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Simulation Analysis of Alternative Mortgage Instruments

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  • Al Field
  • Henry J. Cassidy

Abstract

The widespread concern over the inadequacies of the standard fixed rate, level payment mortgage instrument, especially in inflationary periods, has prompted a number of proposals for alternative mortgage instruments (AMIs). In this study the individual characteristics and economic implications of a number of AMIs are analyzed by simulating their behavior over different types of economic conditions. Each instrument is evaluated on the basis of its relative efficiency in accomplishing its particular objectives. Most of the instruments appear suitable for certain types of borrowers and lenders. However, this limited analysis suggests that the graduated payment and variable rate mortgages have advantages over the other variants considered. Various forms of each are already in use and appear to be relevant and marketable for many of the country's borrowers and lenders.

Suggested Citation

  • Al Field & Henry J. Cassidy, 1977. "Simulation Analysis of Alternative Mortgage Instruments," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 5(4), pages 411-433, December.
    • Handle: RePEc:bla:reesec:v:5:y:1977:i:4:p:411-433
    DOI: 10.1111/1540-6229.00842
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    Cited by:

    1. Michael Tucker, 1989. "Adjustable-Rate and Fixed-Rate Mortgage Choice: A Logit Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 4(2), pages 81-91.

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