34 — Q
UALIFIER
P
LUS
®
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PITI Payment (Tax and Insurance Entered as %)
Find the PITI payment on a 30-year, 6.5% mortgage if the home’s
selling price is $325,000 and the down payment is 5%. Annual prop-
erty taxes are estimated at 1.3%, annual property insurance at
0.25%, and annual mortgage insurance at 0.45%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter term in years 3 0 T 30.00
Enter annual interest 6 • 5 ˆ 6.50
Enter sales price 3 2 5 ) P 325,000.00
Enter down payment 5 d 5.00
Set tax rate* 1 • 3 t 1.30
Set property insurance rate*
• 2 5 I 0.25
Set mortgage insurance rate*
• 4 5 s I 0.45
Find loan amount l 308,750.00
Find P&I payment p “run” 1,951.51
Find PITI payment p 2,487.08
* You may enter Tax, Insurance, or Mortgage Insurance as a percentage or dollar
amount (i.e., ($)4225
t
, ($)812.5
I
, or ($)1389.38
s I
).
Total Payment (Including Expenses) and Interest-Only Payment
Find the total payment (including principal, interest, tax/insurance
and mo. expenses) and the interest-only payment on a 30-year, 6%
loan if the home’s selling price is $330,000 and the down payment is
15%.
(Local annual property taxes are estimated at $5,900, property
insurance at $500, mortgage insurance at $1,200, and mo. expens-
es — e.g., homeowner’s assn dues plus utilities — at $150.)
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter term in years 3 0 T 30.00
Enter annual interest 6 ˆ 6.00
Enter sales price 3 3 0 ) P 330,000.00
Enter down payment % 1 5 d 15.00
Find dollar $ d 49,500.00
Enter property tax 5 9 0 0 t 5,900.00
Enter property insurance 5 0 0 I 500.00
Enter mortgage insurance 1 2 0 0 s I 1,200.00
Enter monthly expenses 1 5 0 e 150.00
Find loan amount l 280,500.00
(Cont’d)
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