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U
SER
’
S
G
UIDE
— 3
Recalling Tax and Insurance % Rates.......................................32
Setting Tax and Insurance $......................................................32
Calculating Tax and Insurance % or $.......................................33
PITI Payment (Tax and Insurance Entered as %) .....................34
Total Payment (Including Expenses) and Interest-Only
Payment..................................................................................34
Estimated Income Tax Savings and “After-Tax” Payment .........35
Rent vs. Buy...............................................................................36
Adjustable Rate Mortgages........................................................37
ARM Payment —
Worst-Case Scenario
....................................38
ARM Payment —
Using Lifetime Cap
.......................................39
Decreasing ARM Payment.........................................................40
Increasing and Decreasing ARM Payment................................40
Amortization and Remaining Balance........................................41
Notes on Amortization................................................................41
Total Principal and Interest for a 30-Year Loan .........................42
Amortization List for Individual Year(s) —
Using “Next” Feature
..............................................................43
Amortization List for Individual Year(s) —
Using Month Offset
.................................................................44
Amortization List for Individual Payment(s) ...............................45
Amortization List for a Range of Payments or Years.................46
APR and Total Finance Charges ...............................................47
Finding APR, Total Finance Charges
(Excluding Mortgage Insurance).............................................47
Prepaid/Odd-Days Interest and APR.........................................48
Balloon Payment/Remaining Balance Needed to Pay Off
a Loan.....................................................................................49
Bi-Weekly Loans........................................................................49
Bi-Weekly Term Reduction and Payment..................................50
Trust Deeds and Discounted Notes...........................................50
Purchase Price of a Note —
Fully Amortized
............................51
Finding the Yield on a Discounted Note ....................................51
Finding the Value and Discount of a Trust Deed.......................52
BUYER QUALIFYING...................................................................53
QUALIFYING EXAMPLES ...........................................................54
Recalling Income/Debt Qualifying Ratios ..................................54
Storing New Income/Debt Qualifying Ratios..............................54
Finding Qualifying Loan Amount and Sales Price (Simple
Example Excluding Tax/Insurance).........................................55
Qualifying Loan Amount and Sales Price (Complete Example
Including Down Payment, Tax/Insurance, Monthly Association
Dues) ......................................................................................56
“Restricted” Qualifying ...............................................................57
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