Assignment ? MBS pass-throughs, IO and PO pass-throughs, and CMO sequential tranches and accrual tranches

The file ?Data? has 4 sheets ? one for an MBS pass-through, one for an MBS divided into IO and PO pass-throughs, one for a CMO with four sequential tranches (A, B, C and D), and one for a CMO with three sequential tranches (A, B and C), and an accrual tranche (Z). (Average time to repayment of principal and duration are both given in months.)

1. Using the file, complete the value of the security and the time to repayment of principal table below for the indicated changes in yield and PSA rate. Time to repayment of principal should be indicated in months (as is the case in the excel file. Note that all the sheets are tied to the assumptions in the ?MBS pass-through? sheet so you can make the appropriate changes for each sheet by changing the assumption on that sheet.

The base case has a yield of 3.25% and a PSA rate of 175.

For case 1, the yield increases to 3.75% with no change in the PSA rate

For case 2, the yield increases to 3.75% and the PSA rate declines to 125.

For case 3, the yield decreases to 2.75% with no change in the PSA rate (it remains at 175)

For case 4, the yield decreases to 2.75% and the PSA rate increase to 250

2. Comparing the base case and cases 1 and 2, discuss the differences in extension risk for each of these securities. [Note that the risk is evident both in how changes in the repayment activity affects the value (principally evident in the difference between values in case 1 and case 2), and in the time to repayment (evident in the differences between the base case and case 2).]

3. Comparing the base case and cases 3 and 4, discuss the difference in contraction risk for each of these securities. [Note that the risk is evident both in how changes in the repayment activity affects the value (principally evident in the difference between values in case 3 and case 4), and in the time to repayment (evident in the differences between the base case and case 4).]

(You may find that calculating percentage changes as well as absolute changes is helpful in contrasting risk.)

(See attached for table.)

Assignment - MBS pass-throughs, IO and PO pass-throughs, and CMO sequential tranches and accrual tranches The file \"Data\" has 4 sheets - one for an MBS pass-through, one for an MBS divided into IO and PO pass-throughs, one for a CMO with four sequential tranches (A, B, C and D), and one for a CMO with three sequential tranches (A, B and C), and an accrual tranche (Z). (Average time to repayment of principal and duration are both given in months.) 1. Using the file, complete the value of the security and the time to repayment of principal table below for the indicated changes in yield and PSA rate. Time to repayment of principal should be indicated in months (as is the case in the excel file. Note that all the sheets are tied to the assumptions in the \"MBS pass-through\" sheet so you can make the appropriate changes for each sheet by changing the assumption on that sheet. The base case has a yield of 3.25% and a PSA rate of 175. For case 1, the yield increases to 3.75% with no change in the PSA rate For case 2, the yield increases to 3.75% and the PSA rate declines to 125. For case 3, the yield decreases to 2.75% with no change in the PSA rate (it remains at 175) For case 4, the yield decreases to 2.75% and the PSA rate increase to 250 2. Comparing the base case and cases 1 and 2, discuss the differences in extension risk for each of these securities. [Note that the risk is evident both in how changes in the repayment activity affects the value (principally evident in the difference between values in case 1 and case 2), and in the time to repayment (evident in the differences between the base case and case 2).] 3. Comparing the base case and cases 3 and 4, discuss the difference in contraction risk for each of these securities. [Note that the risk is evident both in how changes in the repayment activity affects the value (principally evident in the difference between values in case 3 and case 4), and in the time to repayment (evident in the differences between the base case and case 4).] (You may find that calculating percentage changes as well as absolute changes is helpful in contrasting risk.) Security Value Time MBS 615409 92.94 Stripped IO PO 140605 474803 92.94 A 303562 38.00 Sequential tranches B C Base case 154342 104430 99.50 165.66 Case 1 Value Time Case 2 Value Time Case 3 Value Time Case 4 Value Time D 53075 257.48 Sequential and accrual tranches A B C Z 333441 36.62 154103 93.21 103997 145.51 53868 230.59 Yield to maturity Initial principal of MBS WAC WAM (initial) Seasoning Servicing fee Fee for credit enhancement PSA rate Pass through coupon rate Yield to maturity month of MBS 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 months to maturity 333 332 331 330 329 328 327 326 325 324 323 322 321 320 319 318 317 316 315 314 313 312 600000 4.750% 28 3 25 85 175.00 3.650% 3.250% principal scheduled balance payment 600000 598425 3246 596674 3242 594745 3237 592641 3232 590363 3225 587913 3217 585291 3209 582499 3199 579540 3189 576415 3178 573127 3165 569678 3152 566070 3138 562306 3123 558389 3107 554321 3090 550106 3072 545747 3054 541246 3035 536608 3014 531836 2993 3.250% MBS 769619 615409 92.94 76.94 total payments value to investor average time to payment of principal duration average time to receipt of payments interest 2375.00 2368.77 2361.83 2354.20 2345.87 2336.85 2327.15 2316.78 2305.73 2294.01 2281.64 2268.63 2254.98 2240.69 2225.79 2210.29 2194.19 2177.50 2160.25 2142.43 2124.07 scheduled principal 871.02 873.44 875.61 877.52 879.17 880.57 881.70 882.56 883.16 883.49 883.55 883.35 882.87 882.11 881.09 879.79 878.23 876.39 874.28 871.90 869.25 CPR 1.4% 1.8% 2.1% 2.5% 2.8% 3.2% 3.5% 3.9% 4.2% 4.6% 4.9% 5.3% 5.6% 6.0% 6.3% 6.7% 7.0% 7.4% 7.7% 8.1% 8.4% SMM 0.12% 0.15% 0.18% 0.21% 0.24% 0.27% 0.30% 0.33% 0.36% 0.39% 0.42% 0.45% 0.48% 0.51% 0.54% 0.57% 0.60% 0.63% 0.67% 0.70% 0.73% excess principal 704 878 1053 1226 1399 1570 1740 1909 2076 2241 2405 2566 2725 2882 3036 3188 3337 3483 3626 3766 3903 total principal 1574.53 1751.94 1928.42 2103.83 2277.99 2450.76 2621.97 2791.46 2959.09 3124.70 3288.14 3449.26 3607.91 3763.97 3917.27 4067.69 4215.10 4359.37 4500.36 4637.96 4772.06 total payment 3950 4121 4290 4458 4624 4788 4949 5108 5265 5419 5570 5718 5863 6005 6143 6278 6409 6537 6661 6780 6896 total fees 550.00 548.56 546.95 545.18 543.25 541.17 538.92 536.52 533.96 531.25 528.38 525.37 522.20 518.90 515.45 511.86 508.13 504.26 500.27 496.14 491.89 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 311 310 309 308 307 306 305 304 303 302 301 300 299 298 297 296 295 294 293 292 291 290 289 288 287 286 285 284 283 282 281 280 279 278 277 276 526934 521904 516752 511481 506095 500598 495156 489769 484435 479155 473928 468753 463631 458559 453539 448569 443649 438778 433956 429183 424458 419781 415150 410567 406029 401537 397091 392689 388332 384019 379750 375523 371340 367198 363099 359041 2972 2949 2926 2901 2877 2851 2825 2799 2773 2748 2722 2697 2672 2648 2623 2599 2575 2552 2528 2505 2482 2459 2436 2414 2392 2370 2348 2326 2305 2284 2263 2242 2221 2201 2181 2161 2105.19 2085.78 2065.87 2045.48 2024.61 2003.29 1981.53 1959.99 1938.67 1917.56 1896.66 1875.97 1855.48 1835.20 1815.13 1795.26 1775.58 1756.11 1736.83 1717.74 1698.85 1680.15 1661.63 1643.30 1625.16 1607.20 1589.42 1571.82 1554.39 1537.15 1520.08 1503.18 1486.45 1469.89 1453.49 1437.27 866.33 863.15 859.70 855.99 852.03 847.80 843.33 838.88 834.45 830.04 825.66 821.30 816.96 812.65 808.36 804.09 799.84 795.62 791.42 787.24 783.09 778.95 774.84 770.75 766.68 762.63 758.60 754.60 750.61 746.65 742.71 738.79 734.89 731.01 727.15 723.31 8.8% 9.1% 9.5% 9.8% 10.2% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.76% 0.79% 0.82% 0.86% 0.89% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 4036 4166 4292 4415 4534 4649 4599 4549 4499 4450 4401 4353 4306 4259 4212 4166 4120 4075 4030 3986 3942 3899 3856 3813 3771 3729 3688 3647 3607 3566 3527 3488 3449 3410 3372 3334 4902.53 5029.27 5152.18 5271.15 5386.10 5496.94 5441.92 5387.43 5333.47 5280.03 5227.10 5174.69 5122.77 5071.36 5020.44 4970.02 4920.08 4870.62 4821.64 4773.14 4725.10 4677.52 4630.41 4583.74 4537.53 4491.77 4446.45 4401.57 4357.12 4313.10 4269.50 4226.33 4183.58 4141.24 4099.31 4057.78 7008 7115 7218 7317 7411 7500 7423 7347 7272 7198 7124 7051 6978 6907 6836 6765 6696 6627 6558 6491 6424 6358 6292 6227 6163 6099 6036 5973 5912 5850 5790 5730 5670 5611 5553 5495 487.52 483.02 478.41 473.69 468.86 463.92 458.88 453.89 448.95 444.07 439.23 434.43 429.69 424.99 420.35 415.74 411.19 406.68 402.21 397.79 393.42 389.09 384.80 380.55 376.35 372.19 368.08 364.00 359.97 355.97 352.02 348.10 344.23 340.39 336.60 332.84 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 275 274 273 272 271 270 269 268 267 266 265 264 263 262 261 260 259 258 257 256 255 254 253 252 251 250 249 248 247 246 245 244 243 242 241 240 355025 351049 347113 343217 339361 335544 331766 328026 324325 320661 317034 313444 309891 306374 302893 299447 296037 292661 289320 286013 282740 279501 276294 273121 269980 266871 263794 260749 257735 254752 251800 248878 245986 243124 240291 237488 2141 2121 2101 2082 2063 2044 2025 2007 1988 1970 1952 1934 1916 1898 1881 1864 1846 1829 1813 1796 1779 1763 1747 1731 1715 1699 1683 1668 1653 1637 1622 1607 1593 1578 1563 1549 1421.21 1405.31 1389.57 1373.99 1358.57 1343.31 1328.20 1313.24 1298.44 1283.79 1269.28 1254.93 1240.72 1226.65 1212.73 1198.95 1185.31 1171.81 1158.45 1145.23 1132.14 1119.18 1106.36 1093.67 1081.10 1068.67 1056.36 1044.19 1032.13 1020.20 1008.39 996.71 985.14 973.69 962.36 951.15 719.49 715.69 711.91 708.15 704.41 700.70 697.00 693.32 689.66 686.01 682.39 678.79 675.21 671.64 668.09 664.57 661.06 657.57 654.10 650.64 647.21 643.79 640.39 637.01 633.65 630.30 626.97 623.66 620.37 617.09 613.84 610.60 607.37 604.17 600.98 597.80 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 3297 3260 3224 3188 3152 3116 3081 3046 3012 2978 2944 2911 2878 2845 2813 2781 2749 2718 2687 2656 2626 2596 2566 2537 2507 2478 2450 2422 2394 2366 2339 2311 2285 2258 2232 2206 4016.66 3975.94 3935.61 3895.67 3856.12 3816.95 3778.16 3739.75 3701.71 3664.04 3626.74 3589.79 3553.21 3516.98 3481.11 3445.58 3410.40 3375.56 3341.06 3306.89 3273.06 3239.56 3206.38 3173.53 3140.99 3108.77 3076.87 3045.28 3014.00 2983.02 2952.34 2921.96 2891.88 2862.09 2832.60 2803.39 5438 5381 5325 5270 5215 5160 5106 5053 5000 4948 4896 4845 4794 4744 4694 4645 4596 4547 4500 4452 4405 4359 4313 4267 4222 4177 4133 4089 4046 4003 3961 3919 3877 3836 3795 3755 329.12 325.44 321.79 318.19 314.62 311.08 307.58 304.12 300.69 297.30 293.94 290.61 287.32 284.07 280.84 277.65 274.49 271.37 268.27 265.21 262.18 259.18 256.21 253.27 250.36 247.48 244.63 241.81 239.02 236.26 233.52 230.82 228.14 225.49 222.86 220.27 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 239 238 237 236 235 234 233 232 231 230 229 228 227 226 225 224 223 222 221 220 219 218 217 216 215 214 213 212 211 210 209 208 207 206 205 204 234713 231967 229250 226561 223899 221265 218658 216078 213525 210999 208498 206024 203575 201152 198754 196381 194033 191709 189409 187133 184882 182653 180448 178266 176107 173970 171856 169764 167694 165645 163618 161613 159628 157665 155722 153799 1535 1521 1507 1493 1479 1465 1452 1439 1425 1412 1399 1386 1374 1361 1348 1336 1324 1312 1299 1287 1276 1264 1252 1241 1229 1218 1207 1196 1185 1174 1163 1152 1142 1131 1121 1110 940.06 929.07 918.20 907.45 896.80 886.27 875.84 865.52 855.31 845.20 835.20 825.31 815.51 805.82 796.23 786.74 777.34 768.05 758.85 749.74 740.74 731.82 723.00 714.27 705.64 697.09 688.63 680.26 671.98 663.79 655.68 647.66 639.72 631.86 624.09 616.40 594.65 591.51 588.38 585.28 582.19 579.11 576.06 573.01 569.99 566.98 563.99 561.01 558.05 555.10 552.17 549.25 546.35 543.47 540.60 537.75 534.91 532.08 529.27 526.48 523.70 520.93 518.18 515.45 512.73 510.02 507.33 504.65 501.98 499.33 496.70 494.07 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 2180 2154 2129 2104 2079 2055 2031 2007 1983 1960 1936 1913 1891 1868 1846 1824 1802 1780 1759 1738 1717 1696 1676 1656 1636 1616 1596 1577 1557 1538 1520 1501 1482 1464 1446 1428 2774.46 2745.82 2717.46 2689.38 2661.57 2634.04 2606.77 2579.77 2553.03 2526.56 2500.34 2474.39 2448.68 2423.23 2398.03 2373.07 2348.37 2323.90 2299.67 2275.68 2251.93 2228.41 2205.12 2182.06 2159.23 2136.62 2114.23 2092.07 2070.12 2048.39 2026.88 2005.57 1984.48 1963.59 1942.91 1922.43 3715 3675 3636 3597 3558 3520 3483 3445 3408 3372 3336 3300 3264 3229 3194 3160 3126 3092 3059 3025 2993 2960 2928 2896 2865 2834 2803 2772 2742 2712 2683 2653 2624 2595 2567 2539 217.70 215.15 212.64 210.15 207.68 205.24 202.83 200.44 198.07 195.73 193.42 191.12 188.86 186.61 184.39 182.19 180.02 177.86 175.73 173.63 171.54 169.47 167.43 165.41 163.41 161.43 159.47 157.53 155.62 153.72 151.84 149.98 148.15 146.33 144.53 142.75 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 203 202 201 200 199 198 197 196 195 194 193 192 191 190 189 188 187 186 185 184 183 182 181 180 179 178 177 176 175 174 173 172 171 170 169 168 151897 150015 148153 146310 144487 142684 140899 139133 137386 135658 133948 132256 130582 128926 127287 125666 124062 122476 120906 119353 117817 116297 114794 113306 111835 110379 108939 107514 106105 104711 103332 101968 100619 99284 97964 96658 1100 1090 1080 1070 1060 1051 1041 1031 1022 1012 1003 994 985 976 967 958 949 940 932 923 915 906 898 890 881 873 865 857 849 842 834 826 819 811 804 796 608.79 601.26 593.81 586.44 579.15 571.93 564.79 557.73 550.74 543.82 536.98 530.21 523.51 516.89 510.33 503.84 497.43 491.08 484.80 478.59 472.44 466.36 460.34 454.39 448.50 442.68 436.92 431.22 425.58 420.00 414.48 409.02 403.62 398.28 393.00 387.77 491.46 488.87 486.29 483.72 481.17 478.63 476.10 473.59 471.09 468.60 466.12 463.66 461.22 458.78 456.36 453.95 451.55 449.17 446.80 444.44 442.09 439.76 437.43 435.13 432.83 430.54 428.27 426.01 423.76 421.52 419.30 417.08 414.88 412.69 410.51 408.34 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 1411 1393 1376 1359 1342 1325 1309 1292 1276 1260 1244 1228 1213 1197 1182 1167 1152 1137 1123 1108 1094 1080 1066 1052 1039 1025 1012 999 985 972 960 947 934 922 910 898 1902.16 1882.08 1862.21 1842.53 1823.04 1803.75 1784.65 1765.74 1747.01 1728.47 1710.12 1691.94 1673.95 1656.13 1638.49 1621.03 1603.74 1586.62 1569.67 1552.89 1536.27 1519.83 1503.54 1487.42 1471.45 1455.65 1440.00 1424.51 1409.18 1393.99 1378.96 1364.08 1349.34 1334.76 1320.32 1306.02 2511 2483 2456 2429 2402 2376 2349 2323 2298 2272 2247 2222 2197 2173 2149 2125 2101 2078 2054 2031 2009 1986 1964 1942 1920 1898 1877 1856 1835 1814 1793 1773 1753 1733 1713 1694 140.98 139.24 137.51 135.81 134.12 132.45 130.79 129.16 127.54 125.94 124.35 122.79 121.23 119.70 118.18 116.68 115.19 113.72 112.27 110.83 109.41 108.00 106.61 105.23 103.86 102.52 101.18 99.86 98.55 97.26 95.99 94.72 93.47 92.23 91.01 89.80 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 167 166 165 164 163 162 161 160 159 158 157 156 155 154 153 152 151 150 149 148 147 146 145 144 143 142 141 140 139 138 137 136 135 134 133 132 95366 94088 92824 91574 90337 89114 87904 86708 85524 84353 83195 82050 80917 79797 78689 77593 76510 75438 74378 73329 72293 71267 70253 69251 68259 67278 66308 65349 64401 63463 62536 61619 60712 59816 58929 58053 789 782 774 767 760 753 746 739 733 726 719 713 706 699 693 687 680 674 668 662 656 650 644 638 632 626 620 615 609 603 598 592 587 581 576 571 382.60 377.49 372.43 367.43 362.48 357.58 352.74 347.95 343.22 338.53 333.90 329.31 324.78 320.30 315.86 311.48 307.14 302.85 298.61 294.41 290.26 286.16 282.10 278.09 274.12 270.19 266.31 262.47 258.67 254.92 251.21 247.54 243.91 240.32 236.77 233.26 406.19 404.04 401.91 399.79 397.68 395.58 393.49 391.41 389.34 387.29 385.24 383.21 381.19 379.17 377.17 375.18 373.20 371.23 369.27 367.32 365.38 363.45 361.53 359.62 357.72 355.84 353.96 352.09 350.23 348.38 346.54 344.71 342.89 341.08 339.28 337.49 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 886 874 862 850 839 828 816 805 794 783 773 762 751 741 731 721 711 701 691 681 671 662 652 643 634 625 616 607 598 589 581 572 564 556 547 539 1291.87 1277.85 1263.98 1250.25 1236.65 1223.19 1209.87 1196.68 1183.62 1170.69 1157.89 1145.22 1132.68 1120.26 1107.97 1095.80 1083.76 1071.83 1060.03 1048.34 1036.77 1025.32 1013.99 1002.76 991.66 980.66 969.77 959.00 948.33 937.77 927.32 916.98 906.74 896.60 886.56 876.63 1674 1655 1636 1618 1599 1581 1563 1545 1527 1509 1492 1475 1457 1441 1424 1407 1391 1375 1359 1343 1327 1311 1296 1281 1266 1251 1236 1221 1207 1193 1179 1165 1151 1137 1123 1110 88.60 87.42 86.25 85.09 83.94 82.81 81.69 80.58 79.48 78.40 77.32 76.26 75.21 74.17 73.15 72.13 71.13 70.13 69.15 68.18 67.22 66.27 65.33 64.40 63.48 62.57 61.67 60.78 59.90 59.03 58.17 57.32 56.48 55.65 54.83 54.02 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 131 130 129 128 127 126 125 124 123 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 100 99 98 97 96 57186 56329 55481 54643 53815 52996 52186 51385 50594 49811 49037 48272 47516 46768 46029 45298 44576 43861 43155 42457 41768 41086 40412 39745 39087 38436 37792 37156 36527 35906 35292 34685 34085 33492 32906 32327 565 560 555 550 545 540 535 530 525 520 516 511 506 501 497 492 488 483 479 474 470 466 461 457 453 449 445 441 437 433 429 425 421 417 413 409 229.79 226.36 222.97 219.61 216.30 213.02 209.77 206.57 203.40 200.27 197.17 194.10 191.08 188.08 185.12 182.20 179.30 176.44 173.62 170.82 168.06 165.33 162.63 159.96 157.32 154.72 152.14 149.59 147.08 144.59 142.13 139.70 137.29 134.92 132.57 130.25 335.71 333.93 332.17 330.42 328.67 326.94 325.21 323.49 321.79 320.09 318.40 316.72 315.04 313.38 311.73 310.08 308.44 306.81 305.19 303.58 301.98 300.39 298.80 297.22 295.65 294.09 292.54 291.00 289.46 287.93 286.41 284.90 283.39 281.90 280.41 278.93 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 531 523 515 507 500 492 485 477 470 463 455 448 441 434 427 421 414 407 401 394 388 382 375 369 363 357 351 345 339 333 328 322 317 311 306 300 866.80 857.07 847.43 837.90 828.46 819.12 809.87 800.72 791.66 782.69 773.81 765.03 756.33 747.72 739.20 730.77 722.42 714.16 705.99 697.89 689.88 681.96 674.11 666.34 658.66 651.05 643.52 636.07 628.69 621.39 614.17 607.02 599.94 592.94 586.01 579.15 1097 1083 1070 1058 1045 1032 1020 1007 995 983 971 959 947 936 924 913 902 891 880 869 858 847 837 826 816 806 796 786 776 766 756 747 737 728 719 709 53.21 52.42 51.63 50.86 50.09 49.33 48.58 47.84 47.10 46.38 45.66 44.95 44.25 43.56 42.87 42.19 41.52 40.86 40.21 39.56 38.92 38.29 37.66 37.04 36.43 35.83 35.23 34.64 34.06 33.48 32.91 32.35 31.79 31.24 30.70 30.16 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 95 94 93 92 91 90 89 88 87 86 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 67 66 65 64 63 62 61 60 31754 31189 30630 30077 29531 28992 28459 27932 27411 26897 26389 25887 25391 24900 24416 23937 23464 22997 22536 22080 21629 21184 20745 20310 19881 19458 19039 18626 18217 17814 17415 17022 16633 16249 15870 15496 405 402 398 394 391 387 384 380 377 373 370 366 363 360 356 353 350 346 343 340 337 334 331 328 325 322 319 316 313 310 307 304 302 299 296 293 127.96 125.69 123.45 121.24 119.06 116.89 114.76 112.65 110.56 108.50 106.47 104.46 102.47 100.50 98.56 96.65 94.75 92.88 91.03 89.20 87.40 85.62 83.85 82.11 80.40 78.70 77.02 75.36 73.73 72.11 70.51 68.94 67.38 65.84 64.32 62.82 277.46 275.99 274.53 273.08 271.64 270.21 268.78 267.36 265.95 264.55 263.15 261.76 260.38 259.00 257.64 256.28 254.92 253.58 252.24 250.91 249.58 248.26 246.95 245.65 244.35 243.06 241.78 240.50 239.23 237.97 236.71 235.46 234.22 232.98 231.75 230.53 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 295 290 284 279 274 269 264 259 255 250 245 240 236 231 227 222 218 214 209 205 201 197 193 189 185 181 177 173 169 165 162 158 154 151 147 144 572.36 565.64 559.00 552.42 545.90 539.46 533.08 526.77 520.53 514.34 508.23 502.17 496.18 490.26 484.39 478.59 472.84 467.16 461.53 455.96 450.46 445.01 439.61 434.28 428.99 423.77 418.60 413.48 408.42 403.41 398.45 393.55 388.69 383.89 379.14 374.44 700 691 682 674 665 656 648 639 631 623 615 607 599 591 583 575 568 560 553 545 538 531 523 516 509 502 496 489 482 476 469 462 456 450 443 437 29.63 29.11 28.59 28.08 27.57 27.07 26.58 26.09 25.60 25.13 24.66 24.19 23.73 23.27 22.83 22.38 21.94 21.51 21.08 20.66 20.24 19.83 19.42 19.02 18.62 18.22 17.84 17.45 17.07 16.70 16.33 15.96 15.60 15.25 14.90 14.55 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 15126 14761 14400 14044 13692 13345 13002 12663 12329 11999 11673 11351 11034 10720 10410 10105 9803 9505 9211 8921 8635 8352 8073 7797 7525 7257 6992 6731 6473 6219 5968 5720 5476 5234 4996 4762 291 288 285 283 280 278 275 272 270 267 265 263 260 258 255 253 251 248 246 244 242 239 237 235 233 231 229 226 224 222 220 218 216 214 212 210 61.34 59.87 58.43 57.00 55.59 54.20 52.82 51.47 50.13 48.80 47.50 46.21 44.93 43.68 42.43 41.21 40.00 38.80 37.62 36.46 35.31 34.18 33.06 31.95 30.86 29.79 28.73 27.68 26.64 25.62 24.62 23.62 22.64 21.67 20.72 19.78 229.31 228.10 226.90 225.70 224.51 223.32 222.14 220.97 219.80 218.64 217.49 216.34 215.20 214.06 212.93 211.81 210.69 209.58 208.47 207.37 206.28 205.19 204.10 203.03 201.95 200.89 199.83 198.77 197.72 196.68 195.64 194.61 193.58 192.56 191.54 190.53 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 140 137 134 130 127 124 121 118 115 111 108 105 102 100 97 94 91 88 86 83 80 78 75 72 70 67 65 63 60 58 55 53 51 49 46 44 369.79 365.19 360.63 356.13 351.67 347.26 342.90 338.58 334.31 330.08 325.90 321.76 317.67 313.62 309.62 305.65 301.73 297.85 294.02 290.22 286.47 282.75 279.08 275.44 271.84 268.29 264.77 261.28 257.84 254.43 251.06 247.73 244.43 241.17 237.94 234.75 431 425 419 413 407 401 396 390 384 379 373 368 363 357 352 347 342 337 332 327 322 317 312 307 303 298 293 289 284 280 276 271 267 263 259 255 14.20 13.87 13.53 13.20 12.87 12.55 12.23 11.92 11.61 11.30 11.00 10.70 10.41 10.11 9.83 9.54 9.26 8.99 8.71 8.44 8.18 7.92 7.66 7.40 7.15 6.90 6.65 6.41 6.17 5.93 5.70 5.47 5.24 5.02 4.80 4.58 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 4530 4302 4076 3854 3635 3418 3205 2995 2787 2582 2380 2181 1985 1792 1601 1413 1227 1044 864 686 511 338 168 0 0 0 0 0 0 0 0 0 0 0 0 0 208 206 205 203 201 199 197 195 194 192 190 188 186 185 183 181 180 178 176 175 173 172 170 168 0 0 0 0 0 0 0 0 0 0 0 0 18.85 17.93 17.03 16.14 15.26 14.39 13.53 12.69 11.85 11.03 10.22 9.42 8.63 7.86 7.09 6.34 5.59 4.86 4.13 3.42 2.72 2.02 1.34 0.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 189.52 188.52 187.53 186.54 185.55 184.57 183.60 182.63 181.66 180.71 179.75 178.80 177.86 176.92 175.98 175.06 174.13 173.21 172.30 171.39 170.48 169.58 168.69 167.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 42 40 38 36 34 32 30 28 26 24 22 20 18 17 15 13 11 10 8 6 5 3 2 0 0 0 0 0 0 0 0 0 0 0 0 0 231.60 228.47 225.38 222.33 219.31 216.32 213.36 210.44 207.55 204.69 201.86 199.06 196.29 193.56 190.85 188.17 185.53 182.91 180.32 177.76 175.23 172.72 170.25 167.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 250 246 242 238 235 231 227 223 219 216 212 208 205 201 198 195 191 188 184 181 178 175 172 168 0 0 0 0 0 0 0 0 0 0 0 0 4.36 4.15 3.94 3.74 3.53 3.33 3.13 2.94 2.74 2.55 2.37 2.18 2.00 1.82 1.64 1.47 1.29 1.12 0.96 0.79 0.63 0.47 0.31 0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 pass through pass through interest principal 1825.00 1820.21 1814.88 1809.02 1802.62 1795.69 1788.23 1780.26 1771.77 1762.77 1753.26 1743.26 1732.77 1721.80 1710.35 1698.43 1686.06 1673.24 1659.98 1646.29 1632.18 1574.53 1751.94 1928.42 2103.83 2277.99 2450.76 2621.97 2791.46 2959.09 3124.70 3288.14 3449.26 3607.91 3763.97 3917.27 4067.69 4215.10 4359.37 4500.36 4637.96 4772.06 MBS pass through t*payment/ total t*principal (1+y)t 3399.53 3572.15 3743.31 3912.85 4080.61 4246.45 4410.20 4571.72 4730.86 4887.46 5041.40 5192.52 5340.68 5485.76 5627.62 5766.13 5901.16 6032.61 6160.34 6284.25 6404.24 1575 3504 5785 8415 11390 14705 18354 22332 26632 31247 36169 41391 46903 52696 58759 65083 71657 78469 85507 92759 100213 3390 7106 11139 15483 20129 25069 30292 35791 41554 47570 53830 60320 67030 73947 81058 88351 95812 103427 111184 119067 127063 1617.67 1602.76 1587.46 1571.79 1555.76 1539.37 1522.65 1506.10 1489.71 1473.49 1457.43 1441.53 1425.79 1410.21 1394.78 1379.51 1364.40 1349.43 1334.62 1319.95 1305.43 1291.06 1276.83 1262.75 1248.81 1235.00 1221.34 1207.82 1194.43 1181.18 1168.06 1155.07 1142.22 1129.49 1116.90 1104.43 4902.53 5029.27 5152.18 5271.15 5386.10 5496.94 5441.92 5387.43 5333.47 5280.03 5227.10 5174.69 5122.77 5071.36 5020.44 4970.02 4920.08 4870.62 4821.64 4773.14 4725.10 4677.52 4630.41 4583.74 4537.53 4491.77 4446.45 4401.57 4357.12 4313.10 4269.50 4226.33 4183.58 4141.24 4099.31 4057.78 6520.20 6632.03 6739.64 6842.94 6941.86 7036.31 6964.57 6893.53 6823.19 6753.52 6684.53 6616.22 6548.56 6481.57 6415.23 6349.53 6284.48 6220.05 6156.26 6093.09 6030.53 5968.58 5907.24 5846.49 5786.34 5726.78 5667.79 5609.38 5551.55 5494.27 5437.56 5381.40 5325.79 5270.73 5216.20 5162.21 107856 115673 123652 131779 140039 148417 152374 156236 160004 163681 167267 170765 174174 177498 180736 183891 186963 189954 192866 195699 198454 201133 203738 206268 208727 211113 213430 215677 217856 219968 222014 223996 225913 227768 229561 231294 135158 143337 151585 159888 168232 176601 180785 184831 188742 192521 196170 199692 203090 206365 209521 212560 215485 218297 221000 223595 226084 228471 230756 232943 235033 237029 238931 240744 242467 244104 245656 247125 248513 249821 251052 252207 1092.08 1079.87 1067.77 1055.80 1043.95 1032.22 1020.61 1009.12 997.75 986.49 975.34 964.31 953.39 942.59 931.89 921.30 910.82 900.45 890.18 880.02 869.96 860.00 850.15 840.40 830.74 821.19 811.73 802.37 793.11 783.94 774.87 765.89 757.00 748.21 739.50 730.89 4016.66 3975.94 3935.61 3895.67 3856.12 3816.95 3778.16 3739.75 3701.71 3664.04 3626.74 3589.79 3553.21 3516.98 3481.11 3445.58 3410.40 3375.56 3341.06 3306.89 3273.06 3239.56 3206.38 3173.53 3140.99 3108.77 3076.87 3045.28 3014.00 2983.02 2952.34 2921.96 2891.88 2862.09 2832.60 2803.39 5108.74 5055.80 5003.38 4951.47 4900.07 4849.17 4798.78 4748.87 4699.46 4650.53 4602.08 4554.11 4506.60 4459.57 4413.00 4366.88 4321.22 4276.01 4231.24 4186.91 4143.02 4099.56 4056.53 4013.92 3971.73 3929.96 3888.60 3847.65 3807.11 3766.96 3727.21 3687.85 3648.88 3610.30 3572.10 3534.27 232966 234580 236136 237636 239079 240468 241802 243084 244313 245491 246618 247696 248725 249706 250640 251527 252370 253167 253920 254631 255299 255925 256510 257056 257561 258028 258457 258849 259204 259522 259806 260055 260269 260450 260599 260715 253288 254296 255233 256101 256902 257636 258306 258913 259458 259942 260369 260737 261050 261308 261513 261666 261767 261820 261824 261781 261692 261559 261381 261162 260900 260599 260258 259879 259463 259011 258523 258001 257446 256858 256239 255589 722.36 713.92 705.57 697.30 689.12 681.03 673.01 665.09 657.24 649.47 641.79 634.18 626.66 619.21 611.84 604.54 597.33 590.18 583.11 576.12 569.20 562.35 555.57 548.86 542.23 535.66 529.16 522.73 516.36 510.07 503.84 497.67 491.57 485.54 479.56 473.65 2774.46 2745.82 2717.46 2689.38 2661.57 2634.04 2606.77 2579.77 2553.03 2526.56 2500.34 2474.39 2448.68 2423.23 2398.03 2373.07 2348.37 2323.90 2299.67 2275.68 2251.93 2228.41 2205.12 2182.06 2159.23 2136.62 2114.23 2092.07 2070.12 2048.39 2026.88 2005.57 1984.48 1963.59 1942.91 1922.43 3496.82 3459.74 3423.03 3386.68 3350.69 3315.06 3279.78 3244.85 3210.27 3176.03 3142.13 3108.57 3075.34 3042.44 3009.87 2977.62 2945.69 2914.08 2882.79 2851.80 2821.13 2790.76 2760.69 2730.92 2701.45 2672.28 2643.39 2614.80 2586.49 2558.46 2530.71 2503.24 2476.05 2449.13 2422.47 2396.09 260800 260853 260876 260870 260834 260769 260677 260557 260409 260235 260036 259811 259560 259286 258987 258665 258320 257953 257563 257152 256720 256267 255794 255301 254789 254258 253708 253140 252555 251952 251333 250696 250044 249376 248692 247994 254910 254202 253465 252701 251911 251095 250255 249390 248502 247591 246659 245705 244731 243737 242723 241692 240642 239575 238491 237392 236276 235146 234002 232844 231672 230488 229292 228084 226864 225634 224394 223144 221885 220616 219340 218055 467.81 462.02 456.30 450.63 445.03 439.48 434.00 428.57 423.20 417.88 412.63 407.42 402.28 397.19 392.15 387.16 382.23 377.36 372.53 367.76 363.03 358.36 353.74 349.16 344.64 340.16 335.74 331.36 327.02 322.74 318.50 314.30 310.15 306.05 301.99 297.97 1902.16 1882.08 1862.21 1842.53 1823.04 1803.75 1784.65 1765.74 1747.01 1728.47 1710.12 1691.94 1673.95 1656.13 1638.49 1621.03 1603.74 1586.62 1569.67 1552.89 1536.27 1519.83 1503.54 1487.42 1471.45 1455.65 1440.00 1424.51 1409.18 1393.99 1378.96 1364.08 1349.34 1334.76 1320.32 1306.02 2369.96 2344.11 2318.50 2293.16 2268.07 2243.23 2218.65 2194.31 2170.21 2146.36 2122.74 2099.37 2076.23 2053.32 2030.64 2008.19 1985.97 1963.98 1942.20 1920.64 1899.31 1878.19 1857.28 1836.58 1816.09 1795.81 1775.74 1755.87 1736.20 1716.73 1697.46 1678.38 1659.50 1640.81 1622.31 1603.99 247281 246553 245812 245056 244288 243507 242713 241906 241088 240258 239416 238564 237701 236827 235943 235049 234146 233233 232311 231380 230441 229494 228538 227575 226604 225626 224640 223648 222650 221645 220634 219617 218594 217565 216532 215493 216762 215463 214157 212844 211525 210201 208871 207536 206197 204854 203506 202155 200801 199444 198084 196722 195358 193992 192624 191256 189886 188516 187145 185774 184402 183032 181661 180292 178923 177555 176189 174824 173461 172100 170741 169384 294.00 290.07 286.18 282.34 278.54 274.78 271.06 267.38 263.74 260.14 256.57 253.05 249.57 246.12 242.72 239.35 236.01 232.72 229.46 226.23 223.04 219.89 216.77 213.69 210.64 207.62 204.64 201.69 198.77 195.89 193.03 190.21 187.42 184.67 181.94 179.24 1291.87 1277.85 1263.98 1250.25 1236.65 1223.19 1209.87 1196.68 1183.62 1170.69 1157.89 1145.22 1132.68 1120.26 1107.97 1095.80 1083.76 1071.83 1060.03 1048.34 1036.77 1025.32 1013.99 1002.76 991.66 980.66 969.77 959.00 948.33 937.77 927.32 916.98 906.74 896.60 886.56 876.63 1585.87 1567.93 1550.17 1532.59 1515.19 1497.97 1480.92 1464.05 1447.35 1430.83 1414.47 1398.27 1382.25 1366.39 1350.69 1335.15 1319.77 1304.55 1289.48 1274.57 1259.82 1245.21 1230.76 1216.45 1202.29 1188.28 1174.41 1160.69 1147.10 1133.66 1120.36 1107.19 1094.16 1081.27 1068.50 1055.87 214450 213402 212349 211292 210231 209166 208097 207025 205950 204871 203789 202704 201617 200527 199435 198340 197244 196145 195045 193943 192840 191735 190629 189522 188415 187306 186197 185087 183977 182866 181755 180645 179534 178423 177313 176203 168030 166679 165330 163984 162641 161301 159965 158633 157304 155979 154658 153341 152028 150719 149415 148116 146821 145531 144246 142965 141690 140420 139156 137896 136642 135394 134151 132914 131682 130457 129237 128023 126815 125613 124417 123228 176.58 173.94 171.33 168.76 166.21 163.69 161.20 158.73 156.30 153.89 151.51 149.15 146.83 144.53 142.25 140.00 137.78 135.58 133.41 131.26 129.14 127.04 124.97 122.92 120.89 118.89 116.91 114.95 113.02 111.10 109.21 107.35 105.50 103.67 101.87 100.09 866.80 857.07 847.43 837.90 828.46 819.12 809.87 800.72 791.66 782.69 773.81 765.03 756.33 747.72 739.20 730.77 722.42 714.16 705.99 697.89 689.88 681.96 674.11 666.34 658.66 651.05 643.52 636.07 628.69 621.39 614.17 607.02 599.94 592.94 586.01 579.15 1043.38 1031.01 1018.77 1006.65 994.67 982.80 971.07 959.45 947.95 936.58 925.32 914.18 903.16 892.25 881.45 870.77 860.20 849.75 839.40 829.16 819.02 809.00 799.08 789.26 779.55 769.94 760.43 751.02 741.71 732.50 723.38 714.37 705.44 696.62 687.88 679.24 175094 173985 172877 171769 170663 169557 168453 167350 166248 165147 164048 162951 161855 160760 159668 158577 157488 156402 155317 154234 153154 152076 151000 149927 148856 147788 146723 145660 144599 143542 142487 141436 140387 139341 138298 137259 122044 120867 119697 118532 117374 116223 115077 113939 112807 111681 110562 109450 108345 107246 106154 105068 103990 102918 101853 100795 99743 98699 97661 96630 95606 94589 93579 92576 91579 90590 89607 88632 87663 86701 85746 84798 98.33 96.59 94.87 93.17 91.48 89.82 88.18 86.56 84.96 83.38 81.81 80.27 78.74 77.23 75.74 74.26 72.81 71.37 69.95 68.55 67.16 65.79 64.44 63.10 61.78 60.47 59.18 57.91 56.65 55.41 54.18 52.97 51.77 50.59 49.42 48.27 572.36 565.64 559.00 552.42 545.90 539.46 533.08 526.77 520.53 514.34 508.23 502.17 496.18 490.26 484.39 478.59 472.84 467.16 461.53 455.96 450.46 445.01 439.61 434.28 428.99 423.77 418.60 413.48 408.42 403.41 398.45 393.55 388.69 383.89 379.14 374.44 670.69 662.23 653.86 645.58 637.39 629.28 621.27 613.33 605.49 597.72 590.04 582.44 574.92 567.49 560.13 552.85 545.65 538.53 531.48 524.51 517.62 510.80 504.05 497.37 490.77 484.24 477.78 471.39 465.07 458.82 452.64 446.52 440.47 434.48 428.57 422.71 136222 135189 134159 133132 132109 131089 130072 129059 128049 127043 126040 125041 124046 123054 122066 121082 120102 119125 118152 117183 116218 115257 114299 113346 112397 111451 110510 109573 108639 107710 106785 105864 104947 104035 103126 102222 83857 82922 81995 81074 80161 79254 78354 77460 76574 75694 74821 73955 73096 72243 71397 70558 69726 68900 68081 67268 66462 65663 64870 64084 63304 62530 61764 61003 60249 59502 58760 58025 57297 56574 55858 55149 47.13 46.01 44.90 43.80 42.72 41.65 40.59 39.55 38.52 37.50 36.50 35.51 34.53 33.56 32.61 31.67 30.74 29.82 28.91 28.02 27.13 26.26 25.40 24.55 23.72 22.89 22.07 21.27 20.47 19.69 18.92 18.15 17.40 16.65 15.92 15.20 369.79 365.19 360.63 356.13 351.67 347.26 342.90 338.58 334.31 330.08 325.90 321.76 317.67 313.62 309.62 305.65 301.73 297.85 294.02 290.22 286.47 282.75 279.08 275.44 271.84 268.29 264.77 261.28 257.84 254.43 251.06 247.73 244.43 241.17 237.94 234.75 416.92 411.19 405.53 399.93 394.39 388.91 383.49 378.13 372.82 367.58 362.40 357.27 352.20 347.18 342.22 337.32 332.47 327.67 322.93 318.24 313.60 309.01 304.48 299.99 295.56 291.18 286.84 282.55 278.31 274.12 269.98 265.88 261.83 257.82 253.86 249.95 101322 100426 99535 98647 97764 96885 96011 95140 94274 93413 92555 91702 90854 90009 89169 88334 87502 86676 85853 85035 84221 83411 82606 81806 81009 80217 79430 78647 77868 77093 76323 75557 74796 74039 73287 72538 54445 53747 53056 52371 51692 51019 50352 49691 49035 48386 47743 47106 46474 45848 45228 44614 44006 43403 42805 42214 41628 41047 40472 39903 39339 38780 38227 37679 37137 36600 36068 35541 35019 34503 33991 33485 14.48 13.78 13.08 12.40 11.72 11.06 10.40 9.75 9.11 8.48 7.85 7.24 6.64 6.04 5.45 4.87 4.30 3.73 3.18 2.63 2.09 1.55 1.03 0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 231.60 228.47 225.38 222.33 219.31 216.32 213.36 210.44 207.55 204.69 201.86 199.06 196.29 193.56 190.85 188.17 185.53 182.91 180.32 177.76 175.23 172.72 170.25 167.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 246.08 242.25 238.47 234.73 231.03 227.37 223.76 220.19 216.66 213.16 209.71 206.30 202.93 199.60 196.30 193.04 189.82 186.64 183.49 180.39 177.31 174.28 171.27 168.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 71795 71055 70320 69589 68863 68140 67423 66709 66000 65295 64595 63899 63207 62519 61836 61156 60482 59811 59145 58483 57825 57171 56522 55876 0 0 0 0 0 0 0 0 0 0 0 0 32984 32488 31997 31510 31029 30552 30081 29614 29152 28695 28242 27794 27351 26912 26478 26049 25624 25203 24787 24375 23968 23565 23166 22772 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Yield to maturity Initial principal of MBS WAC WAM (initial) Seasoning Servicing fee Fee for credit enhancement PSA rate Pass through coupon rate Yield to maturity month of MBS 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 months to maturity 333 332 331 330 329 328 327 326 325 324 323 322 321 320 319 318 317 316 315 314 313 312 600000 4.75% 28 3 25 85 175 3.65% 3.25% principal scheduled balance payment 600000 598425 3246 596674 3242 594745 3237 592641 3232 590363 3225 587913 3217 585291 3209 582499 3199 579540 3189 576415 3178 573127 3165 569678 3152 566070 3138 562306 3123 558389 3107 554321 3090 550106 3072 545747 3054 541246 3035 536608 3014 531836 2993 3.250% IO 169619 140605 total payments value to investor average time to payment of principal duration average time to receipt of payments interest 2375.00 2368.77 2361.83 2354.20 2345.87 2336.85 2327.15 2316.78 2305.73 2294.01 2281.64 2268.63 2254.98 2240.69 2225.79 2210.29 2194.19 2177.50 2160.25 2142.43 2124.07 scheduled principal 871.02 873.44 875.61 877.52 879.17 880.57 881.70 882.56 883.16 883.49 883.55 883.35 882.87 882.11 881.09 879.79 878.23 876.39 874.28 871.90 869.25 CPR 1.4% 1.8% 2.1% 2.5% 2.8% 3.2% 3.5% 3.9% 4.2% 4.6% 4.9% 5.3% 5.6% 6.0% 6.3% 6.7% 7.0% 7.4% 7.7% 8.1% 8.4% 64.72 74.32 SMM 0.12% 0.15% 0.18% 0.21% 0.24% 0.27% 0.30% 0.33% 0.36% 0.39% 0.42% 0.45% 0.48% 0.51% 0.54% 0.57% 0.60% 0.63% 0.67% 0.70% 0.73% excess principal 704 878 1053 1226 1399 1570 1740 1909 2076 2241 2405 2566 2725 2882 3036 3188 3337 3483 3626 3766 3903 PO 600000 474803 92.94 80.56 total principal 1574.53 1751.94 1928.42 2103.83 2277.99 2450.76 2621.97 2791.46 2959.09 3124.70 3288.14 3449.26 3607.91 3763.97 3917.27 4067.69 4215.10 4359.37 4500.36 4637.96 4772.06 total payment 3950 4121 4290 4458 4624 4788 4949 5108 5265 5419 5570 5718 5863 6005 6143 6278 6409 6537 6661 6780 6896 total fees 550.00 548.56 546.95 545.18 543.25 541.17 538.92 536.52 533.96 531.25 528.38 525.37 522.20 518.90 515.45 511.86 508.13 504.26 500.27 496.14 491.89 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 311 310 309 308 307 306 305 304 303 302 301 300 299 298 297 296 295 294 293 292 291 290 289 288 287 286 285 284 283 282 281 280 279 278 277 276 526934 521904 516752 511481 506095 500598 495156 489769 484435 479155 473928 468753 463631 458559 453539 448569 443649 438778 433956 429183 424458 419781 415150 410567 406029 401537 397091 392689 388332 384019 379750 375523 371340 367198 363099 359041 2972 2949 2926 2901 2877 2851 2825 2799 2773 2748 2722 2697 2672 2648 2623 2599 2575 2552 2528 2505 2482 2459 2436 2414 2392 2370 2348 2326 2305 2284 2263 2242 2221 2201 2181 2161 2105.19 2085.78 2065.87 2045.48 2024.61 2003.29 1981.53 1959.99 1938.67 1917.56 1896.66 1875.97 1855.48 1835.20 1815.13 1795.26 1775.58 1756.11 1736.83 1717.74 1698.85 1680.15 1661.63 1643.30 1625.16 1607.20 1589.42 1571.82 1554.39 1537.15 1520.08 1503.18 1486.45 1469.89 1453.49 1437.27 866.33 863.15 859.70 855.99 852.03 847.80 843.33 838.88 834.45 830.04 825.66 821.30 816.96 812.65 808.36 804.09 799.84 795.62 791.42 787.24 783.09 778.95 774.84 770.75 766.68 762.63 758.60 754.60 750.61 746.65 742.71 738.79 734.89 731.01 727.15 723.31 8.8% 9.1% 9.5% 9.8% 10.2% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.76% 0.79% 0.82% 0.86% 0.89% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 4036 4166 4292 4415 4534 4649 4599 4549 4499 4450 4401 4353 4306 4259 4212 4166 4120 4075 4030 3986 3942 3899 3856 3813 3771 3729 3688 3647 3607 3566 3527 3488 3449 3410 3372 3334 4902.53 5029.27 5152.18 5271.15 5386.10 5496.94 5441.92 5387.43 5333.47 5280.03 5227.10 5174.69 5122.77 5071.36 5020.44 4970.02 4920.08 4870.62 4821.64 4773.14 4725.10 4677.52 4630.41 4583.74 4537.53 4491.77 4446.45 4401.57 4357.12 4313.10 4269.50 4226.33 4183.58 4141.24 4099.31 4057.78 7008 7115 7218 7317 7411 7500 7423 7347 7272 7198 7124 7051 6978 6907 6836 6765 6696 6627 6558 6491 6424 6358 6292 6227 6163 6099 6036 5973 5912 5850 5790 5730 5670 5611 5553 5495 487.52 483.02 478.41 473.69 468.86 463.92 458.88 453.89 448.95 444.07 439.23 434.43 429.69 424.99 420.35 415.74 411.19 406.68 402.21 397.79 393.42 389.09 384.80 380.55 376.35 372.19 368.08 364.00 359.97 355.97 352.02 348.10 344.23 340.39 336.60 332.84 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 275 274 273 272 271 270 269 268 267 266 265 264 263 262 261 260 259 258 257 256 255 254 253 252 251 250 249 248 247 246 245 244 243 242 241 240 355025 351049 347113 343217 339361 335544 331766 328026 324325 320661 317034 313444 309891 306374 302893 299447 296037 292661 289320 286013 282740 279501 276294 273121 269980 266871 263794 260749 257735 254752 251800 248878 245986 243124 240291 237488 2141 2121 2101 2082 2063 2044 2025 2007 1988 1970 1952 1934 1916 1898 1881 1864 1846 1829 1813 1796 1779 1763 1747 1731 1715 1699 1683 1668 1653 1637 1622 1607 1593 1578 1563 1549 1421.21 1405.31 1389.57 1373.99 1358.57 1343.31 1328.20 1313.24 1298.44 1283.79 1269.28 1254.93 1240.72 1226.65 1212.73 1198.95 1185.31 1171.81 1158.45 1145.23 1132.14 1119.18 1106.36 1093.67 1081.10 1068.67 1056.36 1044.19 1032.13 1020.20 1008.39 996.71 985.14 973.69 962.36 951.15 719.49 715.69 711.91 708.15 704.41 700.70 697.00 693.32 689.66 686.01 682.39 678.79 675.21 671.64 668.09 664.57 661.06 657.57 654.10 650.64 647.21 643.79 640.39 637.01 633.65 630.30 626.97 623.66 620.37 617.09 613.84 610.60 607.37 604.17 600.98 597.80 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 3297 3260 3224 3188 3152 3116 3081 3046 3012 2978 2944 2911 2878 2845 2813 2781 2749 2718 2687 2656 2626 2596 2566 2537 2507 2478 2450 2422 2394 2366 2339 2311 2285 2258 2232 2206 4016.66 3975.94 3935.61 3895.67 3856.12 3816.95 3778.16 3739.75 3701.71 3664.04 3626.74 3589.79 3553.21 3516.98 3481.11 3445.58 3410.40 3375.56 3341.06 3306.89 3273.06 3239.56 3206.38 3173.53 3140.99 3108.77 3076.87 3045.28 3014.00 2983.02 2952.34 2921.96 2891.88 2862.09 2832.60 2803.39 5438 5381 5325 5270 5215 5160 5106 5053 5000 4948 4896 4845 4794 4744 4694 4645 4596 4547 4500 4452 4405 4359 4313 4267 4222 4177 4133 4089 4046 4003 3961 3919 3877 3836 3795 3755 329.12 325.44 321.79 318.19 314.62 311.08 307.58 304.12 300.69 297.30 293.94 290.61 287.32 284.07 280.84 277.65 274.49 271.37 268.27 265.21 262.18 259.18 256.21 253.27 250.36 247.48 244.63 241.81 239.02 236.26 233.52 230.82 228.14 225.49 222.86 220.27 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 239 238 237 236 235 234 233 232 231 230 229 228 227 226 225 224 223 222 221 220 219 218 217 216 215 214 213 212 211 210 209 208 207 206 205 204 234713 231967 229250 226561 223899 221265 218658 216078 213525 210999 208498 206024 203575 201152 198754 196381 194033 191709 189409 187133 184882 182653 180448 178266 176107 173970 171856 169764 167694 165645 163618 161613 159628 157665 155722 153799 1535 1521 1507 1493 1479 1465 1452 1439 1425 1412 1399 1386 1374 1361 1348 1336 1324 1312 1299 1287 1276 1264 1252 1241 1229 1218 1207 1196 1185 1174 1163 1152 1142 1131 1121 1110 940.06 929.07 918.20 907.45 896.80 886.27 875.84 865.52 855.31 845.20 835.20 825.31 815.51 805.82 796.23 786.74 777.34 768.05 758.85 749.74 740.74 731.82 723.00 714.27 705.64 697.09 688.63 680.26 671.98 663.79 655.68 647.66 639.72 631.86 624.09 616.40 594.65 591.51 588.38 585.28 582.19 579.11 576.06 573.01 569.99 566.98 563.99 561.01 558.05 555.10 552.17 549.25 546.35 543.47 540.60 537.75 534.91 532.08 529.27 526.48 523.70 520.93 518.18 515.45 512.73 510.02 507.33 504.65 501.98 499.33 496.70 494.07 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 2180 2154 2129 2104 2079 2055 2031 2007 1983 1960 1936 1913 1891 1868 1846 1824 1802 1780 1759 1738 1717 1696 1676 1656 1636 1616 1596 1577 1557 1538 1520 1501 1482 1464 1446 1428 2774.46 2745.82 2717.46 2689.38 2661.57 2634.04 2606.77 2579.77 2553.03 2526.56 2500.34 2474.39 2448.68 2423.23 2398.03 2373.07 2348.37 2323.90 2299.67 2275.68 2251.93 2228.41 2205.12 2182.06 2159.23 2136.62 2114.23 2092.07 2070.12 2048.39 2026.88 2005.57 1984.48 1963.59 1942.91 1922.43 3715 3675 3636 3597 3558 3520 3483 3445 3408 3372 3336 3300 3264 3229 3194 3160 3126 3092 3059 3025 2993 2960 2928 2896 2865 2834 2803 2772 2742 2712 2683 2653 2624 2595 2567 2539 217.70 215.15 212.64 210.15 207.68 205.24 202.83 200.44 198.07 195.73 193.42 191.12 188.86 186.61 184.39 182.19 180.02 177.86 175.73 173.63 171.54 169.47 167.43 165.41 163.41 161.43 159.47 157.53 155.62 153.72 151.84 149.98 148.15 146.33 144.53 142.75 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 203 202 201 200 199 198 197 196 195 194 193 192 191 190 189 188 187 186 185 184 183 182 181 180 179 178 177 176 175 174 173 172 171 170 169 168 151897 150015 148153 146310 144487 142684 140899 139133 137386 135658 133948 132256 130582 128926 127287 125666 124062 122476 120906 119353 117817 116297 114794 113306 111835 110379 108939 107514 106105 104711 103332 101968 100619 99284 97964 96658 1100 1090 1080 1070 1060 1051 1041 1031 1022 1012 1003 994 985 976 967 958 949 940 932 923 915 906 898 890 881 873 865 857 849 842 834 826 819 811 804 796 608.79 601.26 593.81 586.44 579.15 571.93 564.79 557.73 550.74 543.82 536.98 530.21 523.51 516.89 510.33 503.84 497.43 491.08 484.80 478.59 472.44 466.36 460.34 454.39 448.50 442.68 436.92 431.22 425.58 420.00 414.48 409.02 403.62 398.28 393.00 387.77 491.46 488.87 486.29 483.72 481.17 478.63 476.10 473.59 471.09 468.60 466.12 463.66 461.22 458.78 456.36 453.95 451.55 449.17 446.80 444.44 442.09 439.76 437.43 435.13 432.83 430.54 428.27 426.01 423.76 421.52 419.30 417.08 414.88 412.69 410.51 408.34 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 1411 1393 1376 1359 1342 1325 1309 1292 1276 1260 1244 1228 1213 1197 1182 1167 1152 1137 1123 1108 1094 1080 1066 1052 1039 1025 1012 999 985 972 960 947 934 922 910 898 1902.16 1882.08 1862.21 1842.53 1823.04 1803.75 1784.65 1765.74 1747.01 1728.47 1710.12 1691.94 1673.95 1656.13 1638.49 1621.03 1603.74 1586.62 1569.67 1552.89 1536.27 1519.83 1503.54 1487.42 1471.45 1455.65 1440.00 1424.51 1409.18 1393.99 1378.96 1364.08 1349.34 1334.76 1320.32 1306.02 2511 2483 2456 2429 2402 2376 2349 2323 2298 2272 2247 2222 2197 2173 2149 2125 2101 2078 2054 2031 2009 1986 1964 1942 1920 1898 1877 1856 1835 1814 1793 1773 1753 1733 1713 1694 140.98 139.24 137.51 135.81 134.12 132.45 130.79 129.16 127.54 125.94 124.35 122.79 121.23 119.70 118.18 116.68 115.19 113.72 112.27 110.83 109.41 108.00 106.61 105.23 103.86 102.52 101.18 99.86 98.55 97.26 95.99 94.72 93.47 92.23 91.01 89.80 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 167 166 165 164 163 162 161 160 159 158 157 156 155 154 153 152 151 150 149 148 147 146 145 144 143 142 141 140 139 138 137 136 135 134 133 132 95366 94088 92824 91574 90337 89114 87904 86708 85524 84353 83195 82050 80917 79797 78689 77593 76510 75438 74378 73329 72293 71267 70253 69251 68259 67278 66308 65349 64401 63463 62536 61619 60712 59816 58929 58053 789 782 774 767 760 753 746 739 733 726 719 713 706 699 693 687 680 674 668 662 656 650 644 638 632 626 620 615 609 603 598 592 587 581 576 571 382.60 377.49 372.43 367.43 362.48 357.58 352.74 347.95 343.22 338.53 333.90 329.31 324.78 320.30 315.86 311.48 307.14 302.85 298.61 294.41 290.26 286.16 282.10 278.09 274.12 270.19 266.31 262.47 258.67 254.92 251.21 247.54 243.91 240.32 236.77 233.26 406.19 404.04 401.91 399.79 397.68 395.58 393.49 391.41 389.34 387.29 385.24 383.21 381.19 379.17 377.17 375.18 373.20 371.23 369.27 367.32 365.38 363.45 361.53 359.62 357.72 355.84 353.96 352.09 350.23 348.38 346.54 344.71 342.89 341.08 339.28 337.49 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 886 874 862 850 839 828 816 805 794 783 773 762 751 741 731 721 711 701 691 681 671 662 652 643 634 625 616 607 598 589 581 572 564 556 547 539 1291.87 1277.85 1263.98 1250.25 1236.65 1223.19 1209.87 1196.68 1183.62 1170.69 1157.89 1145.22 1132.68 1120.26 1107.97 1095.80 1083.76 1071.83 1060.03 1048.34 1036.77 1025.32 1013.99 1002.76 991.66 980.66 969.77 959.00 948.33 937.77 927.32 916.98 906.74 896.60 886.56 876.63 1674 1655 1636 1618 1599 1581 1563 1545 1527 1509 1492 1475 1457 1441 1424 1407 1391 1375 1359 1343 1327 1311 1296 1281 1266 1251 1236 1221 1207 1193 1179 1165 1151 1137 1123 1110 88.60 87.42 86.25 85.09 83.94 82.81 81.69 80.58 79.48 78.40 77.32 76.26 75.21 74.17 73.15 72.13 71.13 70.13 69.15 68.18 67.22 66.27 65.33 64.40 63.48 62.57 61.67 60.78 59.90 59.03 58.17 57.32 56.48 55.65 54.83 54.02 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 131 130 129 128 127 126 125 124 123 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 100 99 98 97 96 57186 56329 55481 54643 53815 52996 52186 51385 50594 49811 49037 48272 47516 46768 46029 45298 44576 43861 43155 42457 41768 41086 40412 39745 39087 38436 37792 37156 36527 35906 35292 34685 34085 33492 32906 32327 565 560 555 550 545 540 535 530 525 520 516 511 506 501 497 492 488 483 479 474 470 466 461 457 453 449 445 441 437 433 429 425 421 417 413 409 229.79 226.36 222.97 219.61 216.30 213.02 209.77 206.57 203.40 200.27 197.17 194.10 191.08 188.08 185.12 182.20 179.30 176.44 173.62 170.82 168.06 165.33 162.63 159.96 157.32 154.72 152.14 149.59 147.08 144.59 142.13 139.70 137.29 134.92 132.57 130.25 335.71 333.93 332.17 330.42 328.67 326.94 325.21 323.49 321.79 320.09 318.40 316.72 315.04 313.38 311.73 310.08 308.44 306.81 305.19 303.58 301.98 300.39 298.80 297.22 295.65 294.09 292.54 291.00 289.46 287.93 286.41 284.90 283.39 281.90 280.41 278.93 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 531 523 515 507 500 492 485 477 470 463 455 448 441 434 427 421 414 407 401 394 388 382 375 369 363 357 351 345 339 333 328 322 317 311 306 300 866.80 857.07 847.43 837.90 828.46 819.12 809.87 800.72 791.66 782.69 773.81 765.03 756.33 747.72 739.20 730.77 722.42 714.16 705.99 697.89 689.88 681.96 674.11 666.34 658.66 651.05 643.52 636.07 628.69 621.39 614.17 607.02 599.94 592.94 586.01 579.15 1097 1083 1070 1058 1045 1032 1020 1007 995 983 971 959 947 936 924 913 902 891 880 869 858 847 837 826 816 806 796 786 776 766 756 747 737 728 719 709 53.21 52.42 51.63 50.86 50.09 49.33 48.58 47.84 47.10 46.38 45.66 44.95 44.25 43.56 42.87 42.19 41.52 40.86 40.21 39.56 38.92 38.29 37.66 37.04 36.43 35.83 35.23 34.64 34.06 33.48 32.91 32.35 31.79 31.24 30.70 30.16 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 95 94 93 92 91 90 89 88 87 86 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 67 66 65 64 63 62 61 60 31754 31189 30630 30077 29531 28992 28459 27932 27411 26897 26389 25887 25391 24900 24416 23937 23464 22997 22536 22080 21629 21184 20745 20310 19881 19458 19039 18626 18217 17814 17415 17022 16633 16249 15870 15496 405 402 398 394 391 387 384 380 377 373 370 366 363 360 356 353 350 346 343 340 337 334 331 328 325 322 319 316 313 310 307 304 302 299 296 293 127.96 125.69 123.45 121.24 119.06 116.89 114.76 112.65 110.56 108.50 106.47 104.46 102.47 100.50 98.56 96.65 94.75 92.88 91.03 89.20 87.40 85.62 83.85 82.11 80.40 78.70 77.02 75.36 73.73 72.11 70.51 68.94 67.38 65.84 64.32 62.82 277.46 275.99 274.53 273.08 271.64 270.21 268.78 267.36 265.95 264.55 263.15 261.76 260.38 259.00 257.64 256.28 254.92 253.58 252.24 250.91 249.58 248.26 246.95 245.65 244.35 243.06 241.78 240.50 239.23 237.97 236.71 235.46 234.22 232.98 231.75 230.53 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 295 290 284 279 274 269 264 259 255 250 245 240 236 231 227 222 218 214 209 205 201 197 193 189 185 181 177 173 169 165 162 158 154 151 147 144 572.36 565.64 559.00 552.42 545.90 539.46 533.08 526.77 520.53 514.34 508.23 502.17 496.18 490.26 484.39 478.59 472.84 467.16 461.53 455.96 450.46 445.01 439.61 434.28 428.99 423.77 418.60 413.48 408.42 403.41 398.45 393.55 388.69 383.89 379.14 374.44 700 691 682 674 665 656 648 639 631 623 615 607 599 591 583 575 568 560 553 545 538 531 523 516 509 502 496 489 482 476 469 462 456 450 443 437 29.63 29.11 28.59 28.08 27.57 27.07 26.58 26.09 25.60 25.13 24.66 24.19 23.73 23.27 22.83 22.38 21.94 21.51 21.08 20.66 20.24 19.83 19.42 19.02 18.62 18.22 17.84 17.45 17.07 16.70 16.33 15.96 15.60 15.25 14.90 14.55 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 15126 14761 14400 14044 13692 13345 13002 12663 12329 11999 11673 11351 11034 10720 10410 10105 9803 9505 9211 8921 8635 8352 8073 7797 7525 7257 6992 6731 6473 6219 5968 5720 5476 5234 4996 4762 291 288 285 283 280 278 275 272 270 267 265 263 260 258 255 253 251 248 246 244 242 239 237 235 233 231 229 226 224 222 220 218 216 214 212 210 61.34 59.87 58.43 57.00 55.59 54.20 52.82 51.47 50.13 48.80 47.50 46.21 44.93 43.68 42.43 41.21 40.00 38.80 37.62 36.46 35.31 34.18 33.06 31.95 30.86 29.79 28.73 27.68 26.64 25.62 24.62 23.62 22.64 21.67 20.72 19.78 229.31 228.10 226.90 225.70 224.51 223.32 222.14 220.97 219.80 218.64 217.49 216.34 215.20 214.06 212.93 211.81 210.69 209.58 208.47 207.37 206.28 205.19 204.10 203.03 201.95 200.89 199.83 198.77 197.72 196.68 195.64 194.61 193.58 192.56 191.54 190.53 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 140 137 134 130 127 124 121 118 115 111 108 105 102 100 97 94 91 88 86 83 80 78 75 72 70 67 65 63 60 58 55 53 51 49 46 44 369.79 365.19 360.63 356.13 351.67 347.26 342.90 338.58 334.31 330.08 325.90 321.76 317.67 313.62 309.62 305.65 301.73 297.85 294.02 290.22 286.47 282.75 279.08 275.44 271.84 268.29 264.77 261.28 257.84 254.43 251.06 247.73 244.43 241.17 237.94 234.75 431 425 419 413 407 401 396 390 384 379 373 368 363 357 352 347 342 337 332 327 322 317 312 307 303 298 293 289 284 280 276 271 267 263 259 255 14.20 13.87 13.53 13.20 12.87 12.55 12.23 11.92 11.61 11.30 11.00 10.70 10.41 10.11 9.83 9.54 9.26 8.99 8.71 8.44 8.18 7.92 7.66 7.40 7.15 6.90 6.65 6.41 6.17 5.93 5.70 5.47 5.24 5.02 4.80 4.58 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 4530 4302 4076 3854 3635 3418 3205 2995 2787 2582 2380 2181 1985 1792 1601 1413 1227 1044 864 686 511 338 168 0 0 0 0 0 0 0 0 0 0 0 0 0 208 206 205 203 201 199 197 195 194 192 190 188 186 185 183 181 180 178 176 175 173 172 170 168 0 0 0 0 0 0 0 0 0 0 0 0 18.85 17.93 17.03 16.14 15.26 14.39 13.53 12.69 11.85 11.03 10.22 9.42 8.63 7.86 7.09 6.34 5.59 4.86 4.13 3.42 2.72 2.02 1.34 0.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 189.52 188.52 187.53 186.54 185.55 184.57 183.60 182.63 181.66 180.71 179.75 178.80 177.86 176.92 175.98 175.06 174.13 173.21 172.30 171.39 170.48 169.58 168.69 167.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 42 40 38 36 34 32 30 28 26 24 22 20 18 17 15 13 11 10 8 6 5 3 2 0 0 0 0 0 0 0 0 0 0 0 0 0 231.60 228.47 225.38 222.33 219.31 216.32 213.36 210.44 207.55 204.69 201.86 199.06 196.29 193.56 190.85 188.17 185.53 182.91 180.32 177.76 175.23 172.72 170.25 167.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 250 246 242 238 235 231 227 223 219 216 212 208 205 201 198 195 191 188 184 181 178 175 172 168 0 0 0 0 0 0 0 0 0 0 0 0 4.36 4.15 3.94 3.74 3.53 3.33 3.13 2.94 2.74 2.55 2.37 2.18 2.00 1.82 1.64 1.47 1.29 1.12 0.96 0.79 0.63 0.47 0.31 0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 IO pass-through PO pass-through pass through pass through interest t*payment/ principal t*payment/ t*payment t*payment interest principal payments (1+y)t payments (1+y)t 1825.0