U
SER’S GUIDE — 33
Calculating Tax and Insurance Percent or Dollar
If loan variables are entered in addition to tax and insurance per-
centage rates or dollar values, the respective dollars 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 s 7 1.50
Enter insurance rate • 2 5 s 8 0.25
Enter Mortgage Insurance
rate • 5 s 9 0.50
Enter Price 2 5 0 ) P 250,000.00
Enter Down Payment % 1 0 d 10.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 8 ˆ 8.00
Find Loan Amount l 225,000.00
Recall property Tax % ® 7 1.50
Calculate property Tax $ ® 7 3,750.00
Recall property insurance %
® 8 0.25
Calculate property
insurance $ ® 8 625.00
Recall Mortgage Insurance %
® 9 0.50
Calculate Mortgage
Insurance $ ® 9 1,125.00
Find monthly P&I Payment p “run” 1,650.97
Find monthly PITI Payment p 2,109.30
Note: The same procedure can be performed to find the opposite — that is, to find
the percentage rates based on entered annual dollar amounts or insurance premi-
ums. Simply enter the tax/insurance dollar amounts and loan variables first, and press
® and the tax/insurance keys to calculate the percentage rate.
To Next Page
Loading...
Need help?
General
