The LOAN Procedure

Functional Summary

Table 17.1 summarizes the statements and options that control the LOAN procedure. Many of the loan specification options can be used on all of the statements except the COMPARE statement. For these options, the statement column is left blank. Options specific to a type of loan indicate the statement name.

Table 17.1: LOAN Functional Summary

Description

Statement

Option

Statements

   

specify an adjustable rate loan

ARM

 

specify a balloon payment loan

BALLOON

 

specify a buydown rate loan

BUYDOWN

 

specify loan comparisons

COMPARE

 

specify a fixed rate loan

FIXED

 

Data Set Options

   

specify output data set for loan summary

PROC LOAN

OUTSUM=

specify output data set for repayment schedule

 

OUT=

specify output data set for loan comparison

COMPARE

OUTCOMP=

Printing Control Options

   

suppress printing of loan summary report

 

NOSUMMARYPRINT

suppress all printed output

 

NOPRINT

print amortization schedule

 

SCHEDULE=

suppress printing of loan comparison report

COMPARE

NOCOMPRINT

Required Specifications

   

specify the loan amount

 

AMOUNT=

specify life of loan as number of payments

 

LIFE=

specify the periodic payment

 

PAYMENT=

specify the initial annual nominal interest rate

 

RATE=

Loan Specifications Options

   

specify loan amount as percentage of price

 

AMOUNTPCT=

specify time interval between compoundings

 

COMPOUND=

specify down payment at loan initialization

 

DOWNPAYMENT=

specify down payment as percentage of price

 

DOWNPAYPCT=

specify amount paid for loan initialization

 

INITIAL=

specify initialization costs as a percent

 

INITIALPCT=

specify time interval between payments

 

INTERVAL=

specify label for the loan

 

LABEL=

specify amount paid for discount points

 

POINTS=

specify discount points as a percent

 

POINTPCT=

specify uniform or lump sum prepayments

 

PREPAYMENTS=

specify the purchase price

 

PRICE=

specify number of decimal places for rounding

 

ROUND=

specify the date of loan initialization

 

START=

Balloon Payment Loan Specification Option

   

specify the list of balloon payments

BALLOON

BALLOONPAYMENT=

Rate Adjustment Terms Options

   

specify frequency of rate adjustments

ARM

ADJUSTFREQ=

specify periodic and life cap on rate adjustment

ARM

CAPS=

specify maximum rate adjustment

ARM

MAXADJUST=

specify maximum annual nominal interest rate

ARM

MAXRATE=

specify minimum annual nominal interest rate

ARM

MINRATE=

Rate Adjustment Case Options

   

specify best-case (optimistic) scenario

ARM

BESTCASE

specify predicted interest rates

ARM

ESTIMATEDCASE=

specify constant rate

ARM

FIXEDCASE

specify worst case (pessimistic) scenario

ARM

WORSTCASE

Buydown Rate Loan Specification Option

   

specify list of nominal interest rates

BUYDOWN

BUYDOWNRATES=

Loan Comparison Options

   

specify all comparison criteria

COMPARE

ALL

specify the loan comparison periods

COMPARE

AT=

specify breakeven analysis of the interest paid

COMPARE

BREAKINTEREST

specify breakeven analysis of periodic payment

COMPARE

BREAKPAYMENT

specify minimum attractive rate of return

COMPARE

MARR=

specify present worth of cost analysis

COMPARE

PWOFCOST

specify the income tax rate

COMPARE

TAXRATE=

specify true interest rate analysis

COMPARE

TRUEINTEREST