Tham khảo tài liệu 're academic press private real estate investment_10', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Creative Financing 263 imposed maximum payment-to-income ratio pti can repay over a full amortization period loan 1 . try lncptl 11-1 1 - i The maximum value of the house he can purchase v is equal to the amount he can borrow plus the value of his old residence used as a down payment dp. v dp 1 ÕTĨ Vincpti 11-2 The balance of the loan balance n at the end of any particular year n is a function of the interest rate term and the initial balance n loan 1 i t- 1 i 12n 1 i -1 11-3 The sale price s at death is the value v increased by growth g compounded over the life expectancy le. s 1 g le dp 1 ÕTõVincpti 11-4 1 1 i i The bequest b is then merely the remaining equity the difference between the value at sale and the loan balance. b dp 1 g ei qỴ0Ĩ 1 g e-1 1 i 1 g e 1 i 12le incpti i 11-5 1In the interest of simplicity we ignore other home ownership operating costs at this stage. 2Note that this is not the equation for Ellwood Table 5. 264 Private Real Estate Investment TABLE 11-1 Three Datasets data1 data2 data3 Downpayment dp 135 000 135 000 135 000 Growth g Interest rate i 12 12 12 Term of loan t 360 360 360 Life expectancy le 6 8 7 Operating cost oc Income inc 3 750 3 750 3 750 Payment-to-income ratio pti Value val 300 000 300 000 300 000 Loan-to-value ratio Itv Payment pmt 1 500 1 500 1 500 Table 11-1 shows three datasets to be used as input values for the examples in this chapter. The second and third datasets are used only in the reverse amortization mortgage section and only differ in life expectancy growth rate and loan-to-value ratios. Note that the variable for value v provided in Equation 11-2 is a computed value but val in the datasets is a fixed given value. Using data1 we obtain the following values for what we are calling the conventional arrangement as shown in Table 11-2. The above example ignores the fact that operating costs for the house may increase but also ignores .
