The LOAN Procedure |
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) label='BANK1, Adjustable Rate'; buydown rate=7 interval=semimonth init=15000 bdrates=(3=9 10=10) label='BANK2, Buydown'; arm rate=5.75 worstcase caps=(0.5 2.5) adjustfreq=6 label='BANK3, Adjustable Rate' 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.
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 |
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 |
3 | DEC2008 | BUYDOWN | BANK2, Buydown | 803.98 | 118182.19 | 0.087784 | 161810.00 | 75798.19 |
4 | DEC2008 | ARM | BANK3, Adjustable Rate | 1065.18 | 107015.58 | 0.053231 | 131955.90 | 125011.88 |
5 | DEC2008 | BALLOON | BANK4, with Balloon Payment | 965.36 | 107906.61 | 0.052107 | 130242.56 | 138063.41 |
6 | DEC2028 | FIXED | BANK1, Fixed Rate | 1772.76 | 57839.44 | 0.051424 | 137741.07 | 0.00 |
7 | DEC2028 | ARM | BANK1, Adjustable Rate | 1094.01 | 240325.49 | 0.053247 | 121980.94 | 0.00 |
8 | DEC2028 | BUYDOWN | BANK2, Buydown | 800.46 | 138858.08 | 0.086079 | 161536.44 | 0.00 |
9 | DEC2028 | ARM | BANK3, Adjustable Rate | 1065.20 | 237647.82 | 0.054528 | 124700.22 | 0.00 |
10 | DEC2028 | BALLOON | BANK4, with Balloon Payment | 965.36 | 282855.86 | 0.051800 | 117294.50 | 81326.26 |
Copyright © SAS Institute, Inc. All Rights Reserved.