Mortgage abstract
A system and method for implementing a mortgage plan. Data is input
to a computer system regarding the mortgage terms, and the computer
system is used to prepare a mortgage document which creates an equity
participation mortgage obligation in which the lender shares in
a predetermined percentage of realized appreciation on the subsequent
sale of the asset which is the subject of the mortgage. In a particularly
preferred embodiment, this mortgage plan can provide the borrower
with an interest-free loan, a faster amortization schedule, and
a larger, yet more affordable mortgage. The lender also receives
substantial benefits, including the potential for a return which
exceeds conventional mortgage rate returns, insulation from risk
against interest rate fluctuation, and preferred tax treatment in
the form of capital gains tax rates paid only upon the subsequent
sale of the mortgaged asset. No maturity date need be specified
for the mortgage; rather, it may be tied to the ultimate sale of
the asset subject to the mortgage.
Mortgage claims
I claim:
1. A method of using a computer system for implementing a mortgage
plan and preparing mortgage documents specifying payment obligations
of a borrower to a lender concerning an asset which is subject to
a mortgage, the mortgage plan including an equity participation
mortgage obligation, comprising the steps of:
inputting data into the computer system regarding the terms of
the mortgage, including the principal amount and an amortization
period;
using the computer system to calculate annual average principal
and periodic payment obligations of the borrower accruing under
the mortgage obligation; and
using the computer system to prepare one or more mortgage documents
which specify: (1) the equity participation mortgage obligation;
(2) that the lender may only share in a predetermined percentage
of realized appreciation on subsequent sale of the asset which is
the subject of the mortgage; (3) that timing of equity participation
with the lender is indeterminable, occurs prior to the maturity
date, and is controlled by the borrower; and (4) that the borrower
is not required to pay interest on the mortgage principal amount.
2. The method of claim 1, further comprising the step of preparing
mortgage documents which permit the lender to require the sale of
the asset in the event of a default in payments by the borrower.
3. The method of claim 1, further comprising the step of preparing
mortgage documents which limit the lender's predetermined percentage
of the realized appreciation on the subsequent asset sale to a specified
percentage of the total realized appreciation value.
4. The method of claim 1, further comprising the steps of:
using the computer system to calculate the average mortgage principal
outstanding during the amortization period; and
using the computer system to prepare mortgage documents which limit
the lender's predetermined percentage of the realized appreciation
on the subsequent asset sale to an amount no greater than an amount
equal to a predetermined percentage annual return on the average
mortgage principal outstanding during the amortization period, plus
a specified percentage of the total amortization period return thereafter.
5. The method of claim 1, further comprising the step of using
the computer system to calculate a minimum total return for the
lender which may exceed the predetermined percentage of realized
appreciation on the subsequent sale of the asset.
6. The method of claim 1, wherein the one or more mortgage documents
specify a termination date for the mortgage which is synchronous
with the sale of the asset subject to the mortgage.
7. The method of claim 1, wherein the one or more mortgage documents
specify that repayment of any existing principal is synchronized
with the sale of the asset subject to the mortgage.
8. The method of claim 1, wherein the one or more mortgage documents
specify that payment of all obligations owed by the borrower to
the lender is synchronized with the sale of the asset subject to
the mortgage.
9. A computer system for implementing a mortgage plan and preparing
mortgage documents specifying payment obligations of a borrower
to a lender concerning an asset which is subject to a mortgage,
the mortgage plan including an equity participation mortgage obligation,
comprising:
at least one computer including a central processing unit and a
memory, for receiving data regarding the terms of the mortgage,
including the principal amount and an amortization period, within
the computer system;
the at least one computer calculating annual average principal
and periodic payment obligations of the borrower accruing under
the mortgage obligation, and preparing one or more mortgage documents
which include the equity participation mortgage obligation and which
specify: (1) that the lender may share in a predetermined percentage
of realized appreciation only on subsequent sale of the asset which
is subject to the mortgage; (2) that timing of equity participation
with the lender is indeterminable, occurs prior to the maturity
date, and is controlled by the borrower; and (3) that the borrower
is not required to pay interest on the mortgage principal amount.
10. A method of using a computer system for implementing a mortgage
plan and or preparing one or more mortgage documents specifying
payment obligations of a borrower to a lender concerning an asset
which is subject to a mortgage having a maturity date, the mortgage
plan specifying an equity participation mortgage obligation in which
the lender receives a predetermined portion of realized appreciation
in the asset during the life of the mortgage, comprising the steps
of:
inputting data into the computer system regarding the terms of
the mortgage, including the principal amount and an amortization
period;
calculating annual average principal and periodic payment obligations
of the borrower accruing under the mortgage obligation; and
preparing the one or more mortgage documents, the one or more mortgage
documents specifying: the equity participation mortgage obligation;
that the lender shares in a predetermined percentage of the realized
appreciation on subsequent sale of the asset which is the subject
of the mortgage; that timing of equity participation with the lender
is indeterminable, occurs prior to the maturity date, and is controlled
by the borrower; and that prior to sale or maturity of the asset,
the amount of principal paid by the borrower pursuant to the mortgage
exceeds the amount of current interest paid by the borrower.
11. The method of claim 10, wherein the one or more mortgage documents
also specify that the borrower incurs a financial penalty for an
early sale of the asset.
12. The method of claim 11, wherein the mortgage terms include
a down payment by the borrower, and wherein the penalty is the forfeiture
of a predetermined percentage of the down payment.
13. The method of claim 11, wherein the penalty continuously declines
over a predetermined initial term of the mortgage.
14. The method of claim 10, wherein the one or more mortgage documents
also specify a termination date for the mortgage which is synchronous
with the sale of the asset subject to the mortgage.
15. The method of claim 10, wherein the one or more mortgage documents
also specify that repayment of any existing principal is synchronized
with sale of the asset subject to the mortgage.
16. A method of using a computer system for implementing a mortgage
plan and for preparing one or more mortgage documents specifying
payment obligations of a borrower to a lender concerning an asset
which is subject to a mortgage, the mortgage plan specifying an
equity participation mortgage obligation in which the lender receives
a predetermined portion of realized appreciation in the asset during
the life of the mortgage, comprising the steps of:
inputting data into the computer system regarding the terms of
the mortgage, including the principal amount and an amortization
period;
calculating annual average principal and periodic payment obligations
of the borrower accruing under the mortgage obligation; and
preparing the one or more mortgage documents, the one or more mortgage
documents specifying: the equity participation mortgage obligation;
that the lender shares in a predetermined percentage of the realized
appreciation on subsequent sale of the asset which is the subject
of the mortgage; that timing of equity participation with the lender
is indeterminable, occurs prior to the sale of the asset, and is
controlled by the borrower; and that prior to sale of the asset,
the amount of principal paid by the borrower pursuant to the mortgage
substantially exceeds the amount of current interest paid by the
borrower;
wherein the lender receives capital gain tax treatment on its portion
of the realized appreciation of the asset upon the sale or transfer
of the asset.
17. The method of claim 16, further comprising the steps of:
using the computer system to calculate the average mortgage principal
outstanding during the amortization period; and
using the computer system to prepare one or more mortgage documents
which, upon sale of the asset, limit the lender's share of the realized
appreciation of the asset to an Amortization Period Return.
18. The method of claim 17, wherein the mortgage documents do not
specify a maturity date and the sale of the asset occurs after the
amortization period has been completed, and further comprising the
step of preparing the one or more mortgage documents to specify
that the lender's share of the realized appreciation of the asset
comprises the sum of the Amortization Period Return and a Post-Amortization
Period Return.
19. The method of claim 17, wherein the lender's share of the realized
appreciation of the asset comprises the lesser of: (1) a specified
percentage of the total realized appreciation value; or (2) the
sum of the Amortization Period Return and the Post-Amortization
Period Return.
20. A method of using a computer system for implementing a mortgage
plan and for preparing one or more mortgage documents specifying
payment obligations of a borrower to a lender concerning an asset
which is subject to a mortgage which need not have a maturity date,
the mortgage plan specifying an equity participation mortgage obligation
in which the lender receives a predetermined portion of realized
appreciation in the asset during the life of the mortgage, comprising
the steps of:
inputting data into the computer system regarding the terms of
the mortgage, including the principal amount and the amortization
period;
calculating annual average principal and periodic payment obligations
of the borrower accruing under the mortgage obligation; and
preparing the one or more mortgage documents, the one or more mortgage
documents specifying: the equity participation mortgage obligation;
that the lender shares in a predetermined percentage of the realized
appreciation on subsequent sale of the asset which is the subject
of the mortgage; that timing of equity participation with the lender
is indeterminable, occurs prior to the asset sale or maturity date,
if applicable, and is controlled by the borrower; and that prior
to sale or transfer of the asset, the entire amount of the mortgage
payments made by the borrower are applied to the principal amount.
Mortgage description
BACKGROUND OF THE INVENTION
Mortgages, i.e., liens on land and improvements thereon, given
as security for the payment of debts, are time-honored instruments
for financing the purchase of real estate. A highly developed market
exists for traditional real estate mortgages where lenders are compensated
with interest on the principal amount extended. Fundamental aspects
of traditional real estate mortgage lending at interest: 1) create
a large prospective financial burden for borrowers in the form of
total interest paid over the life of the instrument that normally
exceeds the original principal extended, 2) constrain the borrowing,
and ultimately, purchasing capacity of borrowers, and 3) subject
lenders to risks stemming from, among other factors, variations
in future interest rates. These fundamental aspects of traditional
real estate mortgage lending have become firmly entrenched, with
relatively little variation in the mortgage plan approach.
Nonconventional residential mortgage plans have been proposed and
used, however. The most widely used nonconventional mortgage plan,
perhaps, is the adjustable rate mortgage (ARM), which attempts to
shift the interest rate risk to borrowers in return for providing
lower initial interest rates. Other alternative instruments which
have seen limited use in the past include the graduated payment
mortgage (GPM), the price level adjusted mortgage (PLAM), and the
shared appreciation mortgage (SAM). Each of these mortgage plans
was developed to address specific problems with the vulnerability
by traditional mortgage lenders to higher interest rates. The first
was developed to expand the number of potential homeowners eligible
for mortgage financing. This is a particular concern in inflationary
times when high rates depress the borrowing capacity of potential
homeowners. By skewing the payment burden toward later in the amortization
period, the GPM allowed borrowers to obtain mortgage financing based
on their prospects for increased future income.
The PLAM addressed the different problem of the lender's exposure
to subsequent inflationary environments. Under this plan, the borrower's
payments, consisting of principal and interest, varied according
to fluctuations in an outside index of inflation, such as the Consumer
Price Index.
The first residential SAM was offered in 1980 and required a one-third
share in any appreciation of the value of the securing home in exchange
for a one-third reduction in the current interest rate. SAM's had
a fixed maturity date when all principal and compensation were due.
They never achieved popularity for a variety of reasons, as explained
in U.S. Pat. No. 5,644,726 to Oppenheimer:
First of all, the SAM required a costly and uncertain specific
house appraisal to determine the lender's share, if any, of appreciation
after forced refinancing in ten years. Secondly, the homeowner had
to refinance, not only the remaining mortgage principal, but original
lender's share of appreciation. Finally the homeowner had no way
of fixing, at the inception of the SAM mortgage, his monthly mortgage
payments after the initial ten year refinancing.
(Oppenheimer, col. 2, lines 7-14).
Another example of a nonconventional mortgage is disclosed in U.S.
Pat. No. 5,819,230 to Robert A. Christie, incorporated herein by
reference, which references the Merrill Lynch Mortgage 100 program.
There, the home buyer initially places marketable securities having
a value of at least 39% of the home's purchase price in an account
pledged as collateral on the mortgage loan, and appreciation of
the securities over the life of the loan helps compensate for risk
associated with any depreciation in home value. Similarly, U.S.
Pat. No. 5,852,811 to Charles Agee Atkins discloses a mortgage plan
in which money normally used to amortize the mortgage is placed
into other asset accounts, so that as the home increases in value,
additional loans may be made to the borrower to keep the loan-to-value
ration constant at 80%.
Yet another example of a nonconventional mortgage plan approach
is disclosed in the '726 Oppenheimer patent, also incorporated herein
by reference. This discloses the use of a two-part principal allocation,
a traditional interest bearing portion "A" and an equity
portion "B", in which the principal is not repaid on portion
B until portion A is completely amortized. An outside housing index
is used to annually calculate the amount of equity participation
to be realized by the lender at sale or maturity, regardless of
changes in the actual home's value. Under this plan, the lender
shares not only in the appreciation in the house above its initial
purchase price, but also has a claim against the equity (above the
loan balance at maturity) created by the borrower's repayment of
principal. Also under this plan, there is a fixed maturity date
when all principal and compensation are due.
A basic characteristic in common with all traditional and alternative
mortgage instruments is that interest paid currently on outstanding
principal is the dominant form of compensation to the lender. This
must be the case when the two traditional sources of mortgage capital,
portfolio lending by financial institutions and securitization in
the secondary market, each have their own current liability finding
costs to meet. This practice, as a byproduct, returns principal
to the lender in a back-loaded, non-linear manner so that the average
principal balance outstanding during the amortization period remains
significantly above 50% of the original amount, as illustrated in
FIG. 3. For instance, the midpoint in principal reduction during
the amortization period of the traditional 30-year fixed rate loan
in FIG. 3 is approximately 23 years.
This slow, back-loaded return of principal makes it difficult to
reliably generate a sufficient return on investment where home appreciation,
instead of periodic interest, is to be the dominant or sole form
of compensation.
The return on a mortgage, or any investment, can be measured as:
##EQU1##
What former mortgage plans ignore is the value of maximizing the
return by manipulating the denominator, annual average principal,
so that it is repaid much more rapidly, and on or near a straight
line amortization basis. This can only be done by removing current
interest paid on outstanding principal or making it an inconsequential
component of investor compensation. When this is done, even a relatively
small average annual profit generation, which would be insufficient
for mortgages with back-loaded returns of principal, produces a
satisfactory return.
Under existing mortgage plans, the only way to speed the return
of principal to the lender is by drastically increasing the size
of the monthly payment, or conversely, drastically lowering the
initial mortgage principal lent. Doing so either creates an unaffordable
monthly payment burden, or substantially diminishes the borrower's
purchasing capacity. In either case, the principal return remains
significantly back-loaded and non-linear so that the average principal
outstanding during the amortization period is a larger percentage
of the original balance.
Currently, there is a traditional "triangular" approach
to the implementation of mortgages on the lender's side, using a
mortgage originator, a mortgage lender, and a servicer of the mortgage.
The "originator", which may be a bank, a savings and loan/thrift
institution, or a mortgage broker, initially obtains the client/borrower
and also typically performs underwriting duties (e.g., verifying
income, credit approvals, providing documentation at closing, including
the loan agreement (the "note") and the mortgage agreement).
The "lender" is the entity providing the mortgage funds,
which are typically wired at closing. The "servicer" is
the entity that services the mortgage during its life (e.g., periodic
mortgage payments are sent by the borrower to the servicer). Those
of ordinary skill in the art will understand that, within the spirit
and scope of the present invention described below, this conventional
triangular approach can be maintained, and may be accomplished by
one single party (providing all three functions outlined in this
paragraph), or either two or three parties each providing at least
one of the three functions, subject to competitive and regulatory
considerations.
In the past two decades within the United States, for example,
relevant (e.g., U.S. Treasury) interest rates have fluctuated by
as much as 10% or more, subjecting both borrowers and lenders to
obvious and considerable risks. Accordingly, it would be highly
advantageous to provide a new system and method for implementing
a mortgage plan that can reduce lender risks associated with fluctuations
in interest. It would also be advantageous to provide the lender
with the potential for higher returns without unduly penalizing
the lender from a tax perspective, and while also providing the
borrower with incentives such as the potential for obtaining an
increased mortgage which can be amortized more quickly than with
conventional mortgage plans.
Accordingly, it is an object of the present invention to provide
a new mortgage plan in which the lender can maximize its return
while reducing lender risks associated with fluctuating interest
rates.
It is another object of the present invention to reduce the amortization
time period by removing current interest paid or by making it an
inconsequential component of investor compensation, thus also providing
the borrower with the opportunity for obtaining a larger mortgage.
SUMMARY OF THE INVENTION
These and other objects are achieved by the present invention,
which preserves the advantages of existing systems and methods for
implementing mortgage plans while overcoming disadvantages associated
with such systems and methods, and also providing new advantages.
The invention is a system and method for implementing a mortgage
plan using a computer system to provide mortgage documents which
specify an amount of mortgage principal and a predetermined term
for repayment of the principal, preferably with no interest. The
mortgage documents also create a promissory obligation (EPMO) by
the borrower, termed here "an equity participation mortgage
obligation", to share with the lender a certain predetermined
percentage of the realized appreciation on the subsequent sale proceeds
of the mortgage asset.
In a particularly preferred embodiment of the present invention,
a method is employed using a computer system for implementing a
mortgage plan and preparing mortgage documents specifying payment
obligations of a borrower to a lender. The mortgage plan includes
an equity participation mortgage obligation. Data is first input
into the computer system regarding the terms of the mortgage, including
the principal amount and the amortization period. Annual average
principal and periodic payment obligations of the borrower accruing
under the mortgage obligation are then calculated. A mortgage document
is then prepared which includes the equity participation mortgage
obligation and which specifies that the lender may share in a predetermined
percentage of realized appreciation on subsequent sale of the asset
which is the subject of the mortgage.
In one preferred embodiment, mortgage documents are prepared which
do not require the borrower to pay interest on the mortgage principal
amount. Also, the mortgage documents may permit the sale of the
asset in the event of a default in payments by the borrower. Further,
the mortgage documents may also limit the lender's predetermined
percentage of the realized appreciation on the subsequent asset
sale to a specified percentage of the total realized appreciation
value.
In another embodiment, a computer system may be used to calculate
the average mortgage principal outstanding during the amortization
period. Mortgage documents are then prepared which limit the lender's
predetermined percentage of the realized appreciation on the subsequent
asset sale to an amount no greater than an amount equal to a predetermined
percentage annual return on the average mortgage principal outstanding
during the amortization period, plus a specified percentage of the
total amortization period return thereafter. The computer system
may also be used to calculate a minimum total return for the lender
which may exceed the predetermined percentage of realized appreciation
on the subsequent sale of the asset. The mortgage documents may
also specify a termination date for the mortgage which is synchronous
with the sale of the asset subject to the mortgage. Similarly, the
mortgage documents may specify that the repayment of any existing
principal is synchronized with the sale of the asset subject to
the mortgage, and/or that the payment of all obligations owed by
the borrower to the lender is also synchronized with the sale of
the asset subject to the mortgage.
In another embodiment, the present invention provides a computer
system for implementing a mortgage plan and preparing mortgage documents
specifying payment obligations of a borrower to a lender, the mortgage
plan including an equity participation mortgage obligation. The
computer system includes at least one computer having a central
processing unit and a memory, for receiving data regarding the terms
of the mortgage, including the principal amount and the amortization
period. The computer calculates annual average principal and periodic
payment obligations of the borrower accruing under the mortgage
obligation, and prepares mortgage documents which include the equity
participation mortgage obligation and which specify that the lender
may share in a predetermined percentage of realized appreciation
on subsequent sale of the asset which is the subject of the mortgage.
BRIEF DESCRIPTION OF THE DRAWINGS
The novel features which are characteristic of the present invention
are set forth in the appended claims. The invention itself, however,
together with further objects and attendant advantages, will be
best understood by reference to the following description taken
in connection with the accompanying drawings, in which:
FIG. 1 is a schematic diagram depicting the overall system for
implementing a mortgage plan according to a preferred embodiment
of the present invention;
FIG. 2 is a graph of time in months (x-axis) versus principal amount
(y-axis) showing typical principal pay down curves for an equity
participation mortgage and a conventional mortgage plan at specified
interest rates, each having the same monthly payment in dollar terms;
and
FIG. 3 is a graph of time in year (x-axis) versus annual median
sales price of single family homes (y-axis).
DESCRIPTION OF THE PREFERRED EMBODIMENTS
An explanation of a preferred embodiment of the system and method
for implementing a mortgage plan using a unique mortgage instrument
will now be provided by way of a specific example. Assume the initial
value (termed "A") of a home is $312,500, and a 20% down
payment of $62,500 is given. Thus, the initial mortgage principal
amount (B) is $250,000. Assume also that the amortization period
(C) is 15 years, that the required monthly mortgage payments on
principal (D) are $1,367.50, and that the real estate appreciates
at a compounded rate (F) of 3.5% (see, e.g., FIGS. 2-3). Assume
also that the date of the subsequent sale of the house (G) is 15
years from the initial purchase price. Then, given the real estate
appreciation rate F of 3.5%, after G time period of 15 years, the
gross value of the home is $505,922. Ignoring sales costs, the net
appreciation is then $193,402 ($505,922-$312,500), so the annual
appreciation is $12,895 ($193,402/15). Also, the average principal
balance over the life of the mortgage ($250,000+0)/2) is $125,000.
Using the system of the present invention, then, the EPMO permits
the lender in this example to realize an average rate of return
of 10.316%, which is obtained by dividing the annual appreciation
of $12,895 by the average principal balance of $125,000.
Given the terms as defined in the above example, four equations
can be obtained, as follows:
I. Since A1(1+F)=A2, and A2(1+F)=A3, etc., (A1+A2+ . . . AG)-A=W=realized
appreciation on subsequent sale of home
II. X=yearly appreciation=W/G
III. Y=average principal balance=B1-((D*12)+E1)=B2, and B2-((D*12)+E2)=B3
. . . =(B1+B2+ . . . BG)/G, where E is a prepaid principal factor.
(E is a factor to account for any discretionary prepayment on outstanding
principal in any given payment period. Borrowers should be inclined
to prepay if their means allow, since it will diminish the average
annual principal outstanding from which the lender's share of appreciation
will be derived.)
IV. Z=average annual return=X/Y
The advantages of the mortgage instrument of the present invention
over traditional mortgage instruments involving the payment of interest
are several:
(1) A larger amount of debt principal is amortized more quickly,
and in uniform periodic amounts, since no interest need be paid
(see FIG. 3);
(2) Current income tax may not be incurred by the lender on its
percentage of the realized appreciation of the real estate; capital
gain tax rates (currently 20% for individual taxpayers) may be paid
when the asset is ultimately sold.
(3) The borrower can assume a larger mortgage with no increased
demand on current income, and thus purchase a more valuable home.
(4) The lender may obtain a higher risk-adjusted rate of return
than with conventional mortgage instruments, provided the rate of
appreciation of the asset remains at sufficient levels relative
to the time between its purchase and sale. (Within the United States
from 1968 to 1996, the median existing single-family house sales
price increased from $20,100 to $118,200, an annual compound appreciation
rate of 6.95%).
Comparative examples are given in Tables 1 and 2, below, of amortization
schedules for a conventional 30-year fixed-interest rate mortgage
(Table 1) and for an equity participation mortgage (Table 2) of
the present invention; each example uses the same monthly payment
to determine the original principal balances. As can be seen, the
mortgage plan of the present invention significantly reduces the
average life of the mortgage principal while increasing the purchasing
capacity of the borrower, and providing the lender with an enhanced
rate of return.
TABLE 1 Am Sched. $200k 360 Mo. 7.28% Pmt. # Prin. Bal Pmt. Amt
Int Amt Prin Red New Bal $1,368.42 7.28% $200,000.00 1 $200,000.00
$1,368.42 $1,213.33 $155.09 $199,844.91 2 $199,844.91 $1.368.42
$1,212.39 $156.03 $199,688.89 3 $199,688.89 $1,368.42 $1,211.45
$156.97 $199,531.91 4 $199,531.91 $1,368.42 $1,210.49 $157.93 $199,373.99
5 $199,373.99 $1,368.42 $1,209.54 $158.88 $199,215.10 6 $199,215.10
$1,368.42 $1,208.57 $159.85 $199,055.25 7 $199,055.25 $1,368.42
$1,207.60 $160.82 $198,894.43 8 $198,894.43 $1,368.42 $1,206.63
$161.79 $198,732.64 9 $198,732.64 $1,368.42 $1,205.64 $162.78 $198,569.87
10 $198,569.87 $1,368.42 $1,204.66 $163.76 $198,406.10 11 $198,406.10
$1,368.42 $1,203.66 $164.76 $198,241.35 12 $198,241.35 $1,368.42
$1,202.66 $165.76 $198,075.59 13 $198,075.59 $1,368.42 $1,201.66
$166.76 $197,908.83 14 $197,908.83 $1,368.42 $1,200.65 $167.77 $197,741.06
15 $197,741.06 $1,368.42 $1,199.63 $168.79 $197,572.26 16 $197,572.26
$1,368.42 $1,198.61 $169.81 $197,402.45 17 $197,402.45 $1,368.42
$1,197.57 $170.85 $197,231.60 18 $197,231.60 $1,368.42 $1,196.54
$171.88 $197,059.72 19 $197,059.72 $1,368.42 $1,195.50 $172.92 $196,886.80
20 $196,886.80 $1,368.42 $1,194.45 $173.97 $196,712.83 21 $196,712.83
$1,368.42 $1,193.39 $175.03 $196,537.80 22 $196,537.80 $1,368.42
$1,192.33 $176.09 $196,361.71 23 $196,361.71 $1,368.42 $1,191.26
$177.16 $196,184.55 24 $196,184.55 $1,368.42 $1,190.19 $178.23 $196,006.31
25 $196,006.31 $1,368.42 $1,189.10 $179.32 $195,827.00 26 $195,827.00
$1,368.42 $1,188.02 $180.40 $195,646.60 27 $195,646.60 $1,368.42
$1,186.92 $181.50 $195,465.10 28 $195,465.10 $1,368.42 $1,185.82
$182.60 $195,282.50 29 $195,282.50 $1,368.42 $1,184.71 $183.71 $195,098.79
30 $195,098.79 $1,368.42 $1,183.60 $184.82 $194,913.97 31 $194,913.97
$1,368.42 $1,182.48 $185.94 $194,728.03 32 $194,728.03 $1,368.42
$1,181.35 $187.07 $194,540.96 33 $194,540.96 $1,368.42 $1,180.22
$188.20 $194,352.76 34 $194,352.76 $1,368.42 $1,179.07 $189.35 $194,163.41
35 $194,163.41 $1,368.42 $1,177.92 $190.50 $193,972.91 36 $193,972.91
$1,368.42 $1,176.77 $191.65 $193,781.26 37 $193,781.26 $1,368.42
$1,175.61 $192.81 $193,588.45 38 $193,588.45 $1,368.42 $1,174.44
$193.98 $193,394.47 39 $193,394.47 $1,368.42 $1,173.26 $195.16 $193,199.31
40 $193,199.31 $1,368.42 $1,172.08 $196.34 $193,002.96 41 $193,002.96
$1,368.42 $1,170.88 $197.54 $192,805.43 42 $192,805.43 $1,368.42
$1,169.69 $198.73 $192,606.69 43 $192,606.69 $1,368.42 $1,168.48
$199.94 $192,406.75 44 $192,406.75 $1,368.42 $1,167.27 $201.15 $192,205.60
45 $192,205.60 $1,368.42 $1,166.05 $202.37 $192,003.23 46 $192,003.23
$1,368.42 $1,164.82 $203.60 $191,799.63 47 $191,799.63 $1,368.42
$1,163.58 $204.84 $191,594.79 48 $191,594.79 $1,368.42 $1,162.34
$206.08 $191,388.71 49 $191,388.71 $1,368.42 $1,161.09 $207.33 $191,181.39
50 $191,181.39 $1,368.42 $1,159.83 $208.59 $190,972.80 51 $190,972.80
$1,368.42 $1,158.57 $209.85 $190,762.95 52 $190,762.95 $1,368.42
$1,157.30 $211.12 $190,551.82 53 $190,551.82 $1,368.42 $1,156.01
$212.41 $190,339.42 54 $190,339.42 $1,368.42 $1,154.73 $213.69 $190,125.72
55 $190,125.72 $1,368.42 $1,153.43 $214.99 $189,910.73 56 $189,910.73
$1,368.42 $1,152.13 $216.29 $189,694.44 57 $189,694.44 $1,368.42
$1,150.81 $217.61 $189,476.83 58 $189,476.83 $1,368.42 $1,149.49
$218.93 $189,257.90 59 $189,257.90 $1,368.42 $1,148.16 $220.26 $189,037.65
60 $189,037.65 $1,368.42 $1,146.83 $221.59 $188,816.06 61 $188,816.06
$1,368.42 $1,145.48 $222.94 $188,593.12 62 $188,593.12 $1,368.42
$1,144.13 $224.29 $188,368.83 63 $188,368.83 $1,368.42 $1,142.77
$225.65 $188,143.18 64 $188,143.18 $1,368.42 $1,141.40 $227.02 $187,916.16
65 $187,916.16 $1,368.42 $1,140.02 $228.40 $187,687.77 66 $187,687.77
$1,368.42 $1,138.64 $229.78 $187,457.99 67 $187,457.99 $1,368.42
$1,137.25 $231.17 $187,226.81 68 $187,226.81 $1,368.42 $1,135.84
$232.58 $186,994.24 69 $186,994.24 $1,368.42 $1,134.43 $233.99 $186,760.25
70 $186,760.25 $1,368.42 $1,133.01 $235.41 $186,524.84 71 $186,524.84
$1,368.42 $1,131.58 $236.84 $186,288.00 72 $186,288.00 $1,368.42
$1,130.15 $238.27 $186,049.73 73 $186,049.73 $1,368.42 $1,128.70
$239.72 $185,810.01 74 $185,810.01 $1,368.42 $1,127.25 $241.17 $185,568.84
75 $185,568.84 $1,368.42 $1,125.78 $242.64 $185,326.20 76 $185,326.20
$1,368.42 $1,124.31 $244.11 $185,082.10 77 $185,082.10 $1,368.42
$1,122.83 $245.59 $184,836.51 78 $184,836.51 $1,368.42 $1,121.34
$247.08 $184,589.43 79 $184,589.43 $1,368.42 $1,119.84 $248.58 $184,340.85
80 $184,340.85 $1,368.42 $1,118.33 $250.09 $184,090.77 81 $184,090.77
$1,368.42 $1,116.82 $251.60 $183,839.16 82 $183,839.16 $1,368.42
$1,115.29 $253.13 $183,586.04 83 $183,586.04 $1,368.42 $1,113.76
$254.66 $183,331.37 84 $183,331.37 $1,368.42 $1,112.21 $256.21 $183,075.16
85 $183,075.16 $1,368.42 $1,110.66 $257.76 $182,817.40 86 $182,817.40
$1,368.42 $1,109.09 $259.33 $182,558.07 87 $182,558.07 $1,368.42
$1,107.52 $260.90 $182,297.17 88 $182,297.17 $1,368.42 $1,105.94
$262.48 $182,034.68 89 $182,034.68 $1,368.42 $1,104.34 $264.08 $181,770.61
90 $181,770.61 $1,368.42 $1,102.74 $265.68 $181,504.93 91 $181,504.93
$1,368.42 $1,101.13 $267.29 $181,237.64 92 $181,237.64 $1,368.42
$1,099.51 $268.91 $180,968.73 93 $180,968.73 $1,368.42 $1,097.88
$270.54 $180,698.18 94 $180,698.18 $1,368.42 $1,096.24 $272.18 $180,426.00
95 $180,426.00 $1,368.42 $1,094.58 $273.84 $180,152.16 96 $180,152.16
$1,368.42 $1,092.92 $275.50 $179,876.67 97 $179,876.67 $1,368.42
$1,091.25 $277.17 $179,599.50 98 $179,599.50 $1,368.42 $1,089.57
$278.85 $179,320.65 99 $179,320.65 $1,368.42 $1,087.88 $280.54 $179,040.11
100 $179,040.11 $1,368.42 $1,086.18 $282.24 $178,757.87 101 $178,757.87
$1,368.42 $1,084.46 $283.96 $178,473.91 102 $178,473.91 $1,368.42
$1,082.74 $285.68 $178,188.23 103 $178,188.23 $1,368.42 $1,081.01
$287.41 $177,900.82 104 $177,900.82 $1,368.42 $1,079.26 $289.16
$177,611.66 105 $177,611.66 $1,368.42 $1,077.51 $290.91 $177,320.76
106 $177,320.76 $1,368.42 $1,075.75 $292.67 $177,028.08 107 $177,028.08
$1,368.42 $1,073.97 $294.45 $176,733.63 108 $176,733.63 $1,368.42
$1,072.18 $296.24 $176,437.40 109 $176,437.40 $1,368.42 $1,070.39
$298.03 $176,139.36 110 $176,139.36 $1,368.42 $1,068.58 $299.84
$175,839.52 111 $175,839.52 $1,368.42 $1,066.76 $301.66 $175,537.86
112 $175,537,86 $1,368.42 $1,064.93 $303.49 $175,234.37 113 $175,234.37
$1,368.42 $1,063.09 $305.33 $174,929.04 114 $174,929.04 $1,368.42
$1,061.24 $307.18 $174,621.86 115 $174,621.86 $1,368.42 $1,059.37
$309.05 $174,312.81 116 $174,312.81 $1,368.42 $1,057.50 $310.92
$174,001.89 117 $174,001.89 $1,368.42 $1,055.61 $312.81 $173,689.08
118 $173,689.08 $1,368.42 $1,053.71 $314.71 $173,374.37 119 $173,374.37
$1,368.42 $1,051.80 $316.62 $173,057.76 120 $173,057.76 $1,368.42
$1,049.88 $318.54 $172,739.22 121 $172,739.22 $1,368.42 $1,047.95
$320.47 $172,418.75 122 $172,418.75 $1,368.42 $1,046.01 $322.41
$172,096.34 123 $172,096.34 $1,368.42 $1,044.05 $324.37 $171,771.97
124 $171,771.97 $1,368.42 $1,042.08 $326.34 $171,445.63 125 $171,445.63
$1,368.42 $1,040.10 $328.32 $171,117.32 126 $171,117.32 $1,368.42
$1,038.11 $330.31 $170,787.01 127 $170,787.01 $1,368.42 $1,036.11
$332.31 $170,454.70 128 $170,454.70 $1,368.42 $1,034.09 $334.33
$170,120.37 129 $170,120.37 $1,368.42 $1,032.06 $336.36 $169,784.01
130 $169,784.01 $1,368.42 $1,030.02 $338.40 $169,445.61 131 $169,445.61
$1,368.42 $1,027.97 $340.45 $169,105.16 132 $169,105.16 $1,368.42
$1,025.90 $342.52 $168,762.65 133 $168,762.65 $1,368.42 $1,023.83
$344.59 $168,418.05 134 $168,418.05 $1,368.42 $1,021.74 $346.68
$168,071.37 135 $168,071.37 $1,368.42 $1,019.63 $348.79 $167,722.58
136 $167,722.58 $1,368.42 $1,017.52 $350.90 $167,371.68 137 $167,371.68
$1,368.42 $1,015.39 $353.03 $167,018.65 138 $167,018.65 $1,368.42
$1,013.25 $355.17 $166,663.48 139 $166,663.48 $1,368.42 $1,011.09
$357.33 $166,306.15 140 $166,306.15 $1,368.42 $1,008.92 $359.50
$165,946.65 141 $165,946.65 $1,368.42 $1,006.74 $361.68 $165,584.97
142 $165,584.97 $1,368.42 $1,004.55 $363.87 $165,221.10 143 $165,221.10
$1,368.42 $1,002.34 $366.08 $164,855.02 144 $164,855.02 $1,368.42
$1,000.12 $368.30 $164,486.73 145 $164,486.73 $1,368.42 $997.89
$370.53 $164,116.19 146 $164,116.19 $1,368.42 $995.64 $372.78 $163,743.41
147 $163,743.41 $1,368.42 $993.38 $375.04 $163,368.37 148 $163,368.37
$1,368.42 $991.10 $377.32 $162,991.05 149 $162,991.05 $1,368.42
$988.81 $379.61 $162,611.44 150 $162,611.44 $1,368.42 $986.51 $381.91
$162,229.53 151 $162,229.53 $1,368.42 $984.19 $384.23 $161,845.30
152 $161,845.30 $1,368.42 $981.86 $386.56 $161,458.74 153 $161,458.74
$1,368.42 $979.52 $388.90 $161,069.84 154 $161,069.84 $1,368.42
$977.16 $391.26 $160,678.58 155 $160,678.58 $1,368.42 $974.78 $393.64
$160,284.94 156 $160,284.94 $1,368.42 $972.40 $396.02 $159,888.92
157 $159,888.92 $1,368.42 $969.99 $398.43 $159,490.49 158 $159,490.49
$1,368.42 $967.58 $400.84 $159,089.64 159 $159,089.64 $1,368.42
$965.14 $403.28 $158,686.37 160 $158,686.37 $1,368.42 $962.70 $405.72
$158,280.65 161 $158,280.65 $1,368.42 $960.24 $408.18 $157,872.46
162 $157,872.46 $1,368.42 $957.76 $410.66 $157,461.80 163 $157,461.80
$1,368.42 $955.27 $413.15 $157,048.65 164 $157,048.65 $1,368.42
$952.76 $415.66 $156,632.99 165 $156,632.99 $1,368.42 $950.24 $418.18
$156,214.81 166 $156,214.81 $1,368.42 $947.70 $420.72 $155,794.09
167 $155,794.09 $1,368.42 $945.15 $423.27 $155,370.82 168 $155,370.82
$1,368.42 $942.58 $425.84 $154,944.99 169 $154,944.99 $1,368.42
$940.00 $428.42 $154,516.57 170 $154,516.57 $1,368.42 $937.40 $431.02
$154,085.55 171 $154,085.55 $1,368.42 $934.79 $433.63 $153,651.91
172 $153,651.91 $1,368.42 $932.15 $436.27 $153,215.65 173 $153,215.65
$1,368.42 $929.51 $438.91 $152,776.74 174 $152,776.74 $1,368.42
$926.85 $441.57 $152,335.16 175 $152,335.16 $1,368.42 $924.17 $444.25
$151,890.91 176 $151,890.91 $1,368.42 $921.47 $446.95 $151,443.96
177 $151,443.96 $1,368.42 $918.76 $449.66 $150,994.30 178 $150,994.30
$1,368.42 $916.03 $452.39 $150,541.91 179 $150,541.91 $1,368.42
$913.29 $455.13 $150,086.78 180 $150,086.78 $1,368.42 $910.53 $457.89
$149,628.89 181 $149,628.89 $1,368.42 $907.75 $460.67 $149,168.22
182 $149,168.22 $1,368.42 $904.95 $463.47 $148,704.75 183 $148,704.75
$1,368.42 $902.14 $466.28 $148,238.47 184 $148,238.47 $1,368.42
$899.31 $469.11 $147,769.36 185 $147,769.36 $1,368.42 $896.47 $471.95
$147,297.41 186 $147,297.41 $1,368.42 $893.60 $474.82 $146,822.60
187 $146,822.60 $1,368.42 $890.72 $477.70 $146,344.90 188 $146,344.90
$1,368.42 $887.83 $480.59 $145,864.31 189 $145,864.31 $1,368.42
$884.91 $483.51 $145,380.80 190 $145,380.80 $1,368.42 $881.98 $486.44
$144,894.35 191 $144,894.35 $1,368.42 $879.03 $489.39 $144,404.96
192 $144,404.96 $1,368.42 $876.06 $492.36 $143,912.60 193 $143,912.60
$1,368.42 $873.07 $495.35 $143,417.25 194 $143,417.25 $1,368.42
$870.06 $498.36 $142,918.89 195 $142,918.89 $1,368.42 $867.04 $501.38
$142,417.51 196 $142,417.51 $1,368.42 $864.00 $504.42 $141,913.09
197 $141,913.09 $1,368.42 $860.94 $507.48 $141,405.61 198 $141,405.61
$1,368.42 $857.86 $510.56 $140,895.05 199 $140,895.05 $1,368.42
$854.76 $513.66 $140,381.39 200 $140,381.39 $1,368.42 $851.65 $516.77
$139,864.62 201 $139,864.62 $1,368.42 $848.51 $519.91 $139,344.71
202 $139,344.71 $1,368.42 $845.36 $523.06 $138,821.65 203 $138,821.65
$1,368.42 $842.18 $526.24 $138,295.42 204 $138,295.42 $1,368.42
$838.99 $529.43 $137,765.99 205 $137,765.99 $1,368.42 $835.78 $532.64
$137,233.35 206 $137,233.35 $1,368.42 $832.55 $535.87 $136,697.48
207 $136,697.48 $1,368.42 $829.30 $539.12 $136,158.36 208 $136,158.36
$1,368.42 $826.03 $542.39 $135,615.96 209 $135,615.96 $1,368.42
$822.74 $545.68 $135,070.28 210 $135,070.28 $1,368.42 $819.43 $548.99
$134,521.29 211 $134,521.29 $1,368.42 $816.10 $552.32 $133,968.96
212 $133,968.96 $1,368.42 $812.75 $555.67 $133,413.29 213 $133,413.29
$1,368.42 $809.37 $559.05 $132,854.24 214 $132,854.24 $1,368.42
$805.98 $562.44 $132,291.80 215 $132,291.80 $1,368.42 $802.57 $565.85
$131,725.95 216 $131,725.95 $1,368.42 $799.14 $569.28 $131,156.67
217 $131,156.67 $1,368.42 $795.68 $572.74 $130,583.93 218 $130,583.93
$1,368.42 $792.21 $576.21 $130,007.72 219 $130,007.72 $1,368.42
$788.71 $579.71 $129,428.02 220 $129,428.02 $1,368.42 $785.20 $583.22
$128,844.79 221 $128,844.79 $1,368.42 $781.66 $586.76 $128,258.03
222 $128,258.03 $1,368.42 $778.10 $590.32 $127,667.71 223 $127,667.71
$1,368.42 $774.52 $593.90 $127,073.81 224 $127,073.81 $1,368.42
$770.91 $597.51 $126,476.30 225 $126,476.30 $1,368.42 $767.29 $601.13
$125,875.17 226 $125,875.17 $1,368.42 $763.64 $604.78 $125,270.40
227 $125,270.40 $1,368.42 $759.97 $608.45 $124,661.95 228 $124,661.95
$1,368.42 $756.28 $612.14 $124,049.81 229 $124,049.81 $1,368.42
$752.57 $615.85 $123,433.96 230 $123,433.96 $1,368.42 $748.83 $619.59
$122,814.37 231 $122,814.37 $1,368.42 $745.07 $623.35 $122,191.03
232 $122,191.03 $1,368.42 $741.29 $627.13 $121,563.90 233 $121,563.90
$1,368.42 $737.49 $630.93 $120,932.97 234 $120,932.97 $1,368.42
$733.66 $634.76 $120,298.21 235 $120,298.21 $1,368.42 $729.81 $638.61
$119,659.60 236 $119,659.60 $1,368.42 $725.93 $642.49 $119,017.11
237 $119,017.11 $1,368.42 $722.04 $646.38 $118,370.73 238 $118,370.73
$1,368.42 $718.12 $650.30 $117,720.42 239 $117,720.42 $1,368.42
$714.17 $654.25 $117,066.17 240 $117,066.17 $1,368.42 $710.20 $658.22
$116,407.96 241 $116,407.96 $1,368.42 $706.21 $662.21 $115,745.74
242 $115,745.74 $1,368.42 $702.19 $666.23 $115,079.51 243 $115,079.51
$1,368.42 $698.15 $670.27 $114,409.24 244 $114,409.24 $1,368.42
$694.08 $674.34 $113,734.91 245 $113,734.91 $1,368.42 $689.99 $678.43
$113,056.48 246 $113,056.48 $1,368.42 $685.88 $682.54 $112,373.93
247 $112,373.93 $1,368.42 $681.74 $686.68 $111,687.25
248 $111,687.25 $1,368.42 $677.57 $690.85 $110,996.40 249 $110,996.40
$1,368.42 $673.38 $695.04 $110,301.36 250 $110,301.36 $1,368.42
$669.16 $699.26 $109,602.10 251 $109,602.10 $1,368.42 $664.92 $703.50
$108,898.60 252 $108,898.60 $1,368.42 $660.65 $707.77 $108,190.83
253 $108,190.83 $1,368.42 $656.36 $712.06 $107,478.77 254 $107,478.77
$1,368.42 $652.04 $716.38 $106,762.38 255 $106,762.38 $1,368.42
$647.69 $720.73 $106,041.66 256 $106,041.66 $1,368.42 $643.32 $725.10
$105,316.56 257 $105,316.56 $1,368.42 $638.92 $729.50 $104,587.06
258 $104,587.06 $1,368.42 $634.49 $733.93 $103,853.13 259 $103,853.13
$1,368.42 $630.04 $738.38 $103,114.75 260 $103,114.75 $1,368.42
$625.56 $742.86 $102,371.90 261 $102,371.90 $1,368.42 $621.06 $747.36
$101,624.53 262 $101,624.53 $1,368.42 $616.52 $751.90 $100,872.63
263 $100,872.63 $1,368.42 $611.96 $756.46 $100,116.18 264 $100,116.18
$1,368.42 $607.37 $761.05 $99,355.13 265 $99,355.13 $1,368.42 $602.75
$765.67 $98,589.46 266 $98,589.46 $1,368.42 $598.11 $770.31 $97,819.15
267 $97,819.15 $1,368.42 $593.44 $774.98 $97,044.17 268 $97,044.17
$1,368.42 $588.73 $779.69 $96,264.48 269 $96,264.48 $1,368.42 $584.00
$784.42 $95,480.07 270 $95,480.07 $1,368.42 $579.25 $789.17 $94,690.89
271 $94,690.89 $1,368.42 $574.46 $793.96 $93,896.93 272 $93,896.93
$1,368.42 $569.64 $798.78 $93,098.15 273 $93,098.15 $1,368.42 $564.80
$803.62 $92,294.53 274 $92,294.53 $1,368.42 $559.92 $808.50 $91,486.03
275 $91,486.03 $1,368.42 $555.02 $813.40 $90,672.62 276 $90,672.62
$1,368.42 $550.08 $818.34 $89,854.28 277 $89,854.28 $1,368.42 $545.12
$823.30 $89,030.98 278 $89,030.98 $1,368.42 $540.12 $828.30 $88,202.68
279 $88,202.68 $1,368.42 $535.10 $833.32 $87,369.36 280 $87,369.36
$1,368.42 $530.04 $838.38 $86,530.98 281 $86,530.98 $1,368.42 $524.95
$843.47 $85,687.51 282 $85,687.51 $1,368.42 $519.84 $848.58 $84,838.93
283 $84,838.93 $1,368.42 $514.69 $853.73 $83,985.20 284 $83,985.20
$1,368.42 $509.51 $858.91 $83,126.29 285 $83,126.29 $1,368.42 $504.30
$864.12 $82,262.17 286 $82,262.17 $1,368.42 $499.06 $869.36 $81,392.81
287 $81,392.81 $1,368.42 $493.78 $874.64 $80,518.17 288 $80,518.17
$1,368.42 $488.48 $879.94 $79,638.23 289 $79,638.23 $1,368.42 $483.14
$885.28 $78,752.94 290 $78,752.94 $1,368.42 $477.77 $890.65 $77,862.29
291 $77,862.29 $1,368.42 $472.36 $896.06 $76,966.24 292 $76,966.24
$1,368.42 $466.93 $901.49 $76,064.74 293 $76,064.74 $1,368.42 $461.46
$906.96 $75,157.78 294 $75,157.78 $1,368.42 $455.96 $912.46 $74,245.32
295 $74,245.32 $1,368.42 $450.42 $918.00 $73,327.32 296 $73,327.32
$1,368.42 $444.85 $923.57 $72,403.76 297 $72,403.76 $1,368.42 $439.25
$929.17 $71,474.58 298 $71,474.58 $1,368.42 $433.61 $934.81 $70,539.78
299 $70,539.78 $1,368.42 $427.94 $940.48 $69,599.30 300 $69,599.30
$1,368.42 $422.24 $946.18 $68,653.11 301 $68,653.11 $1,368.42 $416.50
$951.92 $67,701.19 302 $67,701.19 $1,368.42 $410.72 $957.70 $66,743.49
303 $66,743.49 $1,368.42 $404.91 $963.51 $65,779.98 304 $65,779.98
$1,368.42 $399.07 $969.35 $64,810.63 305 $64,810.63 $1,368.42 $393.18
$975.24 $63,835.39 306 $63,835.39 $1,368.42 $387.27 $981.15 $62,854.24
307 $62,854.24 $1,368.42 $381.32 $987.10 $61,867.13 308 $61,867.13
$1,368.42 $375.33 $993.09 $60,874.04 309 $60,874.04 $1,368.42 $369.30
$999.12 $59,874.92 310 $59,874.92 $1,368.42 $363.24 $1,005.18 $58,869.75
311 $58,869.75 $1,368.42 $357.14 $1,011.28 $57,858.47 312 $57,858.47
$1,368.42 $351.01 $1,017.41 $56,841.06 313 $56,841.06 $1,368.42
$344.84 $1,023.58 $55,817.47 314 $55,817.47 $1,368.42 $338.63 $1,029.79
$54,787.68 315 $54,787.68 $1,368.42 $332.38 $1,036.04 $53,751.64
316 $53,751.64 $1,368.42 $326.09 $1,042.33 $52,709.31 317 $52,709.31
$1,368.42 $319.77 $1,048.65 $51,660.66 318 $51,660.66 $1,368.42
$313.41 $1,055.01 $50,605.65 319 $50,605.65 $1,368.42 $307.01 $1,061.41
$49,544.24 320 $49,544.24 $1,368.42 $300.57 $1,067.85 $48,476.38
321 $48,476.38 $1,368.42 $294.09 $1,074.33 $47,402.05 322 $47,402.05
$1,368.42 $287.57 $1,080.85 $46,321.21 323 $46,321.21 $1,368.42
$281.02 $1,087.40 $45,233.80 324 $45,233.80 $1,368.42 $274.42 $1,094.00
$44,139.80 325 $44,139.80 $1,368.42 $267.78 $1,100.64 $43,039.16
326 $43,039.16 $1,368.42 $261.10 $1,107.32 $41,931.85 327 $41,931.85
$1,368.42 $254.39 $1,114.03 $40,817.81 328 $40,817.81 $1,368.42
$247.63 $1,120.79 $39,697.02 329 $39,697.02 $1,368.42 $240.83 $1,127.59
$38,569.43 330 $38,569.43 $1,368.42 $233.99 $1,134.43 $37,435.00
331 $37,435.00 $1,368.42 $227.11 $1,141.31 $36,293.68 332 $36,293.68
$1,368.42 $220.18 $1,148.24 $35,145.44 333 $35,145.44 $1,368.42
$213.22 $1,155.20 $33,990.24 334 $33,990.24 $1,368.42 $206.21 $1,162.21
$32,828.03 335 $32,828.03 $1,368.42 $199.16 $1,169.26 $31,658.76
336 $31,658.76 $1,368.42 $192.06 $1,176.36 $30,482.41 337 $30,482.41
$1,368.42 $184.93 $1,183.49 $29,298.91 338 $29,298.91 $1,368.42
$177.75 $1,190.67 $28,108.24 339 $28,108.24 $1,368.42 $170.52 $1,197.90
$26,910.34 340 $26,910.34 $1,368.42 $163.26 $1,205.16 $25,705.18
341 $25,705.18 $1,368.42 $155.94 $1,212.48 $24,492.70 342 $24,492.70
$1,368.42 $148.59 $1,219.83 $23,272.87 343 $23,272.87 $1,368.42
$141.19 $1,227.23 $22,045.64 344 $22,045.64 $1,368.42 $133.74 $1,234.68
$20,810.97 345 $20,810.97 $1,368.42 $126.25 $1,242.17 $19,568.80
346 $19,568.80 $1,368.42 $118.72 $1,249.70 $18,319.10 347 $18,319.10
$1,368.42 $111.14 $1,257.28 $17,061.81 348 $17,061.81 $1,368.42
$103.51 $1,264.91 $15,796.90 349 $15,796.90 $1,368.42 $95.83 $1,272.59
$14,524.32 350 $14,524.32 $1,368.42 $88.11 $1,280.31 $13,244.01
351 $13,244.01 $1,368.42 $80.35 $1,288.07 $11,955.94 352 $11,955.94
$1,368.42 $72.53 $1,295.89 $10,660.05 353 $10,660.05 $1,368.42 $64.67
$1,303.75 $9,356.30 354 $9,356.30 $1,368.42 $56.76 $1,311.66 $8,044.64
355 $8,044.64 $1,368.42 $48.80 $1.319.62 $6,725.03 356 $6,725.03
$1,368.42 $40.80 $1,327.62 $5,397.40 357 $5,397.40 $1,368.42 $32.74
$1,335.68 $4,061.73 358 $4,061.73 $1,368.42 $24.64 $1,343.78 $2,717.95
359 $2,717.95 $1,368.42 $16.49 $1,351.93 $1,366.02 360 $1,366.02
$1,374.31 $8.29 $1,366.02 ($0.00)
TABLE 2 Sheet 1 Mortgage Monthly % Change in Month Home Value Principal
Payment Home Value 1 240,000 200,000 1,367.75 2 240,000 198,632
1,367.75 3 240,000 197,265 1,367.75 4 240,000 195,897 1,367.75 5
240,000 194,529 1,367.75 6 240,000 193,161 1,367.75 7 240,000 191,794
1,367.75 8 240,000 190,426 1,367.75 9 240,000 189,058 1,367.75 10
240,000 187,690 1,367.75 11 240,000 186,323 1,367.75 12 248,400
184,955 1,367.75 3.50% 13 248,400 183,587 1,367.75 14 248,400 182,219
1,367.75 15 248,400 180,852 1,367.75 16 248,400 179,484 1,367.75
17 248,400 178,116 1,367.75 18 248,400 176,748 1,367.75 19 248,400
175,381 1,367.75 20 248,400 174,013 1,367.75 21 248,400 172,645
1,367.75 22 248,400 171,277 1,367.75 23 248,400 169,910 1,367.75
24 257,094 168,542 1,367.75 3.50% 25 257,094 167,174 1,367.75 26
257,094 165,806 1,367.75 27 257,094 164,439 1,367.75 28 257,094
163,071 1,367.75 29 257,094 161,703 1,367.75 30 257,094 160,335
1,367.75 31 257,094 158,968 1,367.75 32 257,094 157,600 1,367.75
33 257,094 156,232 1,367.75 34 257,094 154,864 1,367.75 35 257,094
153,497 1,367.75 36 266,092 152,129 1,367.75 3.50% 37 266,092 150,761
1,367.75 38 266,092 149,393 1,367.75 39 266,092 148,026 1,367.75
40 266,092 146,658 1,367.75 41 266,092 145,290 1,367.75 42 266,092
143,922 1,367.75 43 266,092 142,555 1,367.75 44 266,092 141,187
1,367.75 45 266,092 139,819 1,367.75 46 266,092 138,451 1,367.75
47 266,092 137,084 1,367.75 48 275,406 135,716 1,367.75 3.50% 49
275,406 134,348 1,367.75 50 275,406 132,980 1,367.75 51 275,406
131,613 1,367.75 52 275,406 130,245 1,367.75 53 275,406 128,877
1,367.75 54 275,406 127,509 1,367.75 55 275,406 126,142 1,367.75
56 275,406 124,774 1,367.75 57 275,406 123,406 1,367.75 58 275,406
122,038 1,367.75 59 275,406 120,671 1,367.75 60 285,045 119,303
1,367.75 3.50% 61 285,045 117,935 1,367.75 62 285,045 116,567 1,367.75
63 285,045 115,200 1,367.75 64 285,045 113,832 1,367.75 65 285,045
112,464 1,367.75 66 285,045 111,096 1,367.75 67 285,045 109,729
1,367.75 68 285,045 108,361 1,367.75 69 285,045 106,993 1,367.75
70 285,045 105,625 1,367.75 71 285,045 104,258 1,367.75 72 295,021
102,890 1,367.75 3.50% 73 295,021 101,522 1,367.75 74 295,021 100,154
1,367.75 75 295,021 98,787 1,367.75 76 295,021 97,419 1,367.75 77
295,021 96,051 1,367.75 78 295,021 94,683 1,367.75 79 295,021 93,316
1,367.75 80 295,021 91,948 1,367.75 81 295,021 90,580 1,367.75 82
295,021 89,212 1,367.75 83 295,021 87,845 1,367.75 84 305,347 86,477
1,367.75 3.50% 85 305,347 85,109 1,367.75 86 305,347 83,741 1,367.75
87 305,347 82,374 1,367.75 88 305,347 81,006 1,367.75 89 305,347
79,638 1,367.75 90 305,347 78,270 1,367.75 91 305,347 76,903 1,367.75
92 305,347 75,535 1,367.75 93 305,347 74,167 1,367.75 94 305,347
72,799 1,367.75 95 305,347 71,432 1,367.75 96 316,034 70,064 1,367.75
3.50% 97 316,034 68,696 1,367.75 98 316,034 67,328 1,367.75 99 316,034
65,961 1,367.75 100 316,034 64,593 1,367.75 101 316,034 63,225 1,367.75
102 316,034 61,857 1,367.75 103 316,034 60,490 1,367.75 104 316,034
59,122 1,367.75 105 316,034 57,754 1,367.75 106 316,034 56,386 1,367.75
107 316,034 55,019 1,367.75 108 327,095 53,651 1,367.75 3.50% 109
327,095 52,283 1,367.75 110 327,095 50,915 1,367.75 111 327,095
49,548 1,367.75 112 327,095 48,180 1,367.75 113 327,095 46,812 1,367.75
114 327,095 45,444 1,367.75 115 327,095 44,077 1,367.75 116 327,095
42,709 1,367.75 117 327,095 41,341 1,367.75 118 327,095 39,973 1,367.75
119 327,095 38,606 1,367.75 120 338,544 37,238 1,367.75 3.50% 121
338,544 35,870 1,367.75 122 338,544 34,502 1,367.75 123 338,544
33,135 1,367.75 124 338,544 31,767 1,367.75 125 338,544 30,399 1,367.75
126 338,544 29,031 1,367.75 127 338,544 27,664 1,367.75 128 338,544
26,296 1,367.75 129 338,544 24,928 1,367.75 130 338,544 23,560 1,367.75
131 338,544 22,193 1,367.75 132 350,393 20,825 1,367.75 3.50% 133
350,393 19,457 1,367.75 134 350,393 18,089 1,367.75 135 350,393
16,722 1,367.75 136 350,393 15,354 1,367.75 137 350,393 13,986 1,367.75
138 350,393 12,618 1,367.75 139 350,393 11,251 1,367.75 140 350,393
9,883 1,367.75 141 350,393 8,515 1,367.75 142 350,393 7,147 1,367.75
143 350,393 5,780 1,367.75 144 362,656 4,412 1,367.75 3.50% 145
362,656 3,044 1,367.75 146 362,656 1,676 1,367.75 147 362,656 309
1,367.75 148 362,656 -- 308.50 149 150 151 152 153 154 155 156 157
158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173
174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189
190 191 192 193 194 195
In one preferred embodiment, the mortgage plan penalizes the borrower
for an early sale of the asset. In one example, this penalty is
the forfeiture of some percentage of the down payment, figured on
a declining scale over the first ten years of the mortgage.
A cap may be placed on the amount which the lender can realize
from appreciated earnings on the sale of the asset. In one preferred
embodiment, the lender's share of the real estate's realized appreciated
value may be limited to: (1) a specified percentage of the total
realized appreciation value; or (2) no greater than an average annual
return equal to a certain percent above the average fed funds rate
throughout the amortization period on the average mortgage principal
outstanding during the amortization period ("the Amortization
Period Return") plus, if the property has not yet been sold,
a certain percent (annually compounded) of the total amortization
period return thereafter ("the Post-Amortization Period Return");
or (3) the lesser of (1) or (2). The use of a cap can avoid what
may be viewed as a windfall result for the lender when, e.g., the
borrower retains the asset for a substantial time period and the
rate of appreciation of the asset is extremely high over that period.
In another preferred embodiment the mortgage documents could include
a "non-maturity" clause that would synchronize the end
of the mortgage, the repayment of remaining principal (if any),
and the payment of the investor's compensation (the predetermined
amortization period return, plus the post-amortization period return)
with the ultimate sale of the real estate. This will further strengthen
the deferred tax treatment of the investment as an equity investment
taxed at a gain, rather than as a debt investment. Also, the lack
of a fixed maturity date should not be viewed as a negative for
the investor, since it is believed that the potential for a secondary
market for these instruments exists which will enable the investor
to liquidate its position by selling the instrument to a third party.
Those of ordinary skill in the art will recognize that certain
contractual provisions may need to be provided in the mortgage documents
to ensure that borrowers have sufficient incentive to maintain the
real estate subject to the mortgage, and to prevent borrowers from
circumventing or minimizing their obligation to share appreciation
with investors.
Of course, it should be understood that various changes and modifications
to the preferred embodiments described herein will be apparent to
those skilled in the art. Other changes and modifications constituting
insubstantial differences from the present invention, such as those
expressed here or others left unexpressed but apparent to those
of ordinary skill in the art, can be made without departing from
the spirit and scope of the present invention and without diminishing
its attendant advantages. It is, therefore, intended that such changes
and modifications be covered by the following claims. |