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1、Chapter6 ResidentialFinancialAnalysisContentsIncrementalBorrowingCostLoanRefinancingEarlyloanrepayment:lenderinducementsMarketvalueofaLoanEffectivecostofTwoorMoreLoansEffectofBelow-MarketFinancingonHousePricesCashEquivalencyWraparoundLoans(包裹式抵押贷款)BuydownLoans(补助式抵押贷款）Review:MarginalCostofCa
2、pital边际资本成本Themarginalcostofdebt(thecostofthelastamountofdebtfinancing)willriseasmoredebtfinancingisused.Themarginalcostofequityalsoriseswhentheshiftfromretainedearningstoexternal(commonstock)equityfinancingisnecessary.MarginalorIncrementalBorrowingCost边际借贷成本ComparefinancingalternativesWhatis
3、therealcostofborrowingmoremoneyatahigherinterestrate?Alternatively,whatistherequiredreturntojustifyalowerdownpayment?Basicprinciplewhencomparingchoices:Whatarethecashflowdifferences?1.1IncrementalBorrowingCost(entireloanlife)Example6-1,p.142HomeValue=$100,000TwoFinancingAlternativesAlternativ
4、e#1:90%LoantoValue,13%InterestRate,25YearsAlternative#2:80%LoantoValue,12%InterestRate,25YearsItappearsthereisonlya1%interestratedifference,but……inchoosingthe13%interestrateloan,theborrowermustpayanadditional1%interestrateforthefirst$80,000loan.Todeterminethecostoftheadditional$10,000,wemustc
5、onsiderhowmuchtheadditionalpaymentwillbeonthe$90,000loancomparedwiththe$80,000loan.Alternative#1Alternative#2LTV90%80%i13%12%Term25Years25YearsDownpayment$10,000$20,000Loanamount$90,000$80,000MonthlyPayment??ComputingincrementalcostLoanamountMonthlyPmt#1$90,0001,015.05#2$80,000842.58#1-#2$10,
6、000172.47Whatistheinterestrateonthe$10,000iftheadditionalmonthlypaymentis172.47for300months?MonthlyCashFlowDifferencesBorrowanadditionalfundof$10,000Payanadditional$172.47permonthEffectiveborrowingcostfortheadditionalloan(IncrementalBorrowingCost):20.57%IncrementalBorrowingCostHere,20.57%repr
7、esentstherealcostofborrowingtheextra$10,000.Opportunitycost:Canyouearnanequivalentriskadjustedreturnonthe$10,000thatisnotinvestedinthehome?Alternatively,canyouborrowtheadditional$10,000elsewhereatalowercost?Unlesstheborrowercanearnmorethan20.
