Calculated Industries 3416 User manual

Pocket Reference Guide
Residential Mortgage Finance Calculator
MORTGAGE
QUALIFIER PLUS
®
Model 3416

The M ORTGAGE Q UALIFIER P LUS lets you
pre-qualify clients and calculate financial
problems with ease!
Quickly Solve:
• Time-Value-of-Money (TVM) Problems:
Find Loan Amount, Term, Interest,
Payment, Future Value
• Restricted/Unrestricted Qualifying
• Required Income/Debt
• Property Tax and Insurance, Mortgage
Insurance
• P&I and PITI payment
• Sales Price, Down Payment, and LTV
• Adjustable-Rate Mortgages
• Amortization and Remaining Balance
• Bi-Weekly Loans
• Date-Math Problems
• Combo Loans (80:10:10, 80:20)
• APR, including Mortgage Insurance
• Income Tax Savings and Rent vs. Buy
• Month Offset, Prepaid Interest
New!
• Interest-Only Payments
• Interest-Only Loan Qualifying
• Interest-Only (2nd TD) Combo Loans
MORTGAGE QUALIFIER PLUS®

KEY DEFINITIONS .................................1
EXAMPLES.............................................6
Monthly Mortgage (P&I) Payment .......6
Interest-Only Payment
(Calculation) ......................................6
Interest-Only Payment (Entry).............7
Term of a Loan ....................................7
Interest Rate........................................8
Loan Amount .......................................8
Loan Amount Based on Sales Price
and Down Payment...........................9
Date Example......................................9
Setting Tax and Insurance.................10
PITI Payment, Total Payment and
Interest-Only Payment ....................10
Quarterly Payment ............................12
Estimated Tax Savings......................13
Rent vs. Buy......................................14
ARM Payment —
Lifetime Cap .........15
Amortization ......................................17
APR and Total Finance Charges,
Including Mortgage Insurance.........18
Appreciation ......................................19
Bi-Weekly Loans ...............................20
Setting Qualifying Ratios...................21
Qualifying Loan Amount ....................22
“Restricted” vs. “Unrestricted”
Qualifying ........................................24
TABLE OF CONTENTS

Qualifying Loan Amount
(Interest-Only Loan) ........................26
Income Required and Allowable
Monthly Debt ...................................27
80:10:10 Combo Loan vs. Fixed-Rate
Loan with Mortgage Insurance........28
80:20 Interest-Only Combo Loan ......32
APPENDIX ............................................34
Default Settings .................................34
Decimal Place Setting .......................35
Preference Settings...........................35
Batteries ............................................36
Reset .................................................36

P OCKET R EFERENCE G UIDE — 1
Note: This is a short “reference” guide. Please
see your large User’s Guide for detailed defini-
tions and examples.
:Colon separator (used for
date, ARM adjustment,
qualifying ratios and
combo loans)
bBackspace key; for back-
ing up/deleting wrong entry
®Recalls or re-displays a
value when followed by a
chosen key
(e.g., ® ˆ
will display current interest
value)
μMemory Function:
– μAdds value on dis-
play to Memory
– s μ Subtracts value
on display from Memory
– ® μ Recalls Memory
Total
– ® ® Recalls and
clears Memory Total
KEY DEFINITIONS

P OCKET R EFERENCE G UIDE — 2
sSets number of displayed
decimal places and acti-
vates 2nd functions
s – Change sign
s x Clear All (Note: perform
with caution as it will
clear/reset stored values)
s = Preference mode (see
Large User’s Guide for
details)
s ÷ Payments per year
(Default 12, for monthly)
s b Periodic (identifies entry as
periodic rather than yearly)
s ) Month offset
s : Odd-days interest
s + Tax bracket %
s p Interest-Only Payment
entry/display
s P Rent vs. Buy
lLoan amount
pP&I, PITI, Total Payment,
and Interest-Only Payment

P OCKET R EFERENCE G UIDE — 3
TNumber of years
ˆAnnual interest rate
s l Future value
s ˆ APR
(annual percentage
rate)
, including mortgage
insurance, if entered
PHome’s sales price
dDown payment
s T Bi-Weekly loan
aAmortization function
s a Remaining balance
AAdjustable-rate mortgage
s A ARM decreasing interest
% adjustment
s % ARM lifetime interest cap%
qQualify based on
28%-36%
QQualify based on
31%-43%
iAnnual income
DLong-term,
monthly debt
(e.g., car payment)

P OCKET R EFERENCE G UIDE — 4
tProperty Tax (enter as per-
cent or dollar amount)
s t Estimated Tax
savings/after tax payment
IProperty/homeowner’s
Insurance
(enter as per-
cent or dollar amount)
s I Mortgage Insurance (enter
as percent or dollar amount)
eMonthly Expenses (such
as homeowner’s associa-
tion dues)
s d For entering (or finding)
Loan-to-Value ratio and
computing respective
Down Payment and/or
Loan Amount
!Used to enter 1st TD
interest:term for Combo
Loans
s ! Used to enter 2nd TD
interest:term for Combo
Loans

P OCKET R EFERENCE G UIDE — 5
*Combo loan function for an
80:10:10 LTV loan*; calcu-
lates 1st/2nd TD values
and compares them to
entered fixed-rate loan
w/mortgage insurance
*You may enter any LTV
prior to pressing this key
(e.g., LTV of 90:5, enter
9
0 : 5 *
)
s * Interest-only 2nd TD combo
loan; operates similarly to
* function

P OCKET R EFERENCE G UIDE — 6
Monthly Mortgage (P&I) Payment
Find the monthly (P&I) payment on a 30-
year, fixed-rate loan of $265,000 at 6.75%
annual interest:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter loan 2 6 5 ) l
265,000.00
Enter term 3 0 T 30.00
Enter interest 6 • 7 5 ˆ 6.75
Find payment p1,718.78
Interest – Only Payment (Calculation)
Find the interest-only payment on a loan
of $15,000 at 9% interest.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Loan 1 5 ) l 15,000.00
Enter Interest 9 ˆ 9.00
Find payment s p 112.50
EXAMPLES