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Calculating Tax and Insurance % or $
If loan variables are entered in addition to tax and insurance per-
centage rates or dollar values, the respective dollar values or per-
centage rates can be computed by simply pressing the applicable
keys a second time. For example, enter an annual property tax rate
of 1.5%, a property insurance rate of 0.25% and a mortgage insur-
ance rate of 0.50%. Then enter a sales price of $250,000, 10%
down, a term of 30 years and an interest rate of 8%. Calculate the
loan, payments, and annual tax and insurance dollar amounts, or
premiums:
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter property tax rate 1 • 5 t 1.50
Enter insurance rate • 2 5 I 0.25
Enter mortgage insurance
rate • 5 s I 0.50
Enter price 2 5 0 ) P 250,000.00
Enter down payment % 1 0 d 10.00
Enter term 3 0 T 30.00
Enter interest 8 ˆ 8.00
Find loan amount l 225,000.00
Recall property tax % ® t 1.50
Calculate property tax $ t 3,750.00
Recall property insurance %
® I 0.25
Calculate property
insurance $ I 625.00
Recall mortgage
insurance % ® s I 0.50
Calculate mortgage
insurance $ I 1,125.00
Find P&I payment p 1,650.97
Find PITI payment p 2,109.30
Note: The same procedure can be performed to find the opposite — that is, to find
the % rates based on entered annual dollar amounts or insurance premiums. Simply
enter the tax/ins. dollar amounts and loan variables first, and press
®
and the
tax/ins. key to calculate the percentage rate.
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