Calculated Industries QUALIFIER PLUS IIx Uživatelská příručka stáhnout pdf (Strana 73)

72 — Q

UALIFIER

LUS

III

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 maxi-

mum 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 put-

ting 20% down.

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter annual Interest 7 • 5 ˆ 7.50

Enter Term in years 3 0 T 30.00

Enter Tax rate 1 • 5 t 1.50

Enter Insurance rate • 2 5 I 0.25

Delete Mortgage Ins. rate 0 Â 0.00

Enter sales Price 2 5 0 ) P 250,000.00

Enter Down Payment % 2 0 d 20.00

Find Down Payment $ d 50,000.00

Find Loan Amount l 200,000.00

Display Qualifying Ratios* q 28.00-36.00

Find Income required q “run” 75,557.67

Find maximum allowable

monthly Debt q “run” 503.72

Find P&I Payment p 1,398.43

Find PITI Payment p 1,763.01

*If you are not continuing from the previous example, you’ll need to re-enter the quali-

fying ratios (enter

2 8 : 3 6 q

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Calculated Industries QUALIFIER PLUS IIx Uživatelská příručka Strana 73