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
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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
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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).
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[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
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(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

[Mtg Ins] Mortgage Insurance — Stores and recalls annu-
al mortgage insurance (i.e., Private Mortgage
Insurance) 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 loan amount.
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.
Decimal Place Selection
With the [Set] key, you have the option of permanently selecting
the number of decimal places displayed. The values are rounded
using conventional 5/4 rounding. You can do this prior to finding
an answer or afterwards.
Press [Set] followed by the number of decimal places you wish to
display:
[Set] 4 0.0000
[Set] 3 0.000
[Set] 2 0.00
[Set] 1 0.0
[Set] 0 0.
To return to the standard two decimal place setting, you must
press [Set] 2, or press [Set] [x] for All-Clear.
10 – Qualifier Plus
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Basic Math
This calculator uses standard chaining logic which simply means
that you enter your first value, the operator (+, –, x, ÷), the sec-
ond value and then the equals sign (“=”).
A. 3 [+] 2 [=] 5
B. 3 [–] 2 [=] 1
C. 3 [x] 2 [=] 6
D. 3 [÷] 2 [=] 1.5
Percentage Calculations
The percent [%] key can be used for finding a given percent of a
number or for working add-on, discount or division percentage
calculations.
A. 800 [x] 25 [%] [=] 200.00
B. 250 [+] 10 [%] [=] 275.00
C. 25 [–] 50 [%] [=] 12.50
D. 200 [÷] 50 [%] [=] 400.00
11 – User’s Guide

Date Function
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 fol-
lows: Numerical Month [:], Numerical Day [:], and 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 example, if a 45-day escrow begins April 28, 1998,
what is the closing date?
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter month 4 [:] 4-
Enter day 28 [:] 4-28-
Enter year 98 4-28-98
Add 45 days [+] 45 [=] 6-12-98
Find the number of days to calculate prepaid interest due at
closing, if the escrow closing date is 10/14/99 and the first
payment is due 11/1/99.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter 1st payment date 11 [:] 1 [:] 99 11-1-99
Subtract closing date to find
number of days [-] 10 [:] 14 [:] 99 [=] 18.00
12 – Qualifier Plus
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Using the Memory Function
Whenever the [M+] key is pressed, the displayed value will be
added to memory. Other memory functions:
Function Keystrokes
Recall total in memory [Rcl] [M+]
Display & clear memory [Rcl] [Rcl]
Clear memory, no display [Set] [Rcl]
Subtract displayed value from memory [Set] [M+]
Replace memory with displayed value [Set] [Rcl] [M+]
The memory is semi-permanent; it will only be cleared when you:
1) turn off the calculator;
2) press [Rcl] [Rcl];
3) press [Set] [Rcl];
4) press [Set] [x] (all clear).
How to use memory functions:
Steps Keystrokes Display
Enter into memory 355 [M+] 355.
Enter into memory 255 [M+] 255.
Recall total in memory [Rcl] [M+] 610.
Subtract from mem. 745 [Set] [M+] 745.
Recall total in memory [Rcl] [M+] – 135.
Replace memory 50 [Set] [Rcl] [M+] 50.
Recall & clear [Rcl] [Rcl] 50.
M
M
M
M
M
13 – User’s Guide

Mortgages & Real Estate Loans
1. The financial functions — L/A, Pmt, Int, Term — work just
like you would say them. For example, if you wanted to
borrow $100,000 for 30 years at 10% interest, just enter
those three known variables and press the key for the
unknown fourth variable: Payment.
2. Financial values may be entered in any order you want.
3. Values for Term and Interest are permanently stored in
memory.
4. It is a good practice to press [ON/C] twice after completing
a financial problem to ensure that you have cleared volatile
financial registers.
5. When solving for a financial component, the calculator will
display the word “run” in the display. Solving for interest
may take several seconds (up to 15) while the word “run”
displays.
6. Once you have calculated an answer, for example, a pay-
ment, you can then go back and change any variable and
recalculate your new answer without re-entering all the
other data.
Finding a Monthly Loan Payment
Find the monthly payment on a 30-year loan of $95,500 at
7.75% annual interest rate.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter loan amount 95,500 [L/A] 95,500.00
Enter term 30 [Term] 30.00
Enter interest 7.75 [Int] 7.75
Find monthly payment [Pmt] “run” 684.17
U SING YOUR Q UALIFIER P LUS
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14 – Qualifier Plus
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Finding a 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 $181.01 each month?
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter loan amount 15,000 [L/A] 15,000.00
Enter interest 10 [Int] 10.00
Enter monthly payment 181.01 [Pmt] 181.01
Find term in years [Term] “run” 11.78
Find periodic term [Term] 141.35
Finding the Interest Rate of a Loan
Find the interest rate on a mortgage where the loan amount is
$98,500, term is 30 years and payment is $1,150 a month.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter loan amount 98,500 [L/A] 98,500.00
Enter term 30 [Term] 30.00
Enter monthly payment 1,150 [Pmt] 1,150.00
Find annual interest [Int] “run” 13.78
Find periodic interest [Int] 1.15
Finding a Loan Amount
How much could you borrow if the interest rate was 9.75% on
a 30-year term and you could pay $950 each month?
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter interest 9.75 [Int] 9.75
Enter term 30 [Term] 30.00
Enter monthly payment 950 [Pmt] 950.00
Find loan amount [L/A] “run” 110,573.84
15 – User’s Guide

Non-Monthly Loans & Payments Per Year
Most residential real estate loans are paid off monthly. However, if
you have a non-monthly loan, you must change your number of
payments per year using a two-key sequence: [Set] [÷]. For exam-
ple, here’s how to set your calculator to four payments per year.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter # of payments/year 4 [Set] [÷] 4.00
To recall the currently stored number of payments:
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Recall # of payments/year [Rcl] [÷] 4.00
IMPORTANT: To return the payments per year to the default value of
12, you must do the following steps (or perform an All-Clear [Set] [x]).
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter # of payments/year 12 [Set] [÷] 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 [On/C] [On/C] 0.00
Set to 4 payments/year 4 [Set] [÷] 4.00
Enter loan amount 15,000 [L/A] 15,000.00
Enter term in years 10 [Term] 10.00
Enter annual interest 12 [Int] 12.00
Find quarterly payment [Pmt] “run” 648.94
Reset to 12 payments/year 12 [Set] [÷] “run” 12.00
16 – Qualifier Plus
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Sales Price/Down Payment
One of the unique features of this calculator is its ability to work
with not only loan amounts, but with Sales Price and Down
Payments as well.
Notes on Sales Price/Down Payment
1. When using [Price], [DnPmt] and [L/A] keys, it’s recom-
mended that you always enter the two known values
(Price and Down Payment), then solve for the third (Loan
Amount), before calculating financial values.
2. If a Sales Price has been specifically entered, it will only
change when you enter a new Sales Price or by preceding
the entry of Down Payment or Loan Amount with [Set].
Finding L/A Based on Sales Price & Down Pmt
Find both the loan amount and dollar down payment if the
Sales Price is $175,000 and you’re planning to put 20% down.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter sales price 175,000 [Price] 175,000.00
Enter down payment % 20 [Dn Pmt] 20.00
Find loan amount [L/A] 140,000.00
Display down payment % [Dn Pmt] 20.00
Find down payment [Dn Pmt] 35,000.00
17 – User’s Guide

Finding Sales Price & Monthly Payment Based on L/A & Down Pmt
Find your maximum sales price if you’ve been approved for
$125,000 loan and plan to put 20% down, and then find your
monthly payment at 9% interest over 30 years.
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Enter loan amt 125,000 [L/A] 125,000.00
Enter down pmt % 20 [Dn Pmt] 20.00
Find sales price [Price] 156,250.00
Enter term 30 [Term] 30.00
Enter interest 9 [Int] 9.00
Find monthly payment [Pmt] “run” 1,005.78
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Taxes & Insurance/PITI Payment
This calculator has keys that temporarily store Property Tax,
Property Insurance and Mortgage Insurance rates to allow you to
calculate a PITI (Principal, Interest, Taxes & Insurance) payment in
addition to the regular P&I payment. These figures can be entered
as dollar amounts or percentages. Monthly expenses that you enter
(if any) are included in the PITI payment. You can use the Pro-
Mode ([Set] [+]) to permanently store Tax & Insurance. (See the
“Pro-Mode” example in the “Qualifying Examples” section.)
If entered as percentages, the Sales Price or Loan Amount can be
changed and tax and insurance will be recalculated automatical-
ly. If entered as dollar amounts, they will need to be re-entered
for a change in Sales Price or Loan Amount to be correct. Entering
a number 10 or less is assumed to be an annual percentage.
IMPORTANT: Both Tax and Property Insurance rates are based on
Sales Price. 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.
Setting Tax and Insurance Rates
Enter an annual property tax rate of 1%, a property insurance
rate of .25% and a mortgage insurance rate of .15%:
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Set tax rate 1 [Tax] 1.00
Set insurance rate .25 [Ins] 0.25
Set mortgage ins. rate .15 [Mtg Ins] 0.15
— DO NOT CLEAR CALCULATOR —
19 – User’s Guide