Eli EZE Consecutive presses of Q will calculate the comparable sales price loan amount monthly loan payment including tax insurance if entered and estimated annual monthly income tax savings a Tax Bracket Tax Brkt Enters a buyer s tax bracket for figuring Rent vs Buy calculations or for calculating an estimated mortgage interest tax deduction in the Amortization calculation Press G amp D to display stored percentage Default 28 Qualifying Keys D Qualify Based on 28 36 A multi function key which based on entered variables performs the following pre qualifying functions 1
50. ered trade marks of Calculated Industries Inc ALL RIGHTS RESERVED Looking For New Ideas Calculated Industries a leading manufacturer of special function calculators and digital measuring instruments is always looking for new product ideas in these areas If you have an idea or a suggestion for improving this product or User s Guide please submit your comments online at www calculated com under Contact Us Product Idea Submittal Agreement Thank you USER S GuipE 71 INDEX 1ST AND 2ND TRUST DEEDS COMBO LOANS 61 1st 2nd TD Combo Loan Keys 14 Actual Qualifying Ratios Solving for 60 Adjustable Rate Mortgages 37 Amortization and Remaining Balance 41 Amortization List for a Range of Payments or Years 46 Amortization List for Individual Payment s 45 Amortization List for Individual Year s Using Next Feature 43 Amortization List for Individual Year s Using Month Offset 44 Appendix 68 Appreciation 28 Appreciation for a Home Add on 17 ARM Payment Using Lifetime Cap 39 ARM Payment Worst Case Scenario 38 Auto Shut Off 69 Balloon Payment 49 BASIC ARITHMETIC EXAMPLES 16 Basic Operation Keys 5 Batteries 69 Bi Weekly Loans 49 BUYER QUALIFYING 53 CALCULATOR SETTINGS 19 Combo Loan 80 10 10 vs Fixed Rate Loan with Mortgage Insurance 62 Combo Loan 80 15 5 vs Fixed Rate Loan with Mortgage Insurance 64 Combo Loan Entering New LTV 66 Date Exampl
51. es 18 Decimal Place Selection 19 Decreasing ARM Payment 40 Default Settings 68 Error Codes 68 Estimated Income Tax Savings and After Tax Payment 35 Examples 25 Figuring Straight Commission 16 Finding APR Total Finance Charges Excluding Mortgage Insurance 47 Finding Loan Amount Based on Sales Price and Down Payment 30 Future Value 28 Income Required and Allowable Monthly Debt 59 Income Debt Qualifying Ratios Recalling 54 Increasing and Decreasing ARM Payment 40 Interest Rate Finding an 26 KEY DEFINITIONS 5 Loan Amount Finding 27 MEMORY 22 Memory Storage Keys MO M6 23 72 QUALIFIER Plus IIIx Monthly Mortgage P amp I Payment 26 Mortgage Loan TVM Keys 6 MORTGAGE LOANS TIME VALUE OF MONEY TVM EXAMPLES 25 Non Monthly Loans 29 Odd Days Interest and APR 48 Paying Off a Loan Early Making Larger Payments 27 Percentage Calculations 16 PITI Payment Tax and Insurance Entered as 34 Preference Settings 20 Qualifying Comparison 58 QUALIFYING EXAMPLES 54 Qualifying Keys 10 Qualifying Loan Amount and Sales Price Finding 55 Qualifying Loan Amount and Sales Price Complete Example 56 Quarterly Payment Finding a 29 Reduction in Listing Price Discount 17 Rent vs Buy 36 Rent vs Buy Keys 10 Repair and Return guidelines 69 Reset 68 Restricted Qualifying 57 Sales Price Down Payment 30 Simple Interest vs Compound Interest 28 Storing New Inco
52. et Manual Reset If your calculator s display should ever freeze or lock up press Reset a small hole located to the left of the E key to perform a total reset It is recommended you use a straightened paper clip as the hole is extremely small Keystroke Reset Returning the Calculator to its Original Factory Settings You may at times want to reset your calculator to its factory settings i e reset all registers and Preference Settings to their original default values To do this turn off the calculator hold down the key and then turn it back on Error Codes With an incorrect entry or answer beyond the range of the calculator the display will show one of the following error messages To clear an error simply press any key OFLO Number Too Large to Display DIV Error Attempted to Divide by Zero TVM Error Time Value of Money Error ENT Error Invalid Entry PPY Error Payments Per Year Error QL Error Qualifying Error 68 QUALIFIER PLus IIIx Auto Shut Off Your calculator is designed to shut itself off after about 8 12 minutes of non use Batteries Should the display become very dim or erratic replace the batteries Batteries Included Two LR44 1 5V batteries Battery Life Actual Use 1 000 hours 4 Note Please use caution when disposing of your old batteries as they contain hazardous chemicals Replacing the Batteries Slide open and remove the battery door loc
53. iguring a commission amount Figuring Straight Commission The commission for the listing office is 3 If the property sells for 259 650 what is the listing office s commission STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter sales price 2 5 9 6 5 0 259 650 Multiply by commission 0 O 6 7 789 50 DO NOT CLEAR CALCULATOR What if the listing agent works on a 50 50 split with his or her bro ker What is the listing agent s share of this commission STEPS KEYSTROKES DISPLAY Multiply by 50 percent amp G5 0 8 3 894 75 16 QUALIFIER PLUuS IIIx Reduction in Listing Price Discount A nervous seller has had her property on the market for just over four months listed at 175 500 Because she is anxious to move into a new home she wishes to reduce the listing price by 5 Calculate both the amount of reduction in dollars and the new lowered listing price STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter sales price T 7 5 5 0 0 175 500 Subtract 5 amp 5 8 775 00 Find new listing price e 166 725 00 Simple One Year Home Appreciation Add on Properties in your area have been going up in value about 6 per year lf you purchase a 275 000 home today what will it be worth in one year assuming the same rate of appreciation continues STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter current value 2 5 Gy 275 000 Add 6 6 16 500 00 Find ap
54. lear calculator 0 00 Enter term in years 3 0 TA 30 00 Enter annual interest 6 5 W 6 50 Enter sales price 326 Ell EZS 325 000 00 Enter down payment Film 5 00 Set tax rate DG GG 1 30 Set property insurance rate 2 E 0 25 Set mortgage insurance rate 4 E0 0 45 Find loan amount a 308 750 00 Find P amp I payment cD 1 951 51 Find PITI payment Em 2 487 08 You may enter Tax Insurance or Mortgage Insurance as a percentage or dollar amount i e 4225 B 812 5 GB or 1389 38 Gia C3 Total Payment Including Expenses and Interest Only Payment Find the total payment including principal interest tax insurance and mo expenses and the interest only payment on a 30 year 6 loan if the home s selling price is 330 000 and the down payment is 15 Local annual property taxes are estimated at 5 900 property insurance at 500 mortgage insurance at 1 200 and mo expens es e g homeowner s assn dues plus utilities at 150 STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter term in years 3 0 30 00 Enter annual interest 6 K 6 00 Enter sales price 33 0 Ell az 330 000 00 Enter down payment 6 Gi 15 00 Find dollar Dn Prt 49 500 00 Enter property tax 5 9 0 0 5 900 00 Enter property insurance 0 0 GD 500 00 Enter mortgage insurance T 2 0 GD GD 1 200 00 Enter monthly expenses MEO 150 00 Find loan amount ca 280 500 00 Cont
55. lied to 2nd TD 5 44 Find 1st TD loan amount 88 888 89 Find 2nd TD loan amount 11 111 11 Find 1st TD monthly payment 652 24 Find 2nd TD monthly payment 146 83 Re display LTV 80 00 10 00 USER S GUIDE 63 Combo Loan 80 15 5 vs Fixed Rate Loan with Mortgage Insurance You d like to show your client the savings of a fixed rate Combo Loan over that of a standard fixed rate loan with mortgage insur ance or PMI The LTV for the 1st 2nd TD is 80 15 See the following parameters FIXED RATE FIXED RATE COMBO LOAN LOAN w PMI ist TD 2nd TD Loan Amount 100 000 100 000 Interest 7 8 10 Term 30 30 year 10 year PMI 2 5 LTV 95 80 15 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values and Find Total Payment Clear calculator 0 00 Enter loan amount DOO Ek EZ 100 000 00 Enter interest m 7 00 Enter term 3 0 ETA 30 00 Enter PMI mortgage insurance value 2 4 5 Em a 2 50 Clear tax register 0 0 00 Clear insurance register 0 B 0 00 Solve for P amp l payment GD 665 30 Solve for PITI payment with PMI Pmt 873 64 2 Enter Combo Loan Values Enter 1st TD Interest Term 83 0 Ea 8 00 30 00 Enter 2nd TD Interest Term 0 8 1D 0 em 10 00 10 00 Cont d 64 QUALIFIER PLus IIIx Cont d STEPS KEYSTROKES DISPLAY 3 Find 80 15 5 Combo Loan and Comparison Values vs Fixed Rate Loan with Mortgage Insurance Find 1st 2nd blended interest rate Em 80 15 5 8 16 Find equival
56. me Debt Qualifying Ratios 54 Tax and Insurance Setting 32 Tax and Insurance or Calculating 33 Tax and Insurance Rates Recalling 32 Tax and Insurance Rates Setting 32 Tax Savings Keys 9 Tax Insurance and Expense Keys 13 Taxes and Insurance 31 Term of a Loan 26 Total Payment 34 Total Principal Total Interest for a 30 Year Loan 42 Trust Deeds and Discounted Notes 50 Unrestricted Qualifying 57 Warranty 70 USER S GUIDE 73 NOTES 74 QUALIFIER PLUuS IIIx NOTES USER S GUIDE 75 CALCULATED INDUSTRIES Putting answers at your fingertips since 1978 JJ I Designed in the United States of America Printed in China 03 10 z UG3415E F
57. mortgage at 5 88 annual interest Then convert it to a Bi Weekly and find out how many years it will take to pay off this loan the total interest sav ings the total interest and principal paid as a comparison to the regular loan and the Bi Weekly payment STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter loan amount 2 0 5 E EZ 275 000 00 Enter term in years 3 0 30 00 Enter annual interest 5 m 5 88 Find monthly P amp I payment Ew run 1 627 61 Display amortization period 1 360 Find total interest paid Amort 310 938 79 Re display total principal 275 000 00 Find total interest principal paid Amort 585 938 79 Now Solve for the Bi Weekly Loan and Compare Interest Savings and Total Interest Principal Paid gt 3 S Find Bi Weekly term a run 24 60 Find total interest savings 65 430 46 Find total interest paid 245 508 33 Find total principal 275 000 00 Find total principal and interest 520 508 33 Find Bi Weekly P amp I payment EW 813 80 Clear calculator 0 00 Notice you save a significant amount over 65K in this example with a bi weekly Note Return to monthly payment mode by pressing twice Trust Deeds and Discounted Notes Your calculator easily handles trust deed purchase price and yield problems Two things to remember are 1 when entering or solving for yield or rate of return use the f key and 2 when entering or solving for purchase price or present v
58. ng or decreasing payments for future years on fully and partially amor tized Adjustable Rate Mortgages Here are some notes on Solving ARM loans using this calculator 1 You solve the initial ARM payment just as you would for any standard fixed rate loan the ARM function is only used for adjusted periods The split Interest Term Adjustment entry for ARMs should be entered on an annual basis although you can also enter a 6 month adjustment term as 5 This value is permanently stored in memory After performing an ARM calculation your permanently stored values for Term and Interest will be changed since performing an ARM alters these values To calculate a decreasing ARM enter the two ARM parame ters but press the Gili key before pressing GE The calculator includes a lifetime cap i e the maximum amount the interest rate may increase over the life of a loan Prior to setting your ARM parameters key in the maximum life time interest increase followed by Gi amp This permanently sets the lifetime cap To restore the cap to 0 enter 0 ED USER S GUIDE 37 ARM Payment Worst Case Scenario Find the initial monthly payment on a 30 year 176 000 mortgage at 8 25 annual interest rate and then find the second and third year s worst case adjusted payments if this ARM loan increases 0 5 at the end of each year Then find the remaining loan balance current intere
59. nsurance if entered The third press of EW 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 Enters or solves for the number of years Second press displays the number of periods You may enter a periodic term if you prefer by pressing the em periodic keys e g 6 0 Gi instead of 3 0 E An entered term greater than 100 will be classified as periodic not annual Note Stored permanently until you change it or perform a Clear All EI 3 6 QUALIFIER PLus IIIx Em ea cn am Em o Em e Interest Enters or solves for the annual interest rate Second press gives the periodic rate Note Stored permanently until you change it or perform a Clear All D 3 Future Value FV Enters or solves for the future value of a financial problem 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 dol lars or calculates Down Payment based on the entries of Loan Amount or equivalent mortgage components and Sales Price A second press changes the entered down payment from a dollar figure to a percent or vice versa Note Any number under 100 is assumed to be a percent down payment You do not have to label the value as a perce
60. nt 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 e g entered Sales Price and LTV will calculate Down Payment and Loan Amount 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 initia tion It also calculates total finance charges monthly mortgage insurance and PIMI payment based on the entry of mortgage insurance via the Gili keys Periodic Used to specify a mortgage component Term or Interest Income or Amortization Remaining Balance value as per period rather than per year For example 3 6 Gi enters 360 periods or months USER S GUIDE 7 Em amp Em am Em an Em e 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 year permanently or semi permanently See Preference Settings on page 20 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 Displays range of periods Calculates total interest for period range
61. oan they could qualify for if they paid off debt or increased income 3 Calculates the annual income required and allowable monthly debt for a desired loan amount or sales price based on the stored income and debt qualifying ratios and the entered Term e Interest Price down payment or Loan Amount 4 Also finds buyer s actual income and debt ratios given both buyer and property data By default the first press of GZ displays the stored qualifying ratios and the second press calculates the buyer s actual ratios Qualify Based on 29 41 Stores additional Income and Debt ratios e g FHA VA and operates identically to the GZ key Default Income and Debt ratios for this key are 29 and 41 respectively Note You can store whatever ratios you desire in the GD or GED keys Income Enters the buyer s annual income for loan qualifying Enters a monthly income when pre ceded by the Gil E periodic keys e g 5 0 0 GD e 3 Enters buyer s long term monthly debt e g car payments credit cards with large balances long term monthly payments 12 QUALIFIER PLus IIIx Tax Insurance and Expense Keys In addition to Qualifying the following keys are also involved in PITI or total payment calculations e g they are added to the monthly payment Tax Em a Property Tax Used for calculating PITI and Total payment and Qualifying Stores estimated annual property tax in either
62. percent or dollar amount If entered as an annual dollar amount a press of ED and converts to the monthly tax amount and pressing again converts to the annual percent age rate If entered as a percentage pressing GD converts to the annual dollar amount and pressing once more shows the monthly tax Note Entering a number equal to or less than 10 is assumed to be an annual percentage Property tax is calculated from the sales price therefore you should also enter a Down Payment Property Insurance Used for calculating PITI and Total payment and Qualifying Stores estimated annual property or homeowner s insurance in either percent or dollar amount If entered as an annual dollar amount a press of EB and GB con verts to the monthly insurance amount or premium and pressing again converts to the annual per centage rate If entered as a percentage pressing KE C converts to the annual dollar amount and pressing B once more shows the monthly insurance Note Entering a number equal to or less than 10 is assumed to be an annual percentage Property insurance is calculated from the sales price therefore you should also enter a Down Payment Mortgage Insurance Mtg Ins Used for calculat ing PITI and Total payment and Qualifying Stores estimated annual mortgage insurance or Private Mortgage Insurance in either percent or dollar amount If entered as an annual dollar amount a press of C and Gil CB converts to the
63. phone or in front of clients Real estate agents brokers can also quickly pre qualify clients so they can show them homes in their affordable price range The calculator gives you three types of qualifying answers 1 Loan Amount available given buyer s income and debt 2 Income required given loan amount or price down payment and 3 Actual Ratios given both income debt and property data Here are some notes on qualifying using your calculator iL The G2 and GED keys are multi function smart keys In other words they deliver a variety of answers based on what is input and what is not The calculator will figure out which qualifying solutions should be displayed based on the qualifying variables you ve input You can use both Qualifying keys GZID and GZ to demonstrate various loan qualifying comparisons or scenarios e g conven tional vs FHA loans Simply store different income and debt qualifying ratios For example the GZ key defaults to 28 Income and 36 Debt for conventional loan qualifying The GED key defaults to 29 Income and 41 Debt However you may store any ratios you want into these keys or change these ratios at any time A calculated Qualifying Loan Amount is automatically stored in the Loan Amount G amp register replacing any existing Loan Amount value This lets you instantly proceed to monthly pay ment calculations etc When calculating Qualifying Loan Amount based on entered buyer s dat
64. preciated value e 291 500 00 Note See page 28 for another example of future value or appreciation USER S GUIDE 17 Date Examples Using the key you can quickly solve common real estate date problems escrow or closing dates listing expiration dates and the number of days prepaid interest etc You enter a date as follows Numerical Month Numerical Day and two digit Numerical Year The date function lets you 1 add a number of days to a date to find a second date in the future 2 subtract a number of days from a date to find a second date in the past and 3 subtract one date from another date to find the number of days in between For exam ple if a 45 day escrow begins April 26 2004 what is the closing date and day STEPS KEYSTROKES DISPLAY Clear calculator On C 0 00 Enter month 4 8 4 Enter day 2 6 8 4 26 Enter year 0 4 4 26 04 Add 45 days 4 5 9 THU 06 10 04 Find the number of days to calculate prepaid interest due at closing if the escrow closing date is 10 14 03 and the first payment is due 11 1 03 STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter 1st payment date UD 6 amp 0 G 11 1 03 Subtract closing date to find number of days amp 1 0 amp 8 1 2 8 0 3 8 18 00 18 QUALIFIER PLus IIIx CALCULATOR SETTINGS Decimal Place Selection With the E key you have the option of selecting the number of decimal places you d like to display The
65. roperty tax rate of 1 5 a property insurance rate of 0 25 and a mortgage insurance rate of 0 50 STEPS KEYSTROKES DISPLAY Set property tax rate D 5 1 50 Set insurance rate 2 5 E3 0 25 Set mortgage insurance rate 5 E0 0 50 Recalling Tax and Insurance Rates Recall your stored rates STEPS KEYSTROKES DISPLAY Recall tax rate cI 1 50 Recall insurance rate a E2 0 25 Recall mortgage insurance rate KI Em o 0 50 Note To change these values simply enter new ones Or turn the calculator off then on and the values will be cleared unless they are programmed to hold under Preference Settings see page 20 Setting Tax and Insurance Enter annual property taxes estimated at 5 500 property insurance at 350 and mortgage insurance at 600 STEPS KEYSTROKES DISPLAY Set annual taxes 5 5 0 0 5 500 00 Set annual property insurance 3 5 0 Ge 350 00 Set annual mortgage insurance 6 0 0 ED a 600 00 Note Again to review stored values press R and the applicable key e g CD 3 32 QUALIFIER PLus IIIx Calculating Tax and Insurance or If loan variables are entered in addition to tax and insurance per centage rates or dollar values the respective dollar values or per centage rates can be computed by simply pressing the applicable keys a second time For example enter an annual property tax rate of 1 5 a property insurance rate of 0 25 and a mortgage insur ance ra
66. s in July find the after tax payment STEPS KEYSTROKES DISPLAY Set Mo 1 Offset to July a amn 7 00 Enter tax bracket 2 6 Gi Ga 28 00 Find annual tax savings Em 1 887 16 Find monthly tax savings Gad 314 53 Find after tax payment Kl 931 95 Return Mo Offset to Jan O Gia Cl 1 00 USER S GUIDE 35 Rent vs Buy If your client is currently renting a home for 1 250 month what is the comparable home sales price and loan amount that he or she could afford What is the estimated annual and monthly income tax savings if they were to finance this mortgage The current rate is 7 5 on a 30 term Fixed Rate Mortgage and your client can afford to put 10 down You estimate local taxes at 1 25 and property insurance at 0 35 Your client is in the 28 tax bracket STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter interest rate 5 W 7 50 Enter term 3 0 30 00 Enter down payment D 0 Gi 10 00 Enter tax bracket 2 6 Em 28 00 Enter property tax rate D J 2 5 1 25 Enter insurance rate C 3 5 B 0 35 Enter current monthly rent to find comparable home price T 2 5 0 E0 Gz 216 781 98 Find comparable loan amount 195 103 78 Find PITI payment 1 653 24 Find annual tax savings 4 838 84 Find monthly tax savings 403 24 Re display tax bracket 28 00 Re display monthly rent 1 250 00 36 QUALIFIER PLus IIIx Adjustable Rate Mortgages Using the key you can quickly find the adjusted increasi
67. st rate and term STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter loan amount O76 E EZ 176 000 00 Enter term in years 3 0 30 00 Enter annual interest C 2 5 W 8 25 Find initial monthly payment 1st year Em run 1 322 23 Enter ARM parameters C 5 8 1 0 50 1 00 Find 1st adjusted 2nd year ARM payment 1ARM 1 383 53 Find 2nd adjusted 3rd year ARM payment ARM 2 ARM 1 444 72 Find principal at start of 3rd year a EZ 173 221 91 Recall current interest rate cc 9 25 Recall remaining term En 28 00 Note You may continue pressing ELD to find the 4th 5th year etc increasing ARM payments The display will show the payment number to the left 38 QUALIFIER PLus IIIx ARM Payment Using Lifetime Cap Using the previous mortgage add a lifetime cap of 4 and find the adjusted payments through year ten You will need to re enter the loan amount term and interest STEPS KEYSTROKES DISPLAY Clear calculator Ziya CS 0 00 Enter loan amount O76 E EZ 176 000 00 Enter term in years 3 0 30 00 Enter annual interest C 2 5 a 8 25 Find monthly payment 1st year cD run 1 322 23 Enter interest cap 4 6 CAP ARM 4 00 Enter ARM parameters 5 8 a 0 50 1 00 Find 1st adjusted 2nd year ARM payment ARM 1 ARM 1 383 53 Find 2nd adjusted 3rd year ARM payment a 2 ARM 1 444 72 Find 3rd adjusted 4th year ARM payment ARM 3 ARM 1 505 71 Find 4th adjusted 5th year ARM payment
68. surance rate C 3 3 0 30 Enter mortgage insurance rate C45 E W3 0 45 Display Qual 1 stored ratios GZD 28 00 36 00 Find Qual 1 qualifying loan GZ run 159 768 12 Find P amp l payment cD 983 72 Find PITI payment cD 1 250 00 Find total payment cD 1 300 00 Find interest only payment QD 832 13 DO NOT CLEAR CALCULATOR STEPS KEYSTROKES DISPLAY Display Qual 2 stored ratios GZ 29 00 41 00 Find Qual 2 qualifying loan GZB 178 940 29 Find P amp l payment cD 1 101 77 Find PITI payment cD 1 400 00 Find total payment cD 1 450 00 Find interest only pmt Em 931 98 Notice that of course the qualifying loan amount is significantly higher using Qual 2 ratios 58 QUALIFIER PLus IIIx Finding Income Required and Allowable Monthly Debt Using the stored GE 28 36 ratios how much income would a buyer need to finance a 250 000 home if they put 20 down What is the maximum allowable debt What is the dollar down pay ment and loan amount What is the monthly payment Use 6 75 interest for 30 years Estimate property tax insurance rates of 1 5 and 0 25 respectively Clear mortgage insurance rate to zero as they are putting 20 down STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter annual interest J 0 5 E 6 75 Enter term in years 3 0 30 00 Enter tax rate D J 5 1 50 Enter insurance rate OAS ay 0 25 Delete mortgage insurance rate 0 Em o 0 00 Enter sales price 2 5 0 Gh Gz 250 000 0
69. te of 0 50 Then enter a sales price of 250 000 10 down a term of 30 years and an interest rate of 8 Calculate the loan payments and annual tax and insurance dollar amounts or premiums STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter property tax rate OO 1 50 Enter insurance rate 2 6 E3 0 25 Enter mortgage insurance rate OS Em o 0 50 Enter price 2 5 0 Gh Gz 250 000 00 Enter down payment Gi 10 00 Enter term 3 0 30 00 Enter interest Ki 8 00 Find loan amount 225 000 00 Recall property tax ca EZ 1 50 Calculate properiy tax 3 750 00 Recall property insurance E3 GS 0 25 Calculate property insurance ins 625 00 Recall mortgage insurance a ET co 0 50 Calculate mortgage insurance ins 1 125 00 Find P amp I payment cD 1 650 97 Find PITI payment Em 2 109 30 Note The same procedure can be performed to find the opposite that is to find the rates based on entered annual dollar amounts or insurance premiums Simply enter the tax ins dollar amounts and loan variables first and press and the tax ins key to calculate the percentage rate USER S GUIDE 33 PITI Payment Tax and Insurance Entered as Find the PITI payment on a 30 year 6 5 mortgage if the home s selling price is 325 000 and the down payment is 5 Annual prop erty taxes are estimated at 1 3 annual property insurance at 0 25 and annual mortgage insurance at 0 45 STEPS KEYSTROKES DISPLAY C
70. term in years run 9 85 Find periodic term Term 118 19 26 QUALIFIER PLus IIIx Finding the Loan Amount Approximately how much could you borrow if the interest rate was 7 8 on a 30 year loan and you could afford 1 500 in monthly pay ments What if the interest rate was lowered to 7 5 STEPS KEYSTROKES DISPLAY Clear calculator On COn c 0 00 Enter interest 8 a 7 80 Enter term 3 0 30 00 Enter monthly payment 1 5 0 0 Ewi 1 500 00 Find loan amount run 208 370 81 Enter new interest rate OS a 7 50 Find new loan amount Paying Off a Mortgage Earl run 214 526 44 gt 3 Making Larger Payments How long does it take to pay off a 30 year fixed rate mortgage of 150 000 at 8 5 interest if you add an extra 200 to the mortgage payment each month STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter loan amount 5 0 E EZ 150 000 00 Enter interest t 5 K 8 50 Enter term 3 0 30 00 Find monthly P amp l payment Ew 1 153 37 Add additional payment amount 2 0 0 9 1 353 37 Enter as new payment amount Em 1 353 37 Find reduced loan term run 18 15 USER S GUIDE 27 Simple Interest vs Compound Interest If you borrow 5 000 at 6 simple interest how much will you owe at the end of 5 years This is a simple math problem and does not require the use of TVM keys STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Multiply loan amount by interest aN
71. tored income and debt qualifying ratios and the entered e Term e Interest e Annual Income Monthly Debt and optional Annual Property Tax and Insurance Annual Mortgage Insurance Private Mortgage Insurance or PMI other monthly housing expenses e g home owner s association dues The output of this key is as follows Press Calculation 1 Displays stored Qualifying Ratios e g 28 36 2 Restricted Maximum Qualifying Loan Amount 3 Buyer s Actual Ratios Income Debt 4 Unrestricted Qualifying Loan Amount 5 Maximum Allowable Debt Cont d USER S GuipE 11 Cont d Inc Note The Maximum Qualifying Loan Amount is the restricted loan amount the buyer may qualify for This loan amount is based on whichever of the two ratios income or debt limits the buyer the most The Unrestricted Qualifying Loan Amount however is the higher loan amount This loan amount is based on whichever of the two ratios income or debt limits the buyer the least In other words whichever ratio will give the buyer the highest qualifying loan amount For this Unrestricted loan amount the calculator will display the letters UNR for unrestricted in the display and the word INC or DEBT to indi cate what ratio side this loan amount was based from i e income or debt This restricted unrestricted qualifying loan comparison is useful to show clients what size l
72. vailable Loan amount 225 000 at 6 75 amortized over 30 years but due and payable after 10 years What is the balloon payment remaining balance after 10 years STEPS KEYSTROKES DISPLAY Clear calculator iha Clie 0 00 Enter the loan amount 2 2 5 El EZ 225 000 00 Enter interest t6 5 E 6 75 Enter term 3 ETA 30 00 Find monthly payment Em run 1 459 35 Find balloon remaining balance after 10 years 00 Em run 191 927 25 Bi Weekly Loans Your calculator includes a Bi Weekly loan function Ell ED that allows you to convert established fully amortized monthly loans into Bi Weeklies in which one half the monthly payment is made every two weeks Because you make two extra half payments per year i e 26 Bi Weekly payments is like making 13 payments year these kinds of loans can amount to large interest savings and a sub stantial reduction in the time it takes to pay them off You begin these problems by setting up the initial monthly loan and then pressing Gi E The first press of displays the Bi Weekly term the second press shows the total interest savings over the entire loan a third press calculates the total interest paid a fourth press shows the total principal paid and a fifth press shows the total prin cipal and interest Press the Gi key to find the Bi Weekly payment USER S GUIDE 49 Bi Weekly Term Reduction and Payment Find the monthly P amp l payment on a 30 year 275 000
73. values are rounded using conventional 5 4 rounding You can do this prior to finding an answer or afterwards Press ED followed by the number of decimal places you wish to display EN 4 0 000000 EM 5 0 00000 EM 4 0 0000 ceno 0 000 ceno 0 00 cemo 0 0 cm 0 0 Shift floating point To return to the standard two decimal place setting press Gi 2 Note This setting will remain until you turn your calculator off perform a Clear All GD 3 or until you change it using the commands above You can select to perma nently maintain your decimal place selection remains even after you turn the calcula tor off by selecting Hold Entry for decimal settings under Preferences on page 20 USER S GuipE 19 Preference Settings Your calculator has a Preference Mode which allows you to program the calculator to various settings For example it lets you store cer tain values permanently display certain values or show values in a specific order To access the Preference Mode press Ei then B then keep pressing to toggle through the settings listed below Press the key to advance through the sub settings Use the amp key to back up within the sub settings To return the calculator to its default or factory set Preference Set tings perform a total Reset see page 68 After E Keep Description Pressing Press to Advance Display within each category f to Back up 1 Decimal Places
74. wable debt STEPS KEYSTROKES DISPLAY Find actual ratios ET run 22 76 36 00 Find unrestricted loan amount Cz UNR 170 870 75 LA INC Find allowable debt CED 453 33 Note The INC tells you this unrestricted Qualifying Loan Amount is based on the buyer s Income Ratio therefore the restricted Qualifying Loan Amount is based on the buyer s Debt Ratio This means that if they pay off their monthly debt to 453 mo or lower as seen in allowable debt calculation they may qualify for a mortgage of approx 170 000 or more and that 175 000 home putting approx 4 5K down USER S GUIDE 57 Qualifying Comparison Comparing 2 Different Loans or Ratios at Once Given a buyer s annual income of 60 000 500 in long term monthly debt estimated monthly homeowner s association dues of 50 an interest rate of 6 25 and term of 30 years what loan amounts can they qualify for based on both 28 36 and higher 29 41 ratios Also find the corresponding total monthly payment for each Estimate property tax insurance rates of 1 25 and 3 respectively and a mortgage insurance rate of 45 STEPS KEYSTROKES DISPLAY Clear calculator 0 00 Enter annual income 6 0 Gy 60 000 00 Enter monthly debt 5 0 0 Gey 500 00 Enter monthly association dues 5 0 50 00 Enter interest 2 5 Wi 6 25 Enter term 3 0 30 00 Enter property tax rate D J 2 5 1 25 Enter property in
75. yment cD 2 261 52 Should be set to zero in this case as the down payment is 20 to check down pay ment percentage press GED again and it will read 20 00 60 QUALIFIER PLus IIIx 1ST AND 2ND TRUST DEEDS COMBO LOANS Your calculator also figures Combo loans or 1st and 2nd Trust Deeds which are common financing options for clients with smaller down payments who want to avoid mortgage insurance The benefit of Combo loans over single fixed rate loans with mortgage insur ance is that the buyer can actually save money obtaining two loans vs a single larger loan requiring monthly mortgage insurance This calculator will find after entry of appropriate loan variables including 1st and 2nd TD interest and term the following loan val ues for 80 10 10 and 80 15 5 or any LTV loans Blended interest rate for 1st and 2nd TD and equivalent interest rate of fixed rate loan w mortgage insurance Combined payment for 1st and 2nd TD and equivalent payment for fixed rate loan w mortgage insurance e Monthly savings of 1st and 2nd TD over fixed rate loan w mortgage insurance e Adjusted term if savings is applied to 2nd TD and 1st and 2nd TD loan amounts and payments See the following examples Note the first examples are for 80 10 10 and 80 15 5 loans and the last example demonstrates how to enter any LTV USER S GuipE 61 Combo Loan 80 10 10 vs Fixed Rate Loan with Mortgage Insurance You d lik

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