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What is average maturity period of loan
The risk associated with an MBS or ABS centers on whether the borrower associated with the loan will default.
5, related concepts edit WAL should not be confused with the following distinct concepts: Bond duration Bond duration is the weighted-average time to receive the discounted present values of all the cash flows (including both principal and interest while WAL is the weighted-average time.The average life is an average period before a debt is repaid through amortization or sinking fund payments.Average maturity is an important consideration for investors who hold bond and money market funds.Both of these quantities are the time-weighted total principal of the bond (in periods and they are simply different ways of slicing it: the i P i displaystyle iP_i sum counts how long each dollar of principal is outstanding (it slices horizontally while the.Average maturity, the average time to maturity of securities held by a mutual fund.If desired, t i displaystyle t_i can be expanded as 1 12 ( i 1 ) displaystyle frac 112(ialpha -1) for a monthly bond, where displaystyle alpha is the fraction of a month between settlement date and first cash flow date.The average life for this bond would be calculated norman ok escorts with the following formula: Average life 400 / 200 2 years.A short average maturity subjects the owner of a debt portfolio to the risk that maturing debt will be replaced with debt carrying a lower interest rate.
It is calculated by adding together the total amount of time until maturity and dividing by the number of debt securities in the mutual fund.
(2000 The handbook of fixed income securities, isbn See also edit).A relatively short average maturity results in smaller price fluctuations in response to changes in market rates of interest.Total Interest edit WAL allows one to easily compute the total interest payments, given by: WAL r P, displaystyle textWALtimes rtimes P, where r is the annual interest rate and P is the initial principal.Next Up, breaking down 'Average Life'.Jeff Rose, sBA Business Loans for Funding Your New Start.To calculate the average life, multiply the date of each payment (expressed as a fraction of years or months) by the percentage of total principal that has been paid by that date, add the results and divide by the total issue size.Since principal outstanding is a concave function (of time) for a flat payment amortizing loan, less than half the principal will have been paid off at the WAL.
Working backwards, Q n P n, Q n 1 P n P n 1 displaystyle Q_nP_n,Q_n-1P_nP_n-1, and so forth: the principal outstanding when k periods remain is exactly the sum of the next k principal payments.
Changes in interest rates have greater impact on funds with longer average maturity.
So for a 30-year 0 loan, paying monthly, the WAL is 15 1 /.04 displaystyle 151/24approx.04 years.