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## HP 17Bii, 17Bii+, and 19Bii Calculators - Calculating Estimated Total Monthly Payments

Description
When comparison-shopping for a mortgage, it is useful to estimate the total monthly payment. The following HP Solve equation calculates the mortgage payment for the first month given the purchase price, down payment, interest rate, term of the loan, annual property taxes, and annual homeowner's insurance.
##### note:
The calculation assumes that the assessed value is 100 percent of the sale price and does not include financing of the closing costs. This calculation also assumes that mortgage interest and property taxes are allowable deductions on income tax.
Calculating the estimated total monthly payments
To calculate the estimated total monthly payment:
1. Enter the MOPMT equation into the Solver as follows:
MOPMT:IF(S(EPMT):(PRICE-
DOWN)÷USPV(I%YR÷12:N)+(PTAX+INS)÷12-
EPMT:EPMT-((PRICE-DOWN)xI%YR÷12
00+PTAX÷12)x%TAX÷100-AT AX)
2. Verify the equation:
• For the HP 17bii and 17bii+, press EXIT, EXIT, YES (to save), then CALC
• For the HP 19bii, press CALC
3. Store values in the following variables:
• Purchase price in PRICE
• Down payment in DOWN
• Annual mortgage interest rate in I%YR
• Total number of monthly payments in N
• Amount of annual property taxes in PTAX
• Annual homeowner's insurance in INS
• Income tax rate as a percentage in %TAX
4. Press EPMT to calculate the estimated monthly payment, including principal and interest, property taxes, and insurance.
5. Press ATAX to calculate the after-tax monthly payment.
Example for calculating the total monthly payment
A client is considering purchasing a \$65,000 house in a neighborhood with a \$25 per thousand tax rate. Homeowner's insurance would cost \$325 per year. If the client puts \$6,500 down, and receives a 9.75 percent loan for 30 years, what would the client's monthly payment be? If the tax rate is 19 percent, what is the actual monthly payment?
##### note:
Keystrokes are shown for Algebraic Mode.
 Keys Display Description Press 65000, then PRICE Price=65,000.00 Stores known value Press 6500, then DOWN Down=6,500.00 Stores known value Press 9, [.], 75, then I%YR I%YR=9.75 Stores known value Press 30, x, 12, then N N=360.00 Stores known value Press 65, x, 25, then PTAX PTAX=1,625.00 Stores known value Press MORE, 325,then INS INS=325.00 Stores known value Press EPMT EPMT=665.11 Calculates estimated monthly payment Press 19, then %TAX % TAX 19.00 Stores income tax rate Press ATAX ATAX=549.07 Calculates after tax monthly payment

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