Texas Instruments BA Real Estate - Page 56

Buyer Qualification 55
Finding Qualifying Loan Amount Based on
Tax, Insurance, and Down Payment Percents
1. Clear TVM values (if not already cleared).
# -
2. Enter income percent (if not already entered). 28
# m
3. Enter debt percent (if not already entered). 36
# d
4. Enter tax percent (if not already entered). 1.5
# Z
5. Enter insurance percent (if not already entered). .5
# Q
6. Enter term of loan (in years). 30
0
7. Enter interest rate. 8
1
8. Start the qualification.
?
9. Enter gross monthly income amount (total). $6,500
j
10. Enter monthly debt amount (total). $495
j
11. Enter down payment percent (0 to 99). 20
12. Compute PITI.
j
$.1,820.00
13. Compute payment.
j
$.1,417.53
14. Compute qualifying loan amount.
j
$193,185.87
15. Compute qualifying sales price.
j
$241,482.34
16. Compute down payment amount.
j
$48,296.47