Calculated Industries 3430 - Finding Qualifying Loan Amount and Sales Price (Simple Example Excluding Tax;Insurance)

60 — Q
UALIFIER PLUS
®
III
FX
Finding Qualifying Loan Amount and Sales Price (Simple
Example Excluding Tax/Insurance)
Given an interest rate of 7.5%, a term of 30 years, and the stored
28%:36% qualifying ratios, for what size loan and what sales price
can a buyer qualify for if he or she makes $75,000 annually and has
$500 in long-term monthly debt? The buyer plans to put $35,000
down. Also, what is the monthly (P&I) payment? (Based on no Tax
and Insurance*)
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 7 • 5 ˆ 7.50
Clear property tax rate* 0 s 7 0.00
Clear insurance rate* 0 s 8 0.00
Enter annual Income 7 5 ) i 75,000.00
Enter monthly Debt 5 0 0 D 500.00
Enter Down Payment 3 5 ) d 35,000.00
Display Qualifying Ratios q 28.00-36.00
Find Qualifying Loan Amount q “run” 250,280.85
Find Price P 285,280.85
Find monthly P&I Payment p 1,750.00
*Note: Tax and Insurance will need to be cleared if you’re continuing from a previous
example where rates were stored.
— DO NOT CLEAR CALCULATOR —
Re-qualify this buyer assuming $200 per month in additional debt.
STEPS KEYSTROKES DISPLAY
Enter new monthly Debt 7 0 0 D 700.00
Display Qualifying Ratios q 28.00-36.00
Find Qualifying Loan Amount q “run” 221,677.32
Find Price P 256,677.32
Find monthly P&I Payment p 1,550.00