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U
SER’S GUIDE — 11
(Cont’d)
Note: Entering a number equal to or less than 10 is assumed to
be an annual percent. Mortgage insurance is calculated from the
loan amount.
Note: Tax and Insurance entered as dollar amounts will remain
fixed, even if sales price or loan amount is changed. However, if
entered as a percent of sales price or loan amount, these items
will automatically be re-calculated if sales price or loan amount is
changed.
e Expense — Used for calculating Total Payment and
Qualifying. Enters monthly housing expense (e.g.,
homeowner’s association dues, maintenance and
utilities).
Tax Savings Keys
s p Estimated Income Tax Savings (Tax Svgs) —
Calculates an estimated annual income tax savings
for a mortgage, based on entered loan variables,
including property tax, mortgage interest, and tax
bracket. You may use the stored Tax Bracket %, or
enter a tax bracket prior to pressing s p p to
display the estimated annual income tax savings;
the third consecutive press of p will display the
monthly tax savings; and the fourth press will display
the estimated “after-tax”, or net mortgage payment.
Note: This function is different from the mortgage interest deduc-
tion figured in the Amortization calculation, as it also includes
property tax for a total estimated tax savings and only provides
an annual estimate, not an estimate for a specified range. (See
the a key definition on page 8 for details).
DESKTOP MODEL ONLY:
† Your calculator has a dedicated Tax Savings key
that operates as identified above.
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