U
SER’S GUIDE — 75
(Cont’d)
STEPS KEYSTROKES DISPLAY
4. Enter Combo Loan Values:
Enter 1st TD
Interest:Term 6 : 3 0 ! 6.00-30.00
Enter 2nd TD
Interest:Term 8 : 3 0 s ! 8.00-30.00
5. Solve Combo Loan for comparison:
Find 1st:2nd blended
interest rate * “run” 6.23
Find equivalent interest rate
of financed MI loan * “run” 6.06
Find total combined
(1st/2nd TD) payment * 553.02
Find equivalent payment of
of financed MI loan * 542.94
Find Combo monthly savings
over financed MI loan * -10.08
Note: the Financed MI is better when compared to the Combo loan with a monthly
savings of $10.08.
— DO NOT CLEAR CALCULATOR —
What happens if you compared to a 20 year 2nd Trust Deed at a
rate of 8%? Typically, the monthly payment savings will be greater.
STEPS KEYSTROKES DISPLAY
7. Enter new Interest:Term
for 2nd TD 8 : 2 0 s ! 8.00-20.00
8. Solve Combo Loan for comparison:
Find 1st:2nd blended
interest rate * “run” 6.18
Find equivalent interest rate
of financed MI loan * “run” 6.06
Find total combined
(1st/2nd TD) payment * 563.28
Find equivalent payment of
of financed MI loan * 542.94
Find Combo monthly savings
over financed MI loan * -20.34
Note: the Financed MI is still better when compared to the Combo loan with a month-
ly savings of $20.34.
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