Calculated Industries 3420 Manual de usuario

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PROFESSIOINAL RESIDENTIAL REAL ESTATE FINANCE CALCULATOR

with BUILT-IN CANADIAN INTEREST MODE

Model 3420

User’s Guide

ANADIAN

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The

Canadian Qualifier Plus IIIx

was designed specifically for mort-

gage lenders, residential real estate agents and brokers for quick

mortgage calculations in the office or out in the field. It’s the most

complete and intuitive calculator of its kind. With the push of a few

buttons,

it will instantly pre-qualify prospective buyers, find monthly

payments, and solve hundreds of mortgage problems!

Features:

• Easy and Complete Buyer Pre-Qualifying — with

“Smart”

Keys

for quick financing solutions or comparisons

• Find Qualifying Mortgage Amount, Income Required and

Maximum Allowable Debt

• Use two different Qualifying Ratios at once to compare

mortgage scenarios

• Compare “Restricted” with “Unrestricted” Qualifying

Mortgage Amount

• Flexible “what-if” Mortgage or TVM Calculations —

Finds

Mortgage Amount, Term, Interest or Payment

• Instant P&I and PITH Payment

• Includes Property Tax and Heating Expense

• Built-in Sales Price and Down Payment

• Instant Loan-to-Value (LTV)

• Works in Annual Term and Interest

• Works in Canadian or U.S. Interest

• Date Math, Month Offset, and Odd-Days Interest (ODI)

• Complete Amortization

• Remaining Balance/Balloon Payment

• Bi-Weekly Mortgages

• Trust Deeds

• Future Value and Appreciation

• Also works as a Standard Math Calculator

•

U.S. Mode, including additional features:

Adjustable Rate

Mortgages (ARMs), APR and Total Finance Charges,

PITI/Total Payment, Rent vs. Buy, Estimated Income Tax

Deduction and Complete U.S. Buyer Pre-Qualifying, includ-

ing Tax and Insurance

Introducing the C

ANADIAN

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Mortgage Calculator

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GETTING STARTED..........................................................................6

KEY DEFINITIONS .........................................................................6

Basic Operation Keys ..................................................................6

Mortgage/Time-Value-of-Money Keys..........................................7

Qualifying Keys..........................................................................10

U.S. Keys (Used in U.S. Mode).................................................13

CALCULATOR SETTINGS ...........................................................15

Decimal Place Selection............................................................15

Canadian/U.S. Mode..................................................................16

Preference Settings ...................................................................17

MEMORY ......................................................................................19

Accumulative Memory µ.........................................................19

Memory Storage Keys (M0-M6).................................................20

BASIC ARITHMETIC EXAMPLES................................................22

Arithmetic...................................................................................22

Percentage Calculations............................................................22

Percent Change.........................................................................22

Figuring Straight % Commission ...............................................23

Reduction in Listing Price (Discount %) ....................................23

Simple, One-Year Home Appreciation (Add-on %)....................23

USING THE DATE FUNCTION.....................................................24

EXAMPLES —

CANADIAN MODE

.................................................25

MORTGAGE/TIME-VALUE-OF-MONEY (TVM)............................25

Finding the Monthly Mortgage Payment....................................26

Finding the Term of a Mortgage.................................................26

Paying Off a Mortgage Early (Making Larger Payments)..........27

Finding the Interest Rate ...........................................................27

Finding the Interest-Only Payment............................................27

Finding the Mortgage Amount....................................................28

Non-Monthly Loans....................................................................28

Finding a Quarterly Payment.....................................................29

Bi-Weekly Loans........................................................................29

Bi-Weekly Term Reduction and Payment..................................30

Sales Price/Down Payment .......................................................30

Finding Mortgage Amount Based on Sales Price and

Down Payment .......................................................................31

Finding Sales Price and Payment Based on Loan Amount and

Down Payment .......................................................................31

Finding Loan-to-Value (LTV) Based on Down Payment and

Sales Price..............................................................................31

Setting Property Tax % Rate......................................................32

TABLE OF CONTENTS

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Setting Property Tax $................................................................32

PITH Payment (Including Heating Expense).............................32

PITH Payment (Including Heating Expense and Property Tax

Entered as %).........................................................................33

PITH Payment (Including Heating Expense and Property Tax

Entered as $)..........................................................................34

PITH Payment and Interest-Only Payment................................34

Amortization and Remaining Balance........................................35

Notes on Amortization................................................................35

Total Principal and Interest for a 25-Year Mortgage..................36

Amortization List for Individual Year(s) —

Using “Next”

Feature

....................................................................................37

Amortization List for Individual Year(s) —

Using Month

Offset

......................................................................................38

Amortization List for Individual Payment(s) ...............................39

Amortization List for a Range of Payments or Years.................40

Balloon Payment/Remaining Balance Needed to Pay Off a

Mortgage.................................................................................40

Future Value...............................................................................41

Appreciation/Future Value..........................................................41

Basic Savings Account Problem (Future Value of an Initial

Deposit)...................................................................................41

Trust Deeds and Discounted Notes...........................................42

Purchase Price of a Note —

Fully Amortized

............................42

Finding the Yield on a Discounted Note ....................................43

BUYER PRE-QUALIFYING...........................................................44

IMPORTANT NOTE: U.S. vs. Canadian Payment and

Qualifying Calculations...........................................................45

QUALIFYING EXAMPLES............................................................46

Recalling GDS/TDS Qualifying Ratios.......................................46

Storing New GDS/TDS Qualifying Ratios..................................46

Finding Qualifying Mortgage Amount and Sales Price

(Simple Example Excluding Property Tax) .............................47

Qualifying Mortgage Amount and Sales Price

(Including Down Payment, Property Tax and Monthly

Heating/Condo Fees)..............................................................48

“Restricted” Qualifying ...............................................................49

“Unrestricted” Qualifying............................................................50

Qualifying Comparison (Comparing Two Different Mortgages or

Qualifying Ratios at Once)......................................................51

Finding Income Required and Allowable Monthly Debt.............52

Solving for Actual Qualifying Ratios...........................................53

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EXAMPLES —

U.S. MODE

.............................................................54

Finding the Monthly Loan Payment (Based on U.S. Interest

Rate).......................................................................................54

Property Taxes, Property/Hazard Insurance and Monthly

Housing Expense....................................................................55

PITI Payment (Tax and Insurance Entered as %).....................56

PITI Payment (Tax and Insurance Entered as $) ......................56

Calculating Tax and Insurance % or $.......................................57

Finding the Interest Rate ...........................................................58

Finding the Term of a Loan........................................................58

Finding the Loan Amount...........................................................58

Finding Sales Price and Payment Based on Loan Amount and

Down Payment .......................................................................59

Adjustable Rate Mortgages........................................................59

ARM Payment —

Worst-Case Scenario

....................................60

ARM Payment —

Using Lifetime Cap

.......................................61

Increasing and Decreasing ARM Payment................................62

Total Principal and Interest for a 30-Year Loan .........................62

Amortization List for Individual Year(s) —

Using “Next”

Feature

....................................................................................63

APR, Total Finance Charges (Including Mortgage

Insurance)...............................................................................64

Bi-Weekly Loans........................................................................65

Bi-Weekly Term Reduction and Payment..................................65

Estimated Income Tax Savings and “After-Tax” Payment .........66

Mortgage Interest Tax Deduction —

28% or 30% Tax

Bracket

....................................................................................67

Rent vs. Buy...............................................................................68

Qualifying Loan Amount and Sales Price (Complete Example

Including Down Payment, Tax/Insurance, Monthly Association

Dues) ......................................................................................69

“Restricted” Qualifying ...............................................................70

“Unrestricted” Qualifying............................................................71

Finding Income Required and Allowable Monthly Debt.............72

Qualifying Comparison (Comparing Two Different Loans or

Qualifying Ratios at Once)......................................................73

APPENDIX .......................................................................................74

Default Settings..........................................................................74

Reset..........................................................................................74

Error Codes................................................................................75

Auto Shut-Off .............................................................................75

Batteries.....................................................................................75

Repair and Return......................................................................76

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Warranty.....................................................................................77

Legal Notes................................................................................78

Looking For New Ideas..............................................................78

INDEX .............................................................................................79

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KEY DEFINITIONS

Basic Operation Keys

OTurns all power off. The memory and most financial

registers are cleared.

oIf calculator is off, turns power on. If calculator is on,

a single press clears the last entry while a second

press in succession clears non-permanent entries.

+ – x Arithmetic operation keys.

÷ =

0– 9Keys used for entering numbers.

)Triple-zero key (saves time when entering 000

values).

bBackspace key (deletes incorrect entries one digit at

a time).

•Decimal point.

Percent

— Four-function (+, –, x, ÷) percent key.

See page 22 for examples.

Memory

— Adds the displayed number to the inde-

pendent cumulative memory. Pressing s µ

(M–)

will subtract the displayed value from the

cumulative memory. Pressing ® µ recalls and

displays the memory contents. Pressing ® ®

clears the memory. See page 19 for details.

Recall

— Recalls and displays the contents of the

financial registers (e.g., ® ˆ). Also used for

Memory functions.

sUsed to set the number of displayed decimal places

(see section on Decimal Place Selection, page 15).

Also works with other keys to set or activate addi-

tional functions. (Think of it as a “shift” key on a

typewriter.) It will perform the function printed above

the key on the calculator's face.

s –

Change Sign

— Changes the sign of the displayed

value from positive to negative or vice versa.

GETTING STARTED

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s x

Clear All

— Clears all entered values and returns

any stored values to their default settings. Use this

only with caution, as it will reset ratios, periods per

year, etc. back to their defaults (see the Appendix

for a list of these settings).

Note: Clear All will not affect any changes made to Preference

Settings (with the exception of Payments/Year and Decimal

Places, which are returned to their defaults), unless you perform

a Reset (see page 74).

Canadian Mode: s x will also return your calcu-

lator to Canadian Mode if you previously activated

U.S. Mode via s 9.

s =

Preferences

— Activates the Preference Mode, where

you can program custom settings (see page 17).

Mortgage/Time-Value-of-Money Keys

The following keys let you solve Mortgage or Time-Value-of-Money

(TVM) problems, such as finding a Mortgage Payment, Term,

Interest, or Future Value, or Amortization. Other useful keys, such as

Price and Down Payment, are also included. These keys let you

demonstrate various “what-if” mortgage scenarios to your clients.

Mortgage Amount

— Enters or solves for the initial

mortgage amount or present value of a financial

problem.

P&I, PITH (Total Payment), and Interest-Only

Payment

— Multi-function payment key. Enters or

solves for the Periodic Principal and Interest (P&I)

payment.

(Optional)

Pressing a second time in suc-

cession calculates the PITI* payment

(adds monthly

property tax only to P&I payment)

. Pressing a third

time calculates the PITH* or Total Payment, which

includes monthly property tax, heating expense, and

other applicable housing expenses, such as condo

fees. The last press calculates the interest-only pay-

ment.

*Note: The U.S. PITI payment includes monthly property tax and

insurance. Also, the U.S. function does not require entering

monthly heating expense, or use the term PITH.

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TEnters or solves for the number of years. Second

press gives the number of periods. An entered term

greater than 45 will be classified as periodic, not

annual.

Note: Stored permanently, until you change it or perform a Clear

All (

s x

). You may enter a periodic term, if you prefer, by

pressing the

key prior to pressing

(e.g.,

3 0 0 π

instead of

2 5 T

Interest

— Enters or solves for the annual interest

rate. Second press gives the periodic rate.

Note: Stored permanently, until you change it.

s l

Future Value

— Enters or solves for the future

value of a financial problem.

Sales Price

— Enters or calculates Sales Price

based on the entries of Mortgage Amount (or equiv-

alent mortgage components) and Down Payment.

Note: An entered Sales Price will not normally change.

Down Payment

— Enters (in either percent or dol-

lars) or calculates Down Payment, based on the

entries of Mortgage Amount (or equivalent mortgage

components) and Sales Price. A second press

changes the entered down payment from a dollar

figure to a percent, or vice versa.

Note: Any number under 100 is assumed to be a percent down

payment. You do not have to label the value as a percent.

s d

Loan-to-Value (LTV)

— Calculates the Loan-to-

Value percent when a Down Payment and Sales

Price, Mortgage Amount/Down Payment, or

Mortgage Amount/Sales Price are entered. Also cal-

culates the above dollar values if an LTV percent

and one of the above values are entered (e.g.,

entered Sales Price and LTV% will calculate Down

Payment and Mortgage Amount).

Periodic

— Used to specify a mortgage component

(Term or Interest) or Amortization/Remaining

Balance value as periodic rather than yearly. For

example, 3 0 0 π T enters 300 periods. Also

used to identify Periodic Income, Tax Insurance, and

Mortgage Insurance.

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s ÷

Payments per Year

— Used to set the number of

payment periods per year. Default value is 12, for

monthly.

Note: You can store the number of payments/year permanently or

semi-permanently. See “Preference Settings” on page 17).

Amortization (Amort)

— Finds Total Interest,

Principal, Remaining Balance, Remaining Term and

(when in

U.S. Mode

only) estimated Mortgage

Interest Tax deduction.

The output of this key is as follows:

Press Display or Calculation

1 Displays range of periods

2 Calculates Total Interest for period range

3 Displays Total Principal for range

4 Calculates Total Principal and Interest

5 Calculates Remaining Balance

6 Calculates Remaining Term

7 (U.S. Mode) Calculates estimated Mortgage

Interest Tax deduction for the specified peri-

od, based on the default tax bracket of 28%*

*You may enter any tax bracket (e.g., 30%, press

3 0 s +

and recalculate amortization values).

Note: This is only for estimating a Mortgage Interest Tax deduc-

tion – it does not include Property Tax. See “Tax Savings” func-

tion/keys.

s a

Remaining Bal (Bal)

— Displays the Remaining

Balance when preceded by a single year or range of

years (or individual payment or range of payments

by also using the πkey). Note that you can also

see the Remaining Balance by cycling through the

akey.

Colon Separator (Date)

— Used as a separator for

entering dates, qualifying ratios, for entering amorti-

zation ranges and ARM interest/term adjustments.

s )

Month Offset (Mo Offset)

— Used to set the first

month of payment if other than January.

3420UG-E-A 7/2/04 9:06 AM Page 9

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