58 — MORTGAGE QUALIFIER PLUS ®P X2Qualifying Comparison (Comparing 2 Different Loans orRatios at Once)Given a buyer’s annual income of $45,000, $500 in long-termmonthly debt, estimated monthly homeowner’s association dues of$50, an interest rate of 7.25% and term of 30 years, what loanamounts can they qualify for based on both 28%:36% and 33%:40%ratios? Also, find the corresponding total monthly payment for each.Estimate property tax/insurance rates of 1.25% and .3%, respective-ly, and a mortgage insurance rate of .45%.STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Enter annual income 4 5 ) i 45,000.00Enter monthly debt 5 0 0 D 500.00Enter monthly assn. dues* 5 0 s D 50.00Enter interest 7 • 2 5 ˆ 7.25Enter term 3 0 T 30.00Enter property tax rate 1 • 2 5 s 7 1.25Enter property ins. rate • 3 s 8 0.30Enter mortgage ins. rate • 4 5 s 9 0.45Display Qual 1 stored ratios q 28.00-36.00Find Qual 1 qualifying loan q “run” 94,245.94Find Qual 1 P&I payment p 642.92Find PITI payment p 800.00Find total payment p 850.00Find interest-only payment p 569.40— DO NOT CLEAR CALCULATOR —STEPS KEYSTROKES DISPLAYDisplay Qual 2 stored ratios Q 33.00-40.00Find Qual 2 qualifying loan Q “run” 111,917.05Find Qual 2 P&I payment p 763.47Find PITI payment p 950.00Find total payment p 1,000.00Find interest-only payment p 676.17Note: Press sbefore pressing qor Qin these examples for Interest-Onlyqualifying.For Desktop Model (#43442) Users:*Enter 5 0 Aon the Desktop model.
