United States
Hong KongCan you use a calculator on the NMLS exam?
Yes, an on-screen calculator is provided. You may not bring your own, so practice with a basic four-function calculator rather than a financial one.
Yes, an on-screen one. Provided, basic, and the only one you get.
Your own calculator stays in the locker with everything else.
Why that changes your practice
If you have been drilling ratios on a financial calculator with dedicated payment functions, you have been practicing a skill you cannot use.
The provided tool does arithmetic. Anything more structured than that has to come from you knowing the formula and entering the steps.
What the maths actually involves
Less than people fear, and more than they prepare for.
| Calculation | What it needs |
|---|---|
| Housing ratio | Housing payment divided by gross monthly income |
| Total debt ratio | All monthly obligations divided by gross monthly income |
| Loan-to-value | Loan divided by the lesser of price and appraised value |
| Discount points | One point is one percent of the loan amount |
| Per-diem interest | Annual interest divided by the day count, times the days |
All arithmetic. None of it needs a financial calculator, and all of it needs you to remember which number goes on top.
Use a plain four-function calculator while you study. The muscle memory you build on a financial one is not available on the day, and discovering that at question 40 is an expensive surprise.
The real constraint is time
About 95 seconds a question on average, and a multi-step ratio can eat two to three minutes if you have to reconstruct the formula.
Drill each one until it lands under a minute from a cold start. That is what keeps the calculations from deciding your result.
Common questions
Can you use a calculator on the NMLS exam?
Yes. An on-screen calculator is provided.
Can you bring your own calculator?
No. Personal calculators go in the locker with everything else.
Is it a financial calculator?
No. It is a basic tool, so practice with a plain four-function calculator rather than one with payment functions.
How much maths is on the NMLS exam?
Ratios, loan-to-value, points and per-diem interest appear throughout, though there is no separate calculation section.
How fast should the calculations be?
Under a minute each from a cold start. Two to three minutes each will cost you the end of the paper.