【文章內(nèi)容簡介】 s (continued) ? Amortization Type 分期還款類型 ? The amount of the monthly loan payment that represents the repayment of the principal borrowed is called the amortization. ? Traditionally, both FRMs and ARMs are fully amortizing loans. ? What this means is that the monthly mortgage payments made by the borrower are such that they not only provide the lender with the contractual interest but also are sufficient to pletely repay the amount borrowed when the last monthly mortgage payment is made. Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 1017 Types of Residential Mortgage Loans (continued) ? Amortization Type ? Fully amortizing fixedrate loans have a payment that is constant over the life of the loan. ? For example, suppose a loan has an original balance of $200,000, a note rate of %, and a term of 30 years. ? Then the monthly mortgage payment would be $1,. ? The formula for calculating the monthly mortgage payment is where MP = monthly mortgage payment ($), MB0 = original mortgage balance ($), i = note rate divided by 12 (in decimal), and n = number of months of the mortgage loan. 這是等額本息還款， 如何推導(dǎo)？ ? ?? ?0111nni + iMP MB + i??? ? ??????Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 1018 Loan Amortization Schedule ? It shows how a loan is paid off over time. ? It breaks down each payment into the interest ponent and the principal ponent. ? Let’s illustrate this using Rob’s 4year $10,000 loan which calls for annual payments of $3,. Recall that the interest rate on this loan is 14% per year. Loan Amortization Schedule =$3, ? $1,400 =10,000 Period: 1 Principal Start of Period Interest for Period Balance Payment Principal End of Period Principal Repaid $10, $1, $11, $3, $7, $2, Loan Amortization Schedule =7, = $3, ? $1, Period: 1 2 Principal Start of Period Interest for Period Balance Payment Principal End of Period Principal Repaid $10, $1, $11, $3, $7, $2, $7, $1, $9, $3, $5, $2, Loan Amortization Schedule Perio d: 1 2 3 4 Prin cipal St art of Per iod In terest for Perio d Balance Pay m ent Prin cipal En d of Per iod Prin cipal Rep aid $1 0, 00 0. 00 $1 ,4 00 .0 0 $1 1, 40 0. 00 $3 ,4 32 .0 5 $7 ,9 67 .9 5 $2 ,0 32 .0 5 $7 ,9 67 .9 5 $1 ,1 15 . 51 $9 ,0 83 .4 6 $3 ,4 32 .0 5 $5 ,6 51 .4 1 $2 ,3 16 .5 4 $5 ,6 51 .4 1 $7 91 .2 0 $6 ,4 42 .6 1 $3 ,4 32 .0 5 $3 ,0 10 .5 6 $2 ,6 40 .8 5 $3 ,0 10 .5 6 $4 21 .4 9 $3 ,4 32 .0 5 $3 ,4 32 .0 5 $0 .0 0 $3 ,0 10 .5 6 =10,000 (本金） P232的表展示了 30年的 Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 1023 討論：等額本息和等額本金誰還的利息少呢？你認(rèn)為那個更劃算（更占便宜？） Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 1024 Types of Residential Mortgage Loans (continued) ? Amortization Type ? To calculate the remaining mortgage balance at the end of any month, the following formula is used: where MBt = mortgage balance after t months, MB0 = original mortgage balance ($), i = note rate divided by 12 (in decimal), and n = number of months of the mortgage loan. ? ? ? ?? ?01111ntntiiMB MBi??? ? ????????Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall 1025 Types of Residential Mortgage Loans (continued) ? Amortization Type ? To calculate the portion of the monthly mortgage payment that is the scheduled principal payment for a month, the following formula is used: where SPt = scheduled principal repayment for month t, MB0 = original mortgage balance ($), i = note rate divided by 12 (in decimal), and n = number of months of the mortgage loan. ? ?? ?10111tnti + iS P MB + i?????????Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hal