Calculated Industries 43285 User manual

USER’S
GUIDE
QUALIFIER PLUS®IIx DT
DESKTOP MODEL 43285
RESIDENTIAL REAL ESTATE FINANCE CALCULATOR
with exclusive buyer qualifying features
REAL ESTATE MASTER®

Introduction
QUALIFIER PLUS®IIXDT
Created specifically for residential real estate professionals, the
newly-enhanced Qualifier Plus IIx DT is the simplest calculator
ever made for residential real estate financing. With the push of a
few buttons, it will solve hundreds of your real estate problems!
■3-Way Mortgage Qualifying
■Instant P&I and PITI Payments
■Loan/Mortgage Amounts
■Expanded Tax & Insurance Capabilities
■Interest Rates & Terms
■Built-in Sales Price and Down Payment
■Complete Amortization
■Remaining Balances/Balloon Payments
■Bi-Weekly Loans
■ARM’s with Lifetime Cap
■Date Math Functions
■Future Value and Appreciation
■And much, much more!
It also works as a standard math calculator with memory, percent,
and Auto Shut-Off.
Note to Users of the Qualifier Plus IIx Handheld Model:
The only difference between the Qualifier Plus IIx desktop model
and the Qualifier Plus IIx handheld model, besides the size, are a
few changes in key locations. The desktop model has room for ded-
icated [ARM Cap], [Bal] (Remaining Balance), and [APR] keys, while
the handheld model, due to smaller size, lists these calculations over
other keys as 2nd functions, allowing access via the [Set] key.
1 – User’s Guide

Table of Contents
Getting Started
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Key Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Decimal Place Selection . . . . . . . . . . . . . . . . . . . . . . . .10
Basic Math . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Percentage Calculations . . . . . . . . . . . . . . . . . . . . . . . .11
Date Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
Using the Memory Function . . . . . . . . . . . . . . . . . . . . .13
Using the Qualifier Plus®IIx DT
Mortgages & Real Estate Loans . . . . . . . . . . . . . . . . . . .14
Non-Monthly Loan & Payments Per Year . . . . . . . . . . . . .16
Sales Price/Down Payment . . . . . . . . . . . . . . . . . . . . . .17
Taxes & Insurance/PITI Payment . . . . . . . . . . . . . . . . . .19
Amortization & Remaining Balance . . . . . . . . . . . . . . . .23
Future Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28
Trust Deeds & Discounted Notes . . . . . . . . . . . . . . . . . .29
Annual Percentage Rate (APR) . . . . . . . . . . . . . . . . . . .31
Odd Days Interest & APR . . . . . . . . . . . . . . . . . . . . . . .32
Bi-Weekly Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34
Adjustable Rate Mortgages . . . . . . . . . . . . . . . . . . . . . .35
Qualifying . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38
Qualifying Examples . . . . . . . . . . . . . . . . . . . . . . . . . .39
Appendix
Calculator Information . . . . . . . . . . . . . . . . . . . . . . . . .46
Limited Warranty . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48
2 – Qualifier Plus
®
IIx DT

Key Definitions
[+] [–] [x]
[÷] [=] Arithmetic operation keys.
[0] – [9]
& [000] Digits used for keying-in numbers.
[•] Decimal point.
[Off] Turns all power off. The memory and most
financial registers are cleared.
[On/C] If off, turns power on. If on, a single press clears
the last entry while a second press in succession
clears non-permanent registers.
[%] Percent — Four-function (+, –, x, ÷) percent key.
[M+] Memory — Adds a displayed number to the
independent memory. Pressing [Set] [M+] will
subtract the displayed value from memory.
[Rcl] Recall — Recalls and displays the contents of
the memory (press [Rcl] [M+]) or financial regis-
ters. Pressing [Rcl] twice in a row displays and
clears the memory.
[Pmt] Payment — Enters or solves for the periodic
principal and interest (P&I) payment. Pressing a
second time in succession calculates PITI
(including property tax, insurance, mortgage
insurance and expenses, if entered).
[FV] Future Value — Enters or solves for the future
value of a financial problem.
G ETTING S TARTED
3 – User’s Guide

[L/A] Loan Amount — Enters or solves for the initial
loan amount or present value of a financial
problem.
[Int] Interest — Enters or solves for the annual inter-
est rate. A second press of this key gives you the
periodic rate. (Stored permanently, until you
change it.)
[Term] Enters or solves for number of years. Second press
gives number of periods. (Stored permanently.)
[APR] Annual Percentage Rate — Calculates APR (for
fixed rate loans only) based on the entry of
points and/or non-recurring loan fees paid at
initiation. Cannot be used for ARMS.
[Per] Period — Used to specify a mortgage component
(Term or Interest) or amortization/remaining bal-
ance value as per period rather than per year. For
example, 360 [Per] [Term] enters 360 periods.
[Price] Sales Price — Enters or calculates a Sales Price
(based on the entries of Loan Amount, or equiv-
alent mortgage components) and Down
Payment. Note: Entered Sales Price values will
not normally change.
[Dn Pmt] Down Payment — Enters (in either percent or
dollars) or calculates a Down Payment (based
on the entries of Loan Amount, or equivalent
mortgage components) and Sales Price. A sec-
ond press toggles the entered down payment
from dollar figure to percent or vice versa. Any
number under 100 is assumed to be a percent
down payment.
[Amort] Amortization — Finds total interest, principal
and remaining balance. First press enters or
shows range of periods. Second press shows
4 – Qualifier Plus
®
IIx DT

total interest for period range, third press shows
total principal for range, and final press gives
remaining balance at end of range.
[Bal] Remaining Balance — Displays the Remaining
Balance when preceded by a single year or
range of years (or individual payment or range
of payments by also using the [Per] key). Note
that you can also see the Remaining Balance by
cycling through the [Amort] key.
[:] Colon — Used to specify a range for amortiza-
tion or to separate ARM Int: Term and Qualifying
Income: Debt ratios entries. Also used to sepa-
rate values in a date entry.
[ARM] Adjustable Rate Mortgage — Calculates payment
and re-amortizes fully or partially amortized
Adjustable Rate Mortgage based on the inputs of
both Interest Adjustment and Term Adjustment,
which are separated by the Colon [:] key. For
example, an ARM which adjusts 1% every year is
entered 1 [:] 1 [ARM]. By using the [Set] [ARM]
function, you can easily adjust the rate up or
down to display future payments. (ARM rates are
stored permanently.)
[ARM Cap] 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 (0 [ARM Cap]).
[Tax] Property Tax — Stores and recalls annual prop-
erty tax in either percent or dollar amount. If
entered as a dollar amount, a second press con-
verts to annual percentage rate. If entered as a
percentage, a second press shows annual dollar
amount. Entering the number 10 or less is
assumed to be an annual percentage. Calculated
from the sales price.
5 – User’s Guide

[Ins] Property Insurance — Stores and recalls annual
property insurance in either percent or dollar
amount. If entered as a dollar amount, a second
press converts to annual percentage rate. If
entered as a percentage, a second press shows
annual dollar amount. Entering the number 10
or less is assumed to be an annual percentage.
Calculated from the sales price.
Note: Tax & 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 are changed.
[Set] Used to permanently set the number of dis-
played decimal places (see the section on
Decimal Place Selection). Also works with other
keys to set or activate additional functions.
(Think of it as a “shift” key on a typewriter.) It
will perform the function printed above the key
on the calculator’s face. A small boxed “S” will
appear in the upper-left side of your display
when this key has been pressed.
[Set] [÷] Payments per Year — Used to set the number of
payment periods per year. Default value is 12,
for monthly. Note that if you change this setting,
it will remain permanently stored even if you
turn the calculator off. You must perform an All-
Clear ([Set] [x]), or reset to 12 payments per year
(12 [Set] [÷]).
[Set] [x] All-Clear — Clears and resets the calculator to
its default settings and values. Use this only with
caution as it will reset ratios, periods per year,
etc. back to default settings (see the appendix
for a list of these settings).
6 – Qualifier Plus
®
IIx DT

[Set] [+] Pro-Mode — Activates Pro-Mode. An advanced-
user feature, it changes Tax and Insurance, and
Mortgage Insurance keys from temporary to
permanent entries. That is, entered values will
remain set even after pressing [On/C] [On/C] or
turning calculator off, then on. The Pro-Mode
also changes the order that qualifying values are
displayed using the [Qual 1] and [Qual 2] keys,
by showing the lower, or restrictive amount with
the first press, the higher, or non-restrictive
amount with the second press, the buyer’s actu-
al ratios with the third press, and the stored
income and debt ratios with the fourth.
[Set] [–] Change sign — Toggles the sign of the dis-
played value from positive to negative or from
negative to positive.
[Set] [:] Month Offset — Used to set the first month of
payment if other than January. Used for calcu-
lating annual amortization ranges.
[Set] [000] Odd Days Interest — Calculates the pre-paid
interest, 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.
[Set] [Pmt] Estimated After-Tax Payment — Calculates an
estimated “after-tax” payment if loan variables
and property taxes are entered. You must enter
a tax bracket, then press [Set] [Pmt] to display
the annual tax deduction; second consecutive
press will display the monthly tax deduction;
third press will display the “after-tax” payment.
[Set] [Term] Bi-Weekly mortgage function — Converts regu-
lar monthly loan to bi–weekly. Pressing [Set]
[Term] displays the reduction in term. Second
press of [Term] shows total interest savings.
7 – User’s Guide

Pressing [Set] [Term] again will return and re-cal-
culate to the original term.
[Set] [ARM] ARM Rate Increase/Decrease — Changes ARM
rate from increasing to decreasing.
Qualifying Keys
[Qual 1] A multi-function key which, based on entered
variables, performs the following qualifying
functions:
1) Stores income and debt ratios for loan quali-
fying. Entered ratios are separated by the Colon
[:] key. For example, income and debt ratios of
28% and 36%, respectively, are entered and
permanently stored as follows: 28 [:] 36 [Qual 1].
Default income and debt ratios for this key are
28% and 36%, respectively. You may change
qualifying ratios, if desired.
2) Calculates the maximum loan amount for
which a buyer may qualify for based on the
stored income and debt qualifying ratios and
the entered:
• term
• interest
• annual income
• monthly debt
— and optional—
• annual tax and insurance
• monthly housing expenses
First press of [Qual 1] displays stored qualifying
ratios; 2nd press calculates the qualifying loan
amount; 3rd press calculates the “non-restrictive”
qualifying loan amount; 4th press calculates the
borrower’s actual income & debt ratios. Note that
the loan amount displayed is the lower, or
“restrictive” of the two possible loan amounts
8 – Qualifier Plus
®
IIx DT

(based either on the income ratio or the debt
ratio). The “non-restrictive” loan amount (the
other side) can be found by pressing [Qual 1] a
third time. The calculator will display the loan
amount with a negative sign (—) and the word
“INC” or “DEBT” to indicate the restrictive side
(income or debt).
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
• interest
• price (down payment) or loan amount
4) Also finds buyer’s actual income and debt
ratios given both buyer and property data.
First press of [Qual 1] displays stored qualifying
ratios; 2nd press calculates the buyer’s actual
ratios.
[Qual 2] Stores additional (e.g., Government FHA/VA)
Income and Debt ratios and operates identically
to [Qual 1] key. Default Income and Debt ratios
for this key are 29% and 41%, respectively.
[Inc] Income — Enters the annual income for loan
qualifying.
[Debt] Enters long-term monthly debts.
In addition to Qualifying, the following keys are also involved
in PITI calculations (e.g., they are added to the monthly pay-
ment to calculate the total PITI payment):
[Exp] Expense — Enters monthly housing expenses
(e.g., homeowners’ association dues, mainte-
nance and utilities).
9 – User’s Guide