Calculated-industries 3415-KITE-D Manuale Utente

QUALIFIERPLUS®IIIXADVANCED RESIDENTIAL REAL ESTATE FINANCE CALCULATORwith COMPLETE BUYER QUALIFYINGModel 3415User s Guide

USER’SGUIDE— 9AAdjustable Rate Mortgage— Calculates the pay-ment and re-amortizes a fully or partially amortizedAdjustable Rate Mortgage based on the

10 — QUALIFIERPLUS®IIIXRent vs. Buy Keyss PRent vs. Buy— Calculates a comparable salesprice, loan amount, and mortgage payment versusthe cost of month

USER’SGUIDE— 11(Cont’d)INCOME RATIO = TOTAL HOUSING EXPENSEGROSS MONTHLY INCOMEDEBT RATIO =TOTAL HOUSING EXPENSE + MONTHLY DEBTGROSS MONTHLY INCOMENot

12 — QUALIFIERPLUS®IIIX(Cont’d)*Note: The Maximum Qualifying Loan Amount is the “restricted”loan amount the buyer may qualify for. This loan amount is

USER’SGUIDE— 13Tax, Insurance and Expense KeysIn addition to Qualifying, the following keys are also involved in PITIor total payment calculations (e.

14 — QUALIFIERPLUS®IIIXNote: Entering a number equal to or less than 10 is assumed tobe an annual percentage. Mortgage insurance is calculated fromthe

USER’SGUIDE— 15** and s * (80:15:5) Key Output:For a comparison of a fixed-rate combo loan versusa fixed-rate loan with required mortgage insurance,ea

16 — QUALIFIERPLUS®IIIXBASIC ARITHMETIC EXAMPLESArithmeticThis calculator uses standard chaining logic, which simply meansthat you enter your first va

USER’SGUIDE— 17Reduction in Listing Price (Discount %)A nervous seller has had her property on the market for just overfour months listed at $175,500.

18 — QUALIFIERPLUS®IIIXDate ExamplesUsing the : key, you can quickly solve common real estate dateproblems: escrow or closing dates, listing expiratio

USER’SGUIDE— 1The QUALIFIERPLUSIIIXwas custom-designed for mortgage lenders andresidential real estate professionals. With the push of a few buttons,i

USER’SGUIDE— 19CALCULATOR SETTINGSDecimal Place SelectionWith the s key, you have the option of selecting the number ofdecimal places you’d like to di

20 — QUALIFIERPLUS®IIIXPreference SettingsYour calculator has a Preference Mode, which allows you to programthe calculator to various settings. For ex

USER’SGUIDE— 21(Cont’d)After s,KeepDescriptionPressing (Press +to Advance =:Displaywithin each category, –to Back up):4 Mortgage Insurance (MI)- Clr-C

22 — QUALIFIERPLUS®IIIXMEMORYAccumulative MemoryWhenever the µ key is pressed, the displayed value will be addedto cumulative memory. This value will

USER’SGUIDE— 23Memory Storage Keys (M0-M6)In addition to the standard cumulative Memory (as described above),your calculator has six independent Stora

24 — QUALIFIERPLUS®IIIXAdditional Memory Storage Keys (M10-M19)In addition to M0-M6 (as described previously), your calculator hasten additional indep

USER’SGUIDE— 25MORTGAGE LOANS/TIME-VALUE-OF-MONEY (TVM)1. The basic loan keys — l, p, T and ˆ — work just likeyou would say them. For example, if you

26 — QUALIFIERPLUS®IIIXFinding the Monthly Mortgage (P&I) Payment Find the monthly P&I (principal and interest) payment on a 30-year,fixed-rat

USER’SGUIDE— 27Finding the Loan AmountApproximately how much could you borrow if the interest rate was7.8% on a 30-year loan and you could afford $1,5

28 — QUALIFIERPLUS®IIIXSimple Interest vs. Compound Interest If you borrow $5,000 at 6% simple interest, how much will you oweat the end of 5 years? *

2 — QUALIFIERPLUS®IIIXGETTING STARTED...5KEY DEFINITIONS ...

USER’SGUIDE— 29Non-Monthly Loans Most residential real estate loans are based on a monthly paymentschedule. However, if you have a non-monthly loan, y

30 — QUALIFIERPLUS®IIIXSales Price/Down PaymentOne of the unique features of this calculator is its ability to work withnot only Loan Amount, but with

USER’SGUIDE— 31Taxes and Insurance This calculator has keys that store your estimated local annualProperty Tax, Property Insurance, and Mortgage Insu

32 — QUALIFIERPLUS®IIIXSetting Tax and Insurance % RatesEnter an annual property tax rate of 1.5%, a property insurance rateof 0.25%, and a mortgage i

USER’SGUIDE— 33Calculating Tax and Insurance % or $ If loan variables are entered in addition to tax and insurance per-centage rates or dollar values,

34 — QUALIFIERPLUS®IIIXPITI Payment (Tax and Insurance Entered as %)Find the PITI payment on a 30-year, 6.5% mortgage if the home’sselling price is $3

USER’SGUIDE— 35(Cont’d)STEPS KEYSTROKES DISPLAYFind P&I payment p “run” 1,681.74Find PITI payment p 2,315.07Find total payment (PITI plusmonthly

36 — QUALIFIERPLUS®IIIXRent vs. BuyIf your client is currently renting a home for $1,250/month, what isthe comparable home sales price and loan amount

USER’SGUIDE— 37Adjustable Rate Mortgages Using the A key, you can quickly find the “adjusted” (increasing ordecreasing) payments for future years on f

38 — QUALIFIERPLUS®IIIXARM Payment — Worst-Case ScenarioFind the initial monthly payment on a 30-year, $176,000 mortgage at8.25% annual interest rate,

USER’SGUIDE— 3Recalling Tax and Insurance % Rates...32Setting Tax and Insurance $ ...

USER’SGUIDE— 39ARM Payment — Using Lifetime CapUsing the previous mortgage, add a lifetime cap of 4% and find theadjusted payments through year ten. Y

40 — QUALIFIERPLUS®IIIXDecreasing ARM Payment Calculate the initial monthly payment on a 30-year, $250,000 ARMloan at 5% interest, and then find the s

USER’SGUIDE— 41Amortization and Remaining BalanceThe amortization function is quick and simple. It allows you to findtotal interest, principal, and re

42 — QUALIFIERPLUS®IIIX(Cont’d)6. If the first payment of a loan begins in a month other than Janu-ary, you can use the Month Offset function. The def

USER’SGUIDE— 43Amortization List for Individual Year(s) — Using “Next” FeatureHow much total interest and principal will you pay on a 30-year,$90,000

44 — QUALIFIERPLUS®IIIXAmortization List for Individual Year(s) — Using Month OffsetThe first payment of a loan begins in May. How much total interest

USER’SGUIDE— 45Amortization List for Individual Payment(s)For a $175,000 loan at 6.85% interest for 30 years, find out howmuch interest and how much p

46 — QUALIFIERPLUS®IIIXAmortization List for a Range of Payments or YearsFor a $225,000, 30-year loan at 7.4% interest, find out how muchinterest and

USER’SGUIDE— 47APR and Total Finance Charges Calculating the Annual Percentage Rate (APR) and Total FinanceCharges (TFC) is performed in two steps: (1

48 — QUALIFIERPLUS®IIIXPrepaid/Odd-Days Interest and APR Find the monthly payment on a $100,000 loan at 8.25% annualinterest and 30-year term. Then, f

4 — QUALIFIERPLUS®IIIX“Unrestricted” Qualifying ...57Qualifying Comparison (Comparing 2 Diffe

USER’SGUIDE— 49Balloon Payment/Remaining Balance Needed to Pay Off a LoanYou’re looking at a new home with the following financing available:Loan amou

50 — QUALIFIERPLUS®IIIXBi-Weekly Term Reduction and PaymentFind the monthly P&I payment on a 30-year, $275,000 mortgage at5.88% annual interest. T

USER’SGUIDE— 51Purchase Price of a Note — Fully AmortizedThe mortgage you are thinking about buying has the following termsand conditions: 15 years re

52 — QUALIFIERPLUS®IIIXWhat should you pay for this trust deed if you want an 18% yield onyour investment?STEPS KEYSTROKES DISPLAYEnter your desired y

USER’SGUIDE— 53BUYER QUALIFYINGThe Qualifying keys were designed specifically for mortgage lend-ers/brokers, for doing instant pre-qualifications on t

54 — QUALIFIERPLUS®IIIX5. When calculating Annual Income Required (based on enteredloan amount or sales price, term, interest and stored qualifyingra

USER’SGUIDE— 55Finding Qualifying Loan Amount and Sales Price (SimpleExample Excluding Tax/Insurance)Given an interest rate of 7.5%, a term of 30 year

56 — QUALIFIERPLUS®IIIXQualifying Loan Amount and Sales Price (Complete ExampleIncluding Down Payment, Tax/Insurance, Monthly AssociationDues)The same

USER’SGUIDE— 57“Restricted” QualifyingBuyers who make $68,000 annually and have $750 in long-termmonthly debt wish to buy a home offered at $175,000.

58 — QUALIFIERPLUS®IIIXQualifying Comparison (Comparing 2 Different Loans or Ratiosat Once)Given a buyer's annual income of $60,000, $500 in long

USER’SGUIDE— 5KEY DEFINITIONSBasic Operation KeysO Turns all power off. The memory and most financialregisters are cleared.o If off, turns power on. I

USER’SGUIDE— 59Finding Income Required and Allowable Monthly DebtUsing the stored q 28%:36% ratios, how much income would abuyer need to finance a $25

60 — QUALIFIERPLUS®IIIXSolving for Actual Qualifying RatiosA buyer who makes $120,000 annually and has $550 in long-termmonthly debt wants to borrow $

USER’SGUIDE— 611ST AND 2ND TRUST DEEDS (COMBO LOANS) Your calculator also figures Combo loans, or 1st and 2nd TrustDeeds, which are common financing o

62 — QUALIFIERPLUS®IIIXCombo Loan (80:10:10) vs. Fixed-Rate Loan with MortgageInsuranceYou’d like to show your client the savings of a fixed-rate Comb

USER’SGUIDE— 63(Cont’d)STEPS KEYSTROKES DISPLAY3. Find 80:10:10 Combo Loan and Comparison Values (vs. Fixed-Rate Loan with Mortgage Insurance): Find

64 — QUALIFIERPLUS®IIIXCombo Loan (80:15:5) vs. Fixed-Rate Loan with MortgageInsuranceYou’d like to show your client the savings of a fixed-rate Combo

USER’SGUIDE— 65(Cont’d)STEPS KEYSTROKES DISPLAY3. Find 80:15:5 Combo Loan and Comparison Values (vs. Fixed-Rate Loan with Mortgage Insurance): Find 1

66 — QUALIFIERPLUS®IIIXCombo Loan — Entering a New LTVYou’d like to show your client the savings of a fixed-rate ComboLoan over that of a standard, fi

USER’SGUIDE— 67(Cont’d)STEPS KEYSTROKES DISPLAY3. Find 90:5:5 Combo Loan and Comparison Values (vs. Fixed-RateLoan with Mortgage Insurance): Enter LT

68 — QUALIFIERPLUS®IIIXDefault SettingsPerforming a total Reset (see below) will return the calculator to thefollowing default settings:• Two Fixed De

6 — QUALIFIERPLUS®IIIXs –Change Sign (+/–)— Changes the sign of the dis-played value from positive to negative or vice versa.s xClear All— Clears all

USER’SGUIDE— 69Auto Shut-OffYour calculator is designed to shut itself off after about 8-12 minutesof non-use.BatteriesShould the display become very

70 — QUALIFIERPLUS®IIIXWarrantyWarranty Repair Service – U.S.A.Calculated Industries (“CI”) warrants this product against defects in materi-als and wo

USER’SGUIDE— 71DisclaimerCI MAKES NO WARRANTY OR REPRESENTATION, EITHER EXPRESSOR IMPLIED, WITH RESPECT TO THE PRODUCT’S QUALITY, PERFOR-MANCE, MERCHA

72 — QUALIFIERPLUS®IIIX1ST AND 2ND TRUST DEEDS (COMBO LOANS), 611st/2nd TD (Combo Loan) Keys, 14Actual Qualifying Ratios, Solving for, 60Adjustable Ra

USER’SGUIDE— 73Monthly Mortgage (P&I) Payment, 26Mortgage Loan (TVM) Keys, 6MORTGAGE LOANS/TIME-VALUE-OF-MONEY (TVM) EXAMPLES, 25Non-Monthly Loans

74 — QUALIFIERPLUS®IIIXNOTES

USER’SGUIDE— 75NOTES

Designed in the United States of AmericaPrinted in China3415UG-E-D

USER’SGUIDE— 7ˆInterest— Enters or solves for the annual interestrate. Second press gives the periodic rate.Note: Stored permanently, until you change

8 — QUALIFIERPLUS®IIIXs ÷Payments per Year (Pmt/Yr)— Used to set thenumber of payment periods per year. Default valueis 12, for monthly.Note: You can