The LOAN Procedure
Functional Summary
Table 24.1 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 24.1: 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 |