Calculated Industries Qualifier Plus IIIx Guía de usuario descargar pdf (Pagina 59)

58 — Q

UALIFIER

LUS

III

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 o o 0.00

Enter annual income 6 0 ) i 60,000.00

Enter monthly debt 5 0 0 D 500.00

Enter monthly association

dues 5 0 e 50.00

Enter interest 6 • 2 5 ˆ 6.25

Enter term 3 0 T 30.00

Enter property tax rate 1 • 2 5 t 1.25

Enter property insurance

rate • 3 I 0.30

Enter mortgage insurance

rate • 4 5 s I 0.45

Display Qual 1 stored ratios q 28.00-36.00

Find Qual 1 qualifying loan q “run” 159,768.12

Find P&I payment p 983.72

Find PITI payment p 1,250.00

Find total payment p 1,300.00

Find interest-only payment p 832.13

— DO NOT CLEAR CALCULATOR —

STEPS KEYSTROKES DISPLAY

Display Qual 2 stored ratios Q 29.00-41.00

Find Qual 2 qualifying loan Q “run” 178,940.29*

Find P&I payment p 1,101.77

Find PITI payment p 1,400.00

Find total payment p 1,450.00

Find interest-only pmt p 931.98

*Notice that, of course, the qualifying loan amount is significantly higher using Qual 2

ratios.

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Calculated Industries Qualifier Plus IIIx Guía de usuario Pagina 59