User Manual

Personal Finance
Homeowners Monthly Payment Estimator
It is often useful, when comparison shopping for a mortgage or determining the
appropriate price range of houses to consider, to be able to quickly estimate the
monthly payment given the purchase price, tax rate per $1000, percent down,
interest rate and term of the loan.
The calculation assumes that the assessed value is 100% of the sales price and
does not take into account financing of the closing costs.
A simple keystroke procedure may be used to calculate the monthly payment:
1. Press and press CLEAR .
2. Key in the annual interest rate and press
.
3. Key in the term of the loan (in years) and press
.
4. Key in the purchase prices and press
1.
5. Key in the percent down and press
.
6. Key in the tax rate in dollars per thousand and press
1 12000
. ( A negative sign is the convention for cash paid out).
Example: What would your monthly payments be on a $65,000 house in a
neighborhood with a $25 per thousand tax rate and a 10 3/4 % interest rate on a
35 year loan with 10% down?
Keystrokes Display
CLEAR
10.75
0.90 Monthly interest rate.
35
420.00 Months of loan.
65000 1
65,000.00 Purchase price.
10
58,800.00 Mortgage balance.
25 1
12000
-135.42 Approximate monthly taxes.