34 — MORTGAGE QUALIFIER PLUS ®P X2(Cont’d)STEPS KEYSTROKES DISPLAYEnter property insurance 5 0 0 s 8 500.00Enter mortgage insurance 1 2 0 0 s 9 1,200.00Enter monthly expenses 1 5 0 s D 150.00Find loan amount l 280,500.00Find P&I payment p “run” 1,681.74Find PITI payment p 2,315.07Find total payment (PITIplus mo. expenses) p 2,465.07Find interest-only payment p 1,402.50Estimated Income Tax Savings and “After-Tax” PaymentNote: This example calculates the annual tax savings (including property tax andmortgage interest) and is only an estimate. Please inform your clients to consult a taxadvisor for an accurate calculation of their income tax deductions.Buyers in a 28% income tax bracket are looking to finance a$150,000 mortgage for 30 years at 8% annual interest. If they will bepaying approximately $1,500 in annual property taxes and $250 inannual property insurance, find theirestimated annual tax savings(or mortgage interest/property tax savings) and “after-tax” monthly pay-ment.STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter term in years 3 0 T 30.00Enter annual interest 8 ˆ 8.00Enter annual tax 1 5 0 0 s 7 1,500.00Enter annual insurance 2 5 0 s 8 250.00Enter loan amount 1 5 0 ) l 150,000.00Find P&I payment p “run” 1,100.65Find PITI payment p 1,246.48Enter tax bracket 2 8 s p 28.00Find annual incometax savings p 3,767.32Find monthly tax savings p 313.94Find “after-tax” payment p 932.54— DO NOT CLEAR CALCULATOR —
