Steps Keystrokes Display
Enter down payment 20,000 [Dn Pmt] 20,000.00
Enter annual income 68,000 [Inc] 68,000.00
Enter monthly debts 750 [Debt] 750.00
Set annual prop. tax rate 1 [Tax] 1.00
Set annual prop. ins. rate .5 [Ins] 0.50
Set annual mortg. ins. rate .25 [Mtg Ins] 0.25
Recall interest [Rcl] [Int] 7.50
Recall term [Rcl] [Term] 30.00
Display qual. ratios [Qual 1] 28.00 – 36.00
Find qualifying loan amt. [Qual 1] “run” 149,695.67
Find Price [Price] 169,695.67
— DO NOT CLEAR CALCULATOR —
Now find the monthly payment and PITI payment based on
the entered tax and insurance.
Steps Keystrokes Display
Find P & I payment [Pmt] “run” 1,046.69
Find PITI payment [Pmt] 1,290.00
Qualifying for both “Conventional” and “Government” Loans Based
on Income, Debts, and Expenses — No Tax/Insurance
Given a buyer’s annual income of $36,000, $500 in long-term
monthly debts, estimated monthly homeowners’ association
dues of $50, an interest rate of 7.25% and term of 30 years,
using the stored 28%:36% ratios, what size conventional loan
can they qualify for? What size government loan can they
qualify for using the stored 29%:41% ratios ? (Use the [Qual 1]
key for conventional qualifying and the [Qual 2] key for gov-
ernment qualifying.) Also, find the corresponding total month-
ly payment for each.
43 – User’s Guide
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