Create a spreadsheet showing an amortization schedule for the payments
(showing principal and interest separately) scheduled to be received each month
for months 1 through 360 from a pool of $100,000,000 in identical 30 year fixed
rate level-payment mortgages with a 5% APR interest rate. Show the total cash
flows coming into this pool assuming a 100% PSA prepayment rate. Make your
spreadsheet flexible enough to use different prepayment rates.
Hint: Put the % of PSA in only one cell, and have all cells that need the PSA speed
link to that cell.
Another hint: Remember that the PSA prepayment rate model calls for an annualized
Conditional Prepayment Rate (CPR) for months 1 through 30 as (t/30)*6.0% and
6.0% thereafter. 200% PSA would mean that the CPR is (t/30)*12% for months 1
through 30 and 12.0% thereafter.
The CPR can be converted to the Single Month Mortality (SMM) as follows:
(1-SMM)12 = (1-CPR)
2
or




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