User Manual

2. Key in the remaining balance of the loan and press . The remaining balance is the
difference between the loan amount and the total principal from the payments which have
been made.
To calculate the remaining balance, do the following:
a. Key in the previous remaining balance. If this is the first mortgage adjustment,
this value is the original amount of the loan. Press
.
b. Key in the annual interest rate before the adjustment (as a percentage) and
press
.
c. Key in the number of years since the last adjustment. If this is the first mortgage
adjustment, then key in the number of years since the origination of the
mortgage. Press
.
d. Key in the monthly payment over this period and press
.
e. Press
to find the remaining balance, then press CLEAR
.
3. Key in the adjusted annual interest rate (as a percentage) and press
.
To calculate the new monthly payment:
a. Key in the remaining life of the mortgage (years) and press
.
b. Press
to find the new monthly payment.
To calculate the revised remaining term of the mortgage:
c. Key in the present monthly payment and press
.
d. Press
12 to find the remaining term of the mortgage in years.
Example: A homeowner purchased his house 3 years ago with a $50,000
variable rate mortgage. With a 30-year term, his current monthly payment is
$495.15. When the interest rate is adjusted from 11.5% to 11.75%, what will the
monthly payment be? If the monthly payment remained unchanged, find the
revised remaining term on the mortgage.
Keystrokes Display
CLEAR
50000
50,000.00 Original amount of loan.
11.5
0.96 Original monthly interest rate.
3
36.00 Period.
495.15
-495.15 Previous monthly payment.