Download Calculated Industries QUALIFIER PLUS IIx User`s guide

3420UG-E-A
7/2/04
9:06 AM
Page 72
Finding Income Required and Allowable Monthly Debt
Using the 28%:36% ratios, how much income would a buyer need to
finance a $250,000 home, if they put 20% down? What is the maximum allowable debt? What is the dollar down payment and loan
amount? What is the monthly payment? Use 7.5% interest for 30
years. Estimate property Tax/Insurance rates of 1.5% and .25%,
respectively. Clear mortgage insurance rate to zero, as they are putting 20% down.
STEPS
KEYSTROKES
Clear calculator
Enter annual Interest
Enter Term in years
Enter Tax rate
Enter Insurance rate
Delete Mortgage Ins. rate
Enter sales Price
Enter Down Payment %
Find Down Payment $
Find Loan Amount
Display Qualifying Ratios*
Find Income required
Find maximum allowable
monthly Debt
Find P&I Payment
Find PITI Payment
oo
7•5ˆ
30T
1•5t
•25I
0Â
250)P
20d
d
l
q
q
q
p
p
DISPLAY
0.00
7.50
30.00
1.50
0.25
0.00
250,000.00
20.00
50,000.00
200,000.00
28.00-36.00
“run” 75,557.67
“run” 503.72
1,398.43
1,763.01
*If you are not continuing from the previous example, you’ll need to re-enter the qualifying ratios (enter 2 8 : 3 6 q).
72 — QUALIFIER PLUS ® IIIX