Patent Publication Number: US-6904414-B2

Title: System and method for implementing a mortgage plan

Description:
This application is a continuation of 09/298,767 filed Apr. 23, 1999, now U.S. Pat. No. 6,345,262. 

   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&#39;s exposure to subsequent inflationary environments. Under this plan, the borrower&#39;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&#39;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&#39;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&#39;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 US. 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&#39;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 &#39;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&#39;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&#39;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 amortizton 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, is measured by the average annual cash flow to the investor (adjusted for time and risk) relative to the amount initially invested. Former mortgage plans have ignored the value of maximizing the risk-adjusted return on mortgage financing by separating, as completely as possible, the compensation component of the cash flow returned to the investor from the repayment of the initial principal. By avoiding required monthly installments consisting of both compensation in the form of interest figured on the remaining principal outstanding and repayment of some portion of the remaining principal, the homeowner&#39;s current payment burden can be minimized. In addition, the separation of compensation from original principal repayment can actually expand the amount of original financing extended, thus increasing the homebuyer&#39;s purchasing capacity, as well as providing a superior risk-adjusted return to the mortgage investor. 
   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&#39;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&#39;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 tie 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 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&#39;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&#39;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 paydown 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., FIG.  4 ). 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&#39;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 and for an equity participation mortgage 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. 
   
     
       
         
             
          
             
                 
             
             
               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 
               $1,208.63 
               $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 
               $166.78 
               $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 
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               83 
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               84 
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               85 
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               86 
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               87 
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               88 
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               89 
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               90 
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               91 
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               92 
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               93 
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               94 
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               95 
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               96 
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               97 
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               98 
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               99 
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               100 
               $179,040.11 
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               101 
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               102 
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               103 
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               104 
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               105 
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               106 
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               107 
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               108 
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               109 
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               110 
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               111 
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               112 
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               113 
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               114 
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               115 
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               116 
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               117 
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               118 
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               119 
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               120 
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               121 
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               122 
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               123 
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               124 
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               125 
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               126 
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               127 
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               128 
               $170,454.70 
               $1,368.42 
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               129 
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               130 
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               131 
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               132 
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               133 
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               134 
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               135 
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               136 
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               137 
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               138 
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               139 
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               140 
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               141 
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               142 
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               143 
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               144 
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               145 
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               146 
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               147 
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               148 
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               149 
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               150 
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               151 
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               152 
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               153 
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               154 
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               155 
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               156 
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               157 
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               158 
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               159 
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               160 
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               161 
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               162 
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               163 
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               164 
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               165 
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               166 
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               167 
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               169 
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               170 
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               172 
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               173 
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               174 
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               175 
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               176 
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               177 
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               178 
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               179 
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               180 
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               181 
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               182 
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               183 
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               184 
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               185 
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               186 
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               187 
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               188 
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               189 
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               190 
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               191 
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               192 
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               193 
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               194 
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               195 
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               196 
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               197 
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               198 
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               199 
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               200 
               $140,381.39 
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               201 
               $139,864.62 
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               202 
               $139,344.71 
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               203 
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               204 
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               205 
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               206 
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               207 
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               208 
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               209 
               $135,615.96 
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               210 
               $135,070.28 
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               211 
               $134,521.29 
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               212 
               $133,968.96 
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               213 
               $133,413.29 
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               214 
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               215 
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               216 
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               217 
               $131,156.67 
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               218 
               $130,583.93 
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               219 
               $130,007.72 
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               220 
               $129,428.02 
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               221 
               $128,844.79 
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               222 
               $128,258.03 
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               223 
               $127,667.71 
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               224 
               $127,073.81 
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               225 
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               226 
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               227 
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               228 
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               229 
               $124,049.81 
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               230 
               $123,433.96 
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               231 
               $122,814.37 
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               232 
               $122,191.03 
               $1,368.42 
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               233 
               $121,563.90 
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               234 
               $120,932.97 
               $1,368.42 
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               235 
               $120,298.21 
               $1,368.42 
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               236 
               $119,659.60 
               $1,368.42 
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               237 
               $119,017.11 
               $1,368.42 
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               $118,370.73 
             
             
               238 
               $118,370.73 
               $1,368.42 
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               239 
               $117,720.42 
               $1,368.42 
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               $117,066.17 
             
             
               240 
               $117,066.17 
               $1,368.42 
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               241 
               $116,407.96 
               $1,368.42 
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               242 
               $115,745.74 
               $1,368.42 
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               $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 
               $108,041.66 
             
             
               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 
             
           
          
             
                 
             
             
               Sheet1 
             
          
         
         
             
             
             
             
             
          
             
                 
                 
               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&#39;s share of the real estate&#39;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&#39;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.