Texas Instruments BA Real Estate - Page 58

Buyer Qualification 57
Finding Qualifying Income Based on
Tax, Insurance, and Down Payment Amounts
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 annual tax amount. $3,750
5. Add annual insurance amount, and
enter total.
a
$1,250
j # E
6. Enter term of loan (in years). 30
0
7. Enter interest rate. 8
1
8. Start the qualification.
>
9. Enter price. $250,000
j
10. Enter down payment amount. $50,000
j
11. Enter monthly debt amount (total). $635.00
12. Compute qualifying loan amount.
j
$200,000.00
13. Compute payment.
j
$.1,467.53
14. Compute PITI.
j
$.1,884.20
15. Compute qualifying income.
j
$6,997.78