Calculated Industries 3405 - P&I, PITI and Interest-Only Payments

POCKET REFERENCE GUIDE — 18
P&I, PITI and Interest-Only Payments
• Term: 30 years
• Interest: 6.25%
• Sales price: $325,000
• Down payment: 5%
• Property tax: 1.3%
• Property insurance: 0.25%
• Mortgage insurance: 0.45%
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter term 3 0 T 30.00
Enter interest 6 • 2 5 ˆ 6.25
Enter price 3 2 5 ) P
325,000.00
Down% 5 d 5.00
Set tax%* 1 • 3 t 1.30
Set insurance% • 2 5 I 0.25
Set MI% • 4 5 s I 0.45
Find loan l 308,750.00
Find P&I
payment p “run” 1,901.03
Find PITI
payment p 2,436.60
Find interest-only
payment p 1,608.07
*Note: Perform the same steps when entering $
Tax/Insurance — e.g., $1,625 tax, enter
1 6 2
5 t
.
3405PRG-E-B 1/9/04 8:45 AM Page 18