Calculated-industries 3420 User Guide Bedienungsanleitung PDF herunterladen (Seite 49)

48 — Q

UALIFIER

LUS

III

Qualifying Mortgage Amount and Sales Price (Including Down

Payment, Property Tax and Monthly Heating/Condo Fees)

The same buyers as in the previous example (who make $45,000

annually and have $200 in long-term monthly debt) wish to buy a

lower-priced condo, but can only afford $7,500 down. If you include

estimated annual property tax of 1.5% and other housing expenses

of $150 ($100 for heating, $50 for monthly condo fees), for what

mortgage amount can they now pre-qualify? What sales price can

they afford? What’s their PITH or total payment?

(Again, using previ-

ously stored 7.5% interest, 25-year term and qualifying ratios of

32%:40%; if you’ve cleared or changed these values, please re-

enter them.)

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter annual Income 4 5 ) i 45,000.00

Enter monthly Debt 2 0 0 D 200.00

Enter Down Payment 7 5 0 0 d 7,500.00

Set annual prop. Tax rate 1 • 5 t 1.50

Enter housing Expense 1 5 0 e 150.00

Recall Interest* ® ˆ 7.50

Recall Term* ® T 25.00

Display Qualifying Ratios q 32.00-40.00

Find pre-qualifying

Mortgage Amount q “run” 121,489.58

Find Price P 128,989.58

— DO NOT CLEAR CALCULATOR —

Now find the monthly P&I payment (Principal & Interest), PITI pay-

ment (Principal, Interest, and Property Tax) and PITH/Total Payment

(PITI plus monthly heating and condo fees):

STEPS KEYSTROKES DISPLAY

Find P&I Payment p “run” 888.76

Find PITI Payment** p 1,050.00

Find PITH/total Payment p 1,200.00

*Re-enter interest and term if you are not continuing from the previous example.

**Adds monthly property tax to the monthly payment. Insurance is not included for

Canadian payment calculations.

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Calculated-industries 3420 User Guide Bedienungsanleitung Seite 49