The LOAN Procedure

## Example 16.4 Output Data Sets

This example shows the analysis and comparison of five alternative loans. Initialization cost, discount points, and both lump sum and periodic payments are included in the specification of these loans. Although no printed output is produced, the loan summary and loan comparison information is stored in the OUTSUM= and OUTCOMP= data sets.

```   proc loan start=1998:12 noprint outsum=loans
amount=150000 life=360;

fixed rate=7.5 life=180 prepayment=500
label='BANK1, Fixed Rate';

arm rate=5.5 estimatedcase=(12=7.5 18=8)

arm rate=5.75 worstcase caps=(0.5 2.5)
prepayments=(12=2000 36=5000);

balloon rate=7.5 life=480
points=1100 balloonpayment=(15=2000 48=2000)
label='BANK4, with Balloon Payment';

compare at=(120 360) all marr=7 tax=33 outcomp=comp;
run;

proc print data=loans;
run;

proc print data=comp;
run;
```

Output 16.4.1 and Output 16.4.2 illustrate the contents of the output data sets.

Output 16.4.1 OUTSUM= Data Set
Obs TYPE LABEL PAYMENT AMOUNT INITIAL POINTS TOTAL INTEREST RATE EFFRATE INTERVAL COMPOUND LIFE NCOMPND COMPUTE START END
1 FIXED BANK1, Fixed Rate 1890.52 150000 0 0 207839.44 57839.44 0.0750 0.077633 MONTHLY MONTHLY 110 110 PAYMENT DEC1998 FEB2008
2 ARM BANK1, Adjustable Rate 851.68 150000 0 0 390325.49 240325.49 0.0550 0.056408 MONTHLY MONTHLY 360 360 PAYMENT DEC1998 DEC2028
3 BUYDOWN BANK2, Buydown 673.57 150000 15000 0 288858.08 138858.08 0.0700 0.072399 SEMIMONTHLY SEMIMONTHLY 360 360 PAYMENT DEC1998 DEC2013
4 ARM BANK3, Adjustable Rate 875.36 150000 0 0 387647.82 237647.82 0.0575 0.059040 MONTHLY MONTHLY 360 360 PAYMENT DEC1998 DEC2028
5 BALLOON BANK4, with Balloon Payment 965.36 150000 0 1100 467372.31 317372.31 0.0750 0.077633 MONTHLY MONTHLY 480 480 PAYMENT DEC1998 DEC2038

Output 16.4.2 OUTCOMP= Data Set
Obs DATE TYPE LABEL PAYMENT INTEREST TRUERATE PWOFCOST BALANCE
1 DEC2008 FIXED BANK1, Fixed Rate 1772.76 57839.44 0.051424 137741.07 0.00
2 DEC2008 ARM BANK1, Adjustable Rate 1093.97 108561.77 0.052212 130397.88 130788.65