^^^^Here's another one from DeWalt, a boring ***. It comes with all of the drill bits. To use all you have to do is set the cams for the right backset which are clearly marked, use the bolt drill for a guide in setting it up on the door, and drill the hole out from each side. Pretty easy to use and hard to screw up. I mention this as it's available at most Home Depots. There's absolutely nothing wrong with Irwin tools accept availability sometimes.
The pic shows the hole saw for the body of the lockset already thru the *** with the saw teeth coming out of the left side. The bolt drill is shown from the wrong side actually as you use it from the front of the pic. I've found a 1/2" drill works better than a 3/8" but you're only talking one hole.