The LOAN procedure provides analysis and comparison of mortgages and other installment loans. It enables you to
input contract terms for any number of different loans and analyze and compare various financing alternatives
analyze four different types of loan contracts
fixed rate
adjustable rate
buydown rate
balloon payment
control adjustment terms for adjustable rate loans: life caps, adjustment frequency, and maximum and minimum rates
calculate loans that can incorporate initialization costs, discount points, down payments, and prepayments (uniform or lump-sum)
analyze different rate adjustment scenarios for variable rate loans
worst case
best case
fixed rate case
estimated case
compare loans at different points in time
compare loans (at each analysis date) on the basis of five different economic criteria
present worth of cost (net present value of all payments to date)
true interest rate (internal rate of return to date)
current periodic payment
total interest paid to date
outstanding balance
compare loans for before-tax or after-tax analysis
report best alternative for comparison of equal-amount loans
In addition, PROC LOAN provides amortization schedules and loan summaries for each loan contract. It automatically generates payment dates (rather than just payment sequence numbers) and rounds payments to any number of decimal places. It supports a wide variety of payment and compounding intervals.
The MORTGAGE procedure provides amortization schedules for fixed rate mortgages. Although the MORTGAGE procedure has been superseded by the LOAN procedure, it is still supported for compatibility with previous releases of SAS/ETS software.
For further details, see the SAS/ETS^{®} User's Guide