The LOAN Procedure

In addition to the loan summary, you can print a loan repayment (amortization) schedule for each loan. For each payment period, this schedule contains the year and period within the year (or date, if the START= option is specified), the principal balance at the beginning of the period, the total payment, interest payment, principal repayment for the period, and the principal balance at the end of the period.

To print the first year of the amortization schedule for the fixed rate loan shown in Figure 23.5, use the following statements:

proc loan start=1998:12;
   fixed amount=100000 rate=7.5 life=180
         schedule=1
         label='BANK1, Fixed Rate';
run;

The principal balance at the end of one year is $96,248.67. The total payment for the year is $11,124.12, of which $3,751.33 went toward principal repayment.

You can also print the amortization schedule with annual summary information or for a specified number of years. The SCHEDULE=YEARLY option produces an annual summary loan amortization schedule, which is useful for loans with a long life. For example, to print the annual summary loan repayment schedule for the buydown loan shown in Figure 23.6, use the following statements:

proc loan start=1998:12;
   buydown amount=100000 rate=6.5 life=180
           buydownrates=(24=8 48=9) pointpct=1
           schedule=yearly
           label='BANK4, Buydown';
run;