请教老师房地产投资的interest计算 interest, 房地产投资

Diana

level 2  Alternative Asset Valuation and Fixed Income 那本书里 Reading 46 Investment Analysis 部分。计算一个apartment 的NPV，要将 after tax cash flow, after tax equity reversion 贴现求和，再减去 equtiy cost of the investment。

其中关于after tax cash flow 计算：after tax cash flow= NOI - Annual debt service - Tax payable 。其中的tax payable =( NOI - depreciation - interest paid )× tax rate

我的问题是 这个interest paid 到底怎么计算出来的？教材上说 Annual interest expense can be calculated as the year's total debt service payments less the change in principal balance over the same period.

具体到题目中关于这个apartment 给出的信息是“Debt contribution: a fixed-rate mortgage is obtained for $ 393750 at 8 percent per annum (compounded monthly ) for 30 years. The monthly payment to amortize this loan is $2889.20.  The loan-to-value ratio is 75 percent。”

那么怎么计算每年的interest paid 呢？谢谢

Diana

我就是以为它这个  偿还的金额- 本金余额的变化额  就是房地产利息的算法。原来用最普通的利息公式就可以算啊。我算下。谢谢胡老师

胡老师

 Annual interest expense can be calculated as the year's total debt service payments less the change in principal balance over the same period. 这句话你可能没有看懂，每月偿还的金额中，既有本金，又有利息，这句话认为利息＝偿还的金额－本金余额的变化。但是我们一般不用这个公式，我们直接用利息＝期初本金×月利率即可。