Home purchase model

Purchase price 750000

Downpayment 150000
Interest rate 6%
Principal amortization (years) 30
Property tax rate 1.25%
Annual maintainance 1000
Housing association dues (annual) 2000
Annual insurance 1500
Assumed annual appreciation 3%
Assumed marginal income tax rate 30%
General inflation 2%
Monthly mortage payment 3575.86 Assuming interest compounds monthly

Cost of renting similar home 2500

Assumed rental price inflation 3%
Assumed annual (after tax) return on cash 6%

Month 0 1 2 3

Buying scenario

Home Value 750,000 751,875 753,755 755,639

Debt 600,000 599,424 598,845 598,264
Equity in home 150,000 152,451 154,909 157,375

Interest on debt 3,000 2,997 2,994

Mortage payment 3,576 3,576 3,576
Paid principal 576 579 582

Insurance payment 125 125 125

Housing association dues 167 167 167
Maintenance 83 83 84
Property tax 781 783 785
Income tax savings from interest deduction 1,134 1,134 1,134
Total cash outflow in buying scenario 3,598 3,601 3,603

Renting Scenario
Cashflow that could be spent on home-purchase/expesnes 3,598 3,601 3,603
Rent 2,500 2,506 2,506 2,506

Savings when renting 150,000 151,841 153,695 155,561

Home value after 10 years 1,012,015

Debt after 10 years 505,628
Home Equity after 10 years 506,387
Transaction costs of selling in year 10 60,721
Net cash if home sold in 10 years (assuming no 445,666

Savings after 10 years if renting 480,044

Present value benefit of owning vs. renting for (28,201)

 4 5 6 7 8 9 10

757,528 759,422 761,321 763,224 765,132 767,045 768,962

597,679 597,092 596,501 595,908 595,312 594,712 594,110
159,849 162,330 164,819 167,316 169,820 172,332 174,852

2,991 2,988 2,985 2,983 2,980 2,977 2,974

3,576 3,576 3,576 3,576 3,576 3,576 3,576
585 587 590 593 596 599 602

126 126 126 126 126 127 127

168 168 168 168 169 169 169
84 84 84 84 84 84 85
787 789 791 793 795 797 799
1,134 1,133 1,133 1,133 1,132 1,132 1,132
3,606 3,609 3,612 3,615 3,618 3,621 3,624

3,606 3,609 3,612 3,615 3,618 3,621 3,624

2,506 2,506 2,506 2,506 2,506 2,506 2,506

157,439 159,329 161,231 163,146 165,074 167,014 168,966

 11 12 13 14 15 16 17

770,885 772,812 774,744 776,681 778,623 780,569 782,521

593,505 592,896 592,285 591,671 591,053 590,432 589,809
177,380 179,916 182,459 185,010 187,569 190,137 192,712

2,971 2,968 2,964 2,961 2,958 2,955 2,952

3,576 3,576 3,576 3,576 3,576 3,576 3,576
605 608 611 614 618 621 624

127 127 128 128 128 128 128

169 170 170 170 171 171 171
85 85 85 85 85 85 86
801 803 805 807 809 811 813
1,131 1,131 1,131 1,131 1,130 1,130 1,130
3,627 3,630 3,633 3,636 3,639 3,642 3,645

3,627 3,630 3,633 3,636 3,639 3,642 3,645

2,506 2,506 2,506 2,506 2,506 2,506 2,506

170,931 172,909 174,900 176,904 178,921 180,951 182,994

 18 19 20 21 22 23 24

784,477 786,438 788,404 790,375 792,351 794,332 796,318

589,182 588,552 587,919 587,283 586,643 586,001 585,355
195,295 197,886 200,485 203,093 205,708 208,331 210,963

2,949 2,946 2,943 2,940 2,936 2,933 2,930

3,576 3,576 3,576 3,576 3,576 3,576 3,576
627 630 633 636 639 643 646

129 129 129 129 129 130 130

171 172 172 172 173 173 173
86 86 86 86 86 86 87
815 817 819 821 823 825 827
1,129 1,129 1,129 1,128 1,128 1,128 1,127
3,648 3,651 3,654 3,657 3,660 3,663 3,666

3,648 3,651 3,654 3,657 3,660 3,663 3,666

2,506 2,506 2,506 2,506 2,506 2,506 2,506

185,050 187,120 189,202 191,299 193,409 195,532 197,669

 25 26 27 28 29 30 31

798,309 800,304 802,305 804,311 806,322 808,337 810,358

584,706 584,053 583,398 582,739 582,077 581,411 580,742
213,603 216,251 218,907 221,572 224,245 226,926 229,616

2,927 2,924 2,920 2,917 2,914 2,910 2,907

3,576 3,576 3,576 3,576 3,576 3,576 3,576
649 652 656 659 662 665 669

130 130 131 131 131 131 131

173 174 174 174 175 175 175
87 87 87 87 87 87 88
829 832 834 836 838 840 842
1,127 1,127 1,126 1,126 1,125 1,125 1,125
3,669 3,672 3,675 3,678 3,681 3,684 3,687

3,669 3,672 3,675 3,678 3,681 3,684 3,687

2,506 2,506 2,506 2,506 2,506 2,506 2,506

199,820 201,985 204,163 206,356 208,563 210,783 213,018

 32 33 34 35 36 37 38

812,384 814,415 816,451 818,492 820,539 822,590 824,646

580,070 579,395 578,716 578,033 577,348 576,659 575,966
232,314 235,021 237,735 240,459 243,191 245,931 248,680

2,904 2,900 2,897 2,894 2,890 2,887 2,883

3,576 3,576 3,576 3,576 3,576 3,576 3,576
672 676 679 682 686 689 693

132 132 132 132 133 133 133

175 176 176 176 177 177 177
88 88 88 88 88 88 89
844 846 848 850 853 855 857
1,124 1,124 1,124 1,123 1,123 1,122 1,122
3,691 3,694 3,697 3,700 3,703 3,706 3,710

3,691 3,694 3,697 3,700 3,703 3,706 3,710

2,506 2,506 2,506 2,506 2,506 2,506 2,506

215,268 217,532 219,810 222,103 224,410 226,732 229,069

 39 40 41 42 43 44 45

826,708 828,775 830,847 832,924 835,006 837,094 839,186

575,270 574,571 573,867 573,161 572,451 571,737 571,020
251,438 254,204 256,979 259,763 262,555 265,356 268,166

2,880 2,876 2,873 2,869 2,866 2,862 2,859

3,576 3,576 3,576 3,576 3,576 3,576 3,576
696 700 703 707 710 714 717

133 133 134 134 134 134 135

178 178 178 178 179 179 179
89 89 89 89 89 90 90
859 861 863 865 868 870 872
1,122 1,121 1,121 1,120 1,120 1,120 1,119
3,713 3,716 3,719 3,722 3,726 3,729 3,732

3,713 3,716 3,719 3,722 3,726 3,729 3,732

2,506 2,506 2,506 2,506 2,506 2,506 2,506

231,421 233,788 236,169 238,566 240,979 243,406 245,849

 46 47 48 49 50 51 52

841,284 843,388 845,496 847,610 849,729 851,853 853,983

570,299 569,575 568,847 568,115 567,380 566,641 565,898
270,985 273,813 276,649 279,494 282,349 285,212 288,084

2,855 2,851 2,848 2,844 2,841 2,837 2,833

3,576 3,576 3,576 3,576 3,576 3,576 3,576
721 724 728 732 735 739 743

135 135 135 135 136 136 136

180 180 180 181 181 181 181
90 90 90 90 90 91 91
874 876 879 881 883 885 887
1,119 1,118 1,118 1,117 1,117 1,117 1,116
3,735 3,739 3,742 3,745 3,749 3,752 3,755

3,735 3,739 3,742 3,745 3,749 3,752 3,755

2,506 2,506 2,506 2,506 2,506 2,506 2,506

248,307 250,781 253,271 255,777 258,298 260,835 263,388

 53 54 55 56 57 58 59

856,118 858,258 860,404 862,555 864,711 866,873 869,040

565,152 564,402 563,648 562,891 562,129 561,364 560,595
290,966 293,856 296,755 299,664 302,582 305,509 308,445

2,829 2,826 2,822 2,818 2,814 2,811 2,807

3,576 3,576 3,576 3,576 3,576 3,576 3,576
746 750 754 758 761 765 769

136 137 137 137 137 137 138

182 182 182 183 183 183 184
91 91 91 91 91 92 92
890 892 894 896 898 901 903
1,116 1,115 1,115 1,114 1,114 1,113 1,113
3,759 3,762 3,765 3,769 3,772 3,776 3,779

3,759 3,762 3,765 3,769 3,772 3,776 3,779

2,506 2,506 2,506 2,506 2,506 2,506 2,506

265,958 268,543 271,145 273,763 276,398 279,049 281,717

 60 61 62 63 64 65 66

871,213 873,391 875,574 877,763 879,957 882,157 884,363

559,822 559,045 558,265 557,480 556,692 555,899 555,103
311,391 314,345 317,310 320,283 323,266 326,258 329,260

2,803 2,799 2,795 2,791 2,787 2,783 2,779

3,576 3,576 3,576 3,576 3,576 3,576 3,576
773 777 781 785 788 792 796

138 138 138 139 139 139 139

184 184 184 185 185 185 186
92 92 92 92 93 93 93
905 908 910 912 914 917 919
1,112 1,112 1,112 1,111 1,111 1,110 1,110
3,782 3,786 3,789 3,793 3,796 3,800 3,803

3,782 3,786 3,789 3,793 3,796 3,800 3,803

2,506 2,506 2,506 2,506 2,506 2,506 2,506

284,402 287,103 289,822 292,557 295,310 298,080 300,867

 67 68 69 70 71 72 73

886,574 888,790 891,012 893,240 895,473 897,711 899,956

554,302 553,498 552,690 551,877 551,061 550,240 549,416
332,271 335,292 338,322 341,362 344,412 347,471 350,540

2,776 2,772 2,767 2,763 2,759 2,755 2,751

3,576 3,576 3,576 3,576 3,576 3,576 3,576
800 804 808 812 816 821 825

140 140 140 140 140 141 141

186 186 187 187 187 188 188
93 93 93 93 94 94 94
921 924 926 928 930 933 935
1,109 1,109 1,108 1,107 1,107 1,106 1,106
3,807 3,810 3,814 3,817 3,821 3,824 3,828

3,807 3,810 3,814 3,817 3,821 3,824 3,828

2,506 2,506 2,506 2,506 2,506 2,506 2,506

303,672 306,494 309,334 312,192 315,067 317,960 320,872

 74 75 76 77 78 79 80

902,206 904,461 906,722 908,989 911,261 913,540 915,823

548,587 547,754 546,917 546,075 545,230 544,380 543,526
353,619 356,707 359,805 362,913 366,031 369,159 372,297

2,747 2,743 2,739 2,735 2,730 2,726 2,722

3,576 3,576 3,576 3,576 3,576 3,576 3,576
829 833 837 841 845 850 854

141 141 142 142 142 142 143

188 189 189 189 189 190 190
94 94 94 95 95 95 95
937 940 942 945 947 949 952
1,105 1,105 1,104 1,104 1,103 1,103 1,102
3,831 3,835 3,839 3,842 3,846 3,849 3,853

3,831 3,835 3,839 3,842 3,846 3,849 3,853

2,506 2,506 2,506 2,506 2,506 2,506 2,506

323,801 326,749 329,715 332,700 335,703 338,725 341,765

 81 82 83 84 85 86 87

918,113 920,408 922,709 925,016 927,329 929,647 931,971

542,668 541,806 540,939 540,068 539,192 538,312 537,428
375,445 378,603 381,771 384,949 388,137 391,335 394,543

2,718 2,713 2,709 2,705 2,700 2,696 2,692

3,576 3,576 3,576 3,576 3,576 3,576 3,576
858 863 867 871 876 880 884

143 143 143 144 144 144 144

190 191 191 191 192 192 192
95 95 96 96 96 96 96
954 956 959 961 964 966 968
1,101 1,101 1,100 1,100 1,099 1,099 1,098
3,857 3,860 3,864 3,868 3,872 3,875 3,879

3,857 3,860 3,864 3,868 3,872 3,875 3,879

2,506 2,506 2,506 2,506 2,506 2,506 2,506

344,825 347,903 351,000 354,117 357,253 360,408 363,583

 88 89 90 91 92 93 94

934,301 936,637 938,978 941,326 943,679 946,038 948,403

536,539 535,646 534,748 533,846 532,940 532,028 531,113
397,762 400,991 404,230 407,480 410,740 414,010 417,291

2,687 2,683 2,678 2,674 2,669 2,665 2,660

3,576 3,576 3,576 3,576 3,576 3,576 3,576
889 893 898 902 907 911 916

144 145 145 145 145 146 146

193 193 193 194 194 194 195
96 96 97 97 97 97 97
971 973 976 978 981 983 985
1,097 1,097 1,096 1,096 1,095 1,094 1,094
3,883 3,887 3,890 3,894 3,898 3,902 3,905

3,883 3,887 3,890 3,894 3,898 3,902 3,905

2,506 2,506 2,506 2,506 2,506 2,506 2,506

366,777 369,991 373,225 376,479 379,753 383,048 386,362

 95 96 97 98 99 100 101

950,774 953,151 955,534 957,923 960,318 962,719 965,125

530,192 529,267 528,338 527,404 526,465 525,521 524,573
420,582 423,884 427,196 430,519 433,853 437,197 440,552

2,656 2,651 2,646 2,642 2,637 2,632 2,628

3,576 3,576 3,576 3,576 3,576 3,576 3,576
920 925 930 934 939 944 948

146 146 147 147 147 147 148

195 195 196 196 196 197 197
97 98 98 98 98 98 98
988 990 993 995 998 1,000 1,003
1,093 1,092 1,092 1,091 1,090 1,090 1,089
3,909 3,913 3,917 3,921 3,925 3,929 3,933

3,909 3,913 3,917 3,921 3,925 3,929 3,933

2,506 2,506 2,506 2,506 2,506 2,506 2,506

389,697 393,052 396,428 399,825 403,242 406,681 410,141

 102 103 104 105 106 107 108

967,538 969,957 972,382 974,813 977,250 979,693 982,142

523,620 522,662 521,700 520,732 519,760 518,783 517,801
443,918 447,295 450,682 454,081 457,490 460,910 464,341

2,623 2,618 2,613 2,608 2,604 2,599 2,594

3,576 3,576 3,576 3,576 3,576 3,576 3,576
953 958 963 967 972 977 982

148 148 148 149 149 149 149

197 198 198 198 199 199 199
99 99 99 99 99 99 100
1,005 1,008 1,010 1,013 1,015 1,018 1,021
1,088 1,088 1,087 1,086 1,086 1,085 1,084
3,936 3,940 3,944 3,948 3,952 3,956 3,960

3,936 3,940 3,944 3,948 3,952 3,956 3,960

2,506 2,506 2,506 2,506 2,506 2,506 2,506

413,622 417,124 420,647 424,193 427,760 431,348 434,959

 109 110 111 112 113 114 115

984,598 987,059 989,527 992,001 994,481 996,967 999,459

516,814 515,823 514,826 513,824 512,817 511,806 510,789
467,783 471,237 474,701 478,177 481,663 485,161 488,671

2,589 2,584 2,579 2,574 2,569 2,564 2,559

3,576 3,576 3,576 3,576 3,576 3,576 3,576
987 992 997 1,002 1,007 1,012 1,017

150 150 150 150 151 151 151

200 200 200 201 201 201 202
100 100 100 100 100 101 101
1,023 1,026 1,028 1,031 1,033 1,036 1,039
1,084 1,083 1,082 1,081 1,081 1,080 1,079
3,964 3,968 3,972 3,976 3,980 3,984 3,989

3,964 3,968 3,972 3,976 3,980 3,984 3,989

2,506 2,506 2,506 2,506 2,506 2,506 2,506

438,592 442,247 445,924 449,624 453,346 457,091 460,858

 116 117 118 119 120 121 122

1,001,958 1,004,463 1,006,974 1,009,491 1,012,015 1,014,545 1,017,082

509,767 508,740 507,708 506,670 505,628 504,580 503,527
492,191 495,723 499,266 502,821 506,387 509,965 513,554

2,554 2,549 2,544 2,539 2,533 2,528 2,523

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,022 1,027 1,032 1,037 1,043 1,048 1,053

151 152 152 152 152 153 153

202 202 203 203 203 204 204
101 101 101 101 102 102 102
1,041 1,044 1,046 1,049 1,052 1,054 1,057
1,079 1,078 1,077 1,076 1,075 1,075 1,074
3,993 3,997 4,001 4,005 4,009 4,013 4,017

3,993 3,997 4,001 4,005 4,009 4,013 4,017

2,506 2,506 2,506 2,506 2,506 2,506 2,506

464,649 468,463 472,300 476,160 480,044 483,951 487,882

 123 124 125 126 127 128 129

1,019,624 1,022,173 1,024,729 1,027,291 1,029,859 1,032,433 1,035,015

502,469 501,405 500,337 499,262 498,183 497,098 496,007
517,155 520,768 524,392 528,028 531,676 535,336 539,007

2,518 2,512 2,507 2,502 2,496 2,491 2,485

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,058 1,064 1,069 1,074 1,080 1,085 1,090

153 153 154 154 154 154 155

204 205 205 205 206 206 206
102 102 102 103 103 103 103
1,059 1,062 1,065 1,067 1,070 1,073 1,075
1,073 1,072 1,072 1,071 1,070 1,069 1,068
4,022 4,026 4,030 4,034 4,039 4,043 4,047

4,022 4,026 4,030 4,034 4,039 4,043 4,047

2,506 2,506 2,506 - - -

491,837 495,816 499,819 506,352 512,922 519,530 526,175

 130 131 132 133 134 135 136

1,037,602 1,040,196 1,042,797 1,045,404 1,048,017 1,050,637 1,053,264

494,912 493,810 492,703 491,591 490,473 489,350 488,221
542,690 546,386 550,093 553,812 557,544 561,287 565,043

2,480 2,475 2,469 2,464 2,458 2,452 2,447

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,096 1,101 1,107 1,112 1,118 1,123 1,129

155 155 155 156 156 156 157

207 207 207 208 208 208 209
103 103 104 104 104 104 104
1,078 1,081 1,084 1,086 1,089 1,092 1,094
1,067 1,067 1,066 1,065 1,064 1,063 1,062
4,051 4,056 4,060 4,064 4,069 4,073 4,077

4,051 4,056 4,060 4,064 4,069 4,073 4,077

- - - - - - -

532,857 539,577 546,335 553,131 559,965 566,838 573,750

 137 138 139 140 141 142 143

1,055,897 1,058,537 1,061,183 1,063,836 1,066,495 1,069,162 1,071,835

487,086 485,945 484,799 483,647 482,490 481,326 480,157
568,811 572,591 576,384 580,188 584,006 587,835 591,677

2,441 2,435 2,430 2,424 2,418 2,412 2,407

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,135 1,140 1,146 1,152 1,158 1,163 1,169

157 157 157 158 158 158 158

209 209 210 210 210 211 211
105 105 105 105 105 105 106
1,097 1,100 1,103 1,105 1,108 1,111 1,114
1,061 1,061 1,060 1,059 1,058 1,057 1,056
4,082 4,086 4,091 4,095 4,100 4,104 4,109

4,082 4,086 4,091 4,095 4,100 4,104 4,109

- - - - - - -

580,700 587,690 594,719 601,788 608,896 616,045 623,234

 144 145 146 147 148 149 150

1,074,514 1,077,201 1,079,894 1,082,593 1,085,300 1,088,013 1,090,733

478,982 477,801 476,614 475,421 474,223 473,018 471,807
595,532 599,399 603,279 607,172 611,077 614,995 618,926

2,401 2,395 2,389 2,383 2,377 2,371 2,365

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,175 1,181 1,187 1,193 1,199 1,205 1,211

159 159 159 159 160 160 160

211 212 212 213 213 213 214
106 106 106 106 106 107 107
1,116 1,119 1,122 1,125 1,128 1,131 1,133
1,055 1,054 1,053 1,052 1,051 1,050 1,050
4,113 4,118 4,122 4,127 4,131 4,136 4,140

4,113 4,118 4,122 4,127 4,131 4,136 4,140

- - - - - - -

630,463 637,733 645,043 652,395 659,788 667,223 674,699

 151 152 153 154 155 156 157

1,093,460 1,096,193 1,098,934 1,101,681 1,104,436 1,107,197 1,109,965

470,590 469,367 468,138 466,903 465,662 464,414 463,161
622,869 626,826 630,796 634,778 638,774 642,782 646,804

2,359 2,353 2,347 2,341 2,335 2,328 2,322

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,217 1,223 1,229 1,235 1,241 1,248 1,254

160 161 161 161 162 162 162

214 214 215 215 215 216 216
107 107 107 108 108 108 108
1,136 1,139 1,142 1,145 1,148 1,150 1,153
1,049 1,048 1,047 1,046 1,045 1,044 1,043
4,145 4,150 4,154 4,159 4,163 4,168 4,173

4,145 4,150 4,154 4,159 4,163 4,168 4,173

- - - - - - -

682,218 689,778 697,381 705,027 712,716 720,447 728,222

 158 159 160 161 162 163 164

1,112,740 1,115,521 1,118,310 1,121,106 1,123,909 1,126,718 1,129,535

461,900 460,634 459,361 458,082 456,797 455,505 454,207
650,839 654,887 658,949 663,024 667,112 671,213 675,329

2,316 2,310 2,303 2,297 2,290 2,284 2,278

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,260 1,266 1,273 1,279 1,285 1,292 1,298

162 163 163 163 163 164 164

216 217 217 218 218 218 219
108 108 109 109 109 109 109
1,156 1,159 1,162 1,165 1,168 1,171 1,174
1,042 1,041 1,040 1,039 1,037 1,036 1,035
4,178 4,182 4,187 4,192 4,197 4,201 4,206

4,178 4,182 4,187 4,192 4,197 4,201 4,206

- - - - - - -

736,041 743,903 751,810 759,761 767,756 775,796 783,881

 165 166 167 168 169 170 171

1,132,359 1,135,190 1,138,028 1,140,873 1,143,725 1,146,585 1,149,451

452,902 451,591 450,273 448,948 447,617 446,279 444,935
679,457 683,599 687,755 691,925 696,108 700,305 704,516

2,271 2,265 2,258 2,251 2,245 2,238 2,231

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,305 1,311 1,318 1,325 1,331 1,338 1,344

164 165 165 165 165 166 166

219 219 220 220 220 221 221
110 110 110 110 110 110 111
1,177 1,180 1,182 1,185 1,188 1,191 1,194
1,034 1,033 1,032 1,031 1,030 1,029 1,028
4,211 4,216 4,221 4,225 4,230 4,235 4,240

4,211 4,216 4,221 4,225 4,230 4,235 4,240

- - - - - - -

792,012 800,187 808,409 816,677 824,990 833,351 841,758

 172 173 174 175 176 177 178

1,152,325 1,155,205 1,158,093 1,160,989 1,163,891 1,166,801 1,169,718

443,584 442,226 440,861 439,489 438,111 436,726 435,333
708,741 712,980 717,233 721,499 725,780 730,075 734,385

2,225 2,218 2,211 2,204 2,197 2,191 2,184

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,351 1,358 1,365 1,372 1,378 1,385 1,392

166 166 167 167 167 168 168

222 222 222 223 223 223 224
111 111 111 111 112 112 112
1,197 1,200 1,203 1,206 1,209 1,212 1,215
1,027 1,025 1,024 1,023 1,022 1,021 1,020
4,245 4,250 4,255 4,260 4,265 4,270 4,275

4,245 4,250 4,255 4,260 4,265 4,270 4,275

- - - - - - -

850,211 858,713 867,261 875,858 884,502 893,195 901,936

 179 180 181 182 183 184 185

1,172,642 1,175,574 1,178,513 1,181,459 1,184,413 1,187,374 1,190,342

433,934 432,528 431,115 429,694 428,267 426,833 425,391
738,708 743,046 747,398 751,765 756,146 760,541 764,951

2,177 2,170 2,163 2,156 2,148 2,141 2,134

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,399 1,406 1,413 1,420 1,427 1,435 1,442

168 168 169 169 169 170 170

224 225 225 225 226 226 226
112 112 112 113 113 113 113
1,218 1,222 1,225 1,228 1,231 1,234 1,237
1,019 1,017 1,016 1,015 1,014 1,013 1,011
4,280 4,285 4,290 4,295 4,301 4,306 4,311

4,280 4,285 4,290 4,295 4,301 4,306 4,311

- - - - - - -

910,726 919,564 928,453 937,390 946,378 955,415 964,503

 186 187 188 189 190 191 192

1,193,318 1,196,301 1,199,292 1,202,290 1,205,296 1,208,309 1,211,330

423,942 422,486 421,022 419,552 418,073 416,588 415,095
769,376 773,816 778,270 782,739 787,223 791,721 796,235

2,127 2,120 2,112 2,105 2,098 2,090 2,083

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,449 1,456 1,463 1,471 1,478 1,485 1,493

170 170 171 171 171 172 172

227 227 228 228 228 229 229
113 114 114 114 114 114 115
1,240 1,243 1,246 1,249 1,252 1,256 1,259
1,010 1,009 1,008 1,006 1,005 1,004 1,002
4,316 4,321 4,326 4,332 4,337 4,342 4,347

4,316 4,321 4,326 4,332 4,337 4,342 4,347

- - - - - - -

973,642 982,831 992,072 1,001,364 1,010,708 1,020,103 1,029,551

 193 194 195 196 197 198 199

1,214,358 1,217,394 1,220,438 1,223,489 1,226,548 1,229,614 1,232,688

413,595 412,087 410,571 409,048 407,518 405,979 404,433
800,764 805,307 809,866 814,440 819,030 823,634 828,254

2,075 2,068 2,060 2,053 2,045 2,038 2,030

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,500 1,508 1,515 1,523 1,531 1,538 1,546

172 172 173 173 173 174 174

229 230 230 231 231 231 232
115 115 115 115 115 116 116
1,262 1,265 1,268 1,271 1,274 1,278 1,281
1,001 1,000 999 997 996 995 993
4,353 4,358 4,363 4,369 4,374 4,380 4,385

4,353 4,358 4,363 4,369 4,374 4,380 4,385

- - - - - - -

1,039,052 1,048,605 1,058,212 1,067,872 1,077,585 1,087,352 1,097,174

 200 201 202 203 204 205 206

1,235,770 1,238,859 1,241,956 1,245,061 1,248,174 1,251,294 1,254,422

402,880 401,318 399,749 398,172 396,587 394,994 393,393
832,890 837,541 842,207 846,889 851,587 856,300 861,029

2,022 2,014 2,007 1,999 1,991 1,983 1,975

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,554 1,561 1,569 1,577 1,585 1,593 1,601

174 174 175 175 175 176 176

232 233 233 233 234 234 234
116 116 116 117 117 117 117
1,284 1,287 1,290 1,294 1,297 1,300 1,303
992 990 989 988 986 985 984
4,390 4,396 4,401 4,407 4,412 4,418 4,423

4,390 4,396 4,401 4,407 4,412 4,418 4,423

- - - - - - -

1,107,050 1,116,982 1,126,968 1,137,009 1,147,107 1,157,260 1,167,470

 207 208 209 210 211 212 213

1,257,558 1,260,702 1,263,854 1,267,014 1,270,181 1,273,357 1,276,540

391,784 390,167 388,542 386,909 385,268 383,618 381,960
865,774 870,535 875,312 880,105 884,914 889,739 894,580

1,967 1,959 1,951 1,943 1,935 1,926 1,918

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,609 1,617 1,625 1,633 1,641 1,650 1,658

176 176 177 177 177 178 178

235 235 236 236 236 237 237
117 118 118 118 118 118 119
1,307 1,310 1,313 1,317 1,320 1,323 1,326
982 981 979 978 976 975 973
4,429 4,435 4,440 4,446 4,451 4,457 4,463

4,429 4,435 4,440 4,446 4,451 4,457 4,463

- - - - - - -

1,177,736 1,188,059 1,198,440 1,208,878 1,219,373 1,229,927 1,240,539

 214 215 216 217 218 219 220

1,279,731 1,282,931 1,286,138 1,289,354 1,292,577 1,295,808 1,299,048

380,294 378,620 376,937 375,246 373,546 371,838 370,122
899,437 904,311 909,201 914,107 919,030 923,970 928,926

1,910 1,901 1,893 1,885 1,876 1,868 1,859

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,666 1,674 1,683 1,691 1,700 1,708 1,717

178 179 179 179 179 180 180

238 238 238 239 239 240 240
119 119 119 119 120 120 120
1,330 1,333 1,336 1,340 1,343 1,346 1,350
972 970 969 967 966 964 963
4,468 4,474 4,480 4,486 4,491 4,497 4,503

4,468 4,474 4,480 4,486 4,491 4,497 4,503

- - - - - - -

1,251,211 1,261,941 1,272,730 1,283,580 1,294,489 1,305,458 1,316,489

 221 222 223 224 225 226 227

1,302,295 1,305,551 1,308,815 1,312,087 1,315,367 1,318,656 1,321,952

368,396 366,662 364,920 363,169 361,409 359,640 357,862
933,899 938,889 943,895 948,918 953,959 959,016 964,090

1,851 1,842 1,833 1,825 1,816 1,807 1,798

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,725 1,734 1,743 1,751 1,760 1,769 1,778

180 181 181 181 182 182 182

240 241 241 242 242 242 243
120 120 121 121 121 121 121
1,353 1,357 1,360 1,363 1,367 1,370 1,374
961 960 958 956 955 953 952
4,509 4,515 4,521 4,526 4,532 4,538 4,544

4,509 4,515 4,521 4,526 4,532 4,538 4,544

- - - - - - -

1,327,580 1,338,733 1,349,947 1,361,223 1,372,562 1,383,963 1,395,427

 228 229 230 231 232 233 234

1,325,257 1,328,570 1,331,892 1,335,222 1,338,560 1,341,906 1,345,261

356,076 354,280 352,476 350,662 348,840 347,008 345,167
969,182 974,290 979,416 984,559 989,720 994,898 1,000,094

1,789 1,780 1,771 1,762 1,753 1,744 1,735

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,787 1,795 1,804 1,813 1,823 1,832 1,841

182 183 183 183 184 184 184

243 244 244 244 245 245 246
122 122 122 122 122 123 123
1,377 1,380 1,384 1,387 1,391 1,394 1,398
950 948 947 945 943 942 940
4,550 4,556 4,562 4,568 4,574 4,580 4,587

4,550 4,556 4,562 4,568 4,574 4,580 4,587

- - - - - - -

1,406,954 1,418,545 1,430,200 1,441,920 1,453,704 1,465,553 1,477,467

 235 236 237 238 239 240 241

1,348,624 1,351,996 1,355,375 1,358,764 1,362,161 1,365,566 1,368,980

343,317 341,458 339,589 337,711 335,824 333,927 332,021
1,005,307 1,010,538 1,015,786 1,021,053 1,026,337 1,031,639 1,036,959

1,726 1,717 1,707 1,698 1,689 1,679 1,670

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,850 1,859 1,869 1,878 1,887 1,897 1,906

185 185 185 185 186 186 186

246 246 247 247 248 248 249
123 123 123 124 124 124 124
1,401 1,405 1,408 1,412 1,415 1,419 1,422
938 936 935 933 931 929 928
4,593 4,599 4,605 4,611 4,617 4,624 4,630

4,593 4,599 4,605 4,611 4,617 4,624 4,630

- - - - - - -

1,489,447 1,501,493 1,513,606 1,525,785 1,538,031 1,550,345 1,562,727

 242 243 244 245 246 247 248

1,372,403 1,375,834 1,379,273 1,382,721 1,386,178 1,389,644 1,393,118

330,105 328,180 326,245 324,300 322,346 320,382 318,408
1,042,297 1,047,654 1,053,028 1,058,421 1,063,832 1,069,262 1,074,710

1,660 1,651 1,641 1,631 1,622 1,612 1,602

3,576 3,576 3,576 3,576 3,576 3,576 3,576
1,916 1,925 1,935 1,945 1,954 1,964 1,974

187 187 187 188 188 188 189

249 249 250 250 251 251 251
124 125 125 125 125 126 126
1,426 1,430 1,433 1,437 1,440 1,444 1,448
926 924 922 920 919 917 915
4,636 4,643 4,649 4,655 4,662 4,668 4,674

4,636 4,643 4,649 4,655 4,662 4,668 4,674

- - - - - - -

1,575,177 1,587,695 1,600,282 1,612,939 1,625,665 1,638,461 1,651,328

 249 250 251 252 253 254

1,396,601 1,400,092 1,403,592 ### ### ###

316,424 314,430 312,427 310,413 308,389 306,355
1,080,176 1,085,662 1,091,166 ### ### ###

1,592 1,582 1,572 1,562 1,552 1,542

3,576 3,576 3,576 3,576 3,576 3,576
1,984 1,994 2,004 2,014 2,024 2,034

189 189 190 190 190 190

252 252 253 253 254 254
126 126 126 127 127 127
1,451 1,455 1,458 1,462 1,466 1,469
913 911 909 907 905 903
4,681 4,687 4,694 4,700 4,707 4,713

4,681 4,687 4,694 4,700 4,707 4,713

- - - - - -

1,664,266 1,677,274 1,690,354 ### ### ###

Home purchase model

Purchase price 450000

Downpayment 90000
Interest rate 6%
Principal amortization (years) 30
Property tax rate 1.25%
Annual maintainance 1000
Housing association dues (annual)
Annual insurance 1500
Assumed annual appreciation 3%
Assumed marginal income tax rate 30%
General inflation 2%
Monthly mortage payment 2145.52 Assuming interest compounds monthly

Cost of renting similar home 2500

Assumed rental price inflation 3%
Assumed annual (after tax) return on cash 6%

Month 0 1 2 3

Buying scenario

Home Value 450,000 451,125 452,253 453,383

Debt 360,000 359,654 359,307 358,958
Equity in home 90,000 91,471 92,946 94,425

Interest on debt 1,800 1,798 1,797

Mortage payment 2,146 2,146 2,146
Paid principal 346 347 349

Insurance payment 125 125 125

Housing association dues - - -
Maintenance 83 83 84
Property tax 469 470 471
Income tax savings from interest deduction 681 680 680
Total cash outflow in buying scenario 2,142 2,144 2,145

Renting Scenario
Cashflow that could be spent on home-purchase/expesnes 2,142 2,144 2,145
Rent 2,500 2,506 2,506 2,506

Savings when renting 90,000 90,086 90,174 90,264

Home value after 10 years 607,209

Debt after 10 years 303,377
Home Equity after 10 years 303,832
Transaction costs of selling in year 10 36,433
Net cash if home sold in 10 years (assuming no 267,400

Savings after 10 years if renting 120,746

Present value benefit of owning vs. renting for 120,307

 4 5 6 7 8 9 10

454,517 455,653 456,792 457,934 459,079 460,227 461,377

358,608 358,255 357,901 357,545 357,187 356,827 356,466
95,909 97,398 98,892 100,390 101,892 103,399 104,911

1,795 1,793 1,791 1,790 1,788 1,786 1,784

2,146 2,146 2,146 2,146 2,146 2,146 2,146
351 352 354 356 358 360 361

126 126 126 126 126 127 127

- - - - - - -
84 84 84 84 84 84 85
472 473 475 476 477 478 479
680 680 680 680 679 679 679
2,147 2,149 2,150 2,152 2,154 2,156 2,157

2,147 2,149 2,150 2,152 2,154 2,156 2,157

2,506 2,506 2,506 2,506 2,506 2,506 2,506

90,356 90,450 90,546 90,645 90,746 90,849 90,954

 11 12 13 14 15 16 17

462,531 463,687 464,846 466,009 467,174 468,341 469,512

356,103 355,738 355,371 355,002 354,632 354,259 353,885
106,428 107,949 109,475 111,006 112,542 114,082 115,627

1,782 1,781 1,779 1,777 1,775 1,773 1,771

2,146 2,146 2,146 2,146 2,146 2,146 2,146
363 365 367 369 371 372 374

127 127 128 128 128 128 128

- - - - - - -
85 85 85 85 85 85 86
481 482 483 484 485 487 488
679 679 679 678 678 678 678
2,159 2,161 2,163 2,164 2,166 2,168 2,170

2,159 2,161 2,163 2,164 2,166 2,168 2,170

2,506 2,506 2,506 2,506 2,506 2,506 2,506

91,062 91,172 91,284 91,398 91,515 91,634 91,756

 18 19 20 21 22 23 24

470,686 471,863 473,042 474,225 475,411 476,599 477,791

353,509 353,131 352,751 352,370 351,986 351,600 351,213
117,177 118,732 120,291 121,856 123,425 124,999 126,578

1,769 1,768 1,766 1,764 1,762 1,760 1,758

2,146 2,146 2,146 2,146 2,146 2,146 2,146
376 378 380 382 384 386 388

129 129 129 129 129 130 130

- - - - - - -
86 86 86 86 86 86 87
489 490 492 493 494 495 496
678 677 677 677 677 677 676
2,171 2,173 2,175 2,177 2,179 2,180 2,182

2,171 2,173 2,175 2,177 2,179 2,180 2,182

2,506 2,506 2,506 2,506 2,506 2,506 2,506

91,880 92,006 92,135 92,266 92,399 92,536 92,674

 25 26 27 28 29 30 31

478,985 480,183 481,383 482,587 483,793 485,002 486,215

350,823 350,432 350,039 349,643 349,246 348,847 348,445
128,162 129,751 131,344 132,943 134,547 136,156 137,770

1,756 1,754 1,752 1,750 1,748 1,746 1,744

2,146 2,146 2,146 2,146 2,146 2,146 2,146
389 391 393 395 397 399 401

130 130 131 131 131 131 131

- - - - - - -
87 87 87 87 87 87 88
498 499 500 501 503 504 505
676 676 676 675 675 675 675
2,184 2,186 2,188 2,189 2,191 2,193 2,195

2,184 2,186 2,188 2,189 2,191 2,193 2,195

2,506 2,506 2,506 2,506 2,506 2,506 2,506

92,815 92,959 93,105 93,253 93,405 93,558 93,715

 32 33 34 35 36 37 38

487,431 488,649 489,871 491,095 492,323 493,554 494,788

348,042 347,637 347,229 346,820 346,409 345,995 345,580
139,388 141,012 142,641 144,275 145,914 147,559 149,208

1,742 1,740 1,738 1,736 1,734 1,732 1,730

2,146 2,146 2,146 2,146 2,146 2,146 2,146
403 405 407 409 411 413 416

132 132 132 132 133 133 133

- - - - - - -
88 88 88 88 88 88 89
506 508 509 510 512 513 514
675 674 674 674 674 673 673
2,197 2,199 2,200 2,202 2,204 2,206 2,208

2,197 2,199 2,200 2,202 2,204 2,206 2,208

2,506 2,506 2,506 2,506 2,506 2,506 2,506

93,874 94,036 94,200 94,367 94,537 94,710 94,885

 39 40 41 42 43 44 45

496,025 497,265 498,508 499,754 501,004 502,256 503,512

345,162 344,742 344,320 343,897 343,471 343,042 342,612
150,863 152,523 154,188 155,858 157,533 159,214 160,900

1,728 1,726 1,724 1,722 1,719 1,717 1,715

2,146 2,146 2,146 2,146 2,146 2,146 2,146
418 420 422 424 426 428 430

133 133 134 134 134 134 135

- - - - - - -
89 89 89 89 89 90 90
515 517 518 519 521 522 523
673 673 673 672 672 672 672
2,210 2,212 2,214 2,216 2,218 2,219 2,221

2,210 2,212 2,214 2,216 2,218 2,219 2,221

2,506 2,506 2,506 2,506 2,506 2,506 2,506

95,063 95,244 95,427 95,614 95,803 95,995 96,190

 46 47 48 49 50 51 52

504,771 506,033 507,298 508,566 509,837 511,112 512,390

342,180 341,745 341,308 340,869 340,428 339,985 339,539
162,591 164,288 165,989 167,697 169,409 171,127 172,851

1,713 1,711 1,709 1,707 1,704 1,702 1,700

2,146 2,146 2,146 2,146 2,146 2,146 2,146
432 435 437 439 441 443 446

135 135 135 135 136 136 136

- - - - - - -
90 90 90 90 90 91 91
524 526 527 528 530 531 532
671 671 671 670 670 670 670
2,223 2,225 2,227 2,229 2,231 2,233 2,235

2,223 2,225 2,227 2,229 2,231 2,233 2,235

2,506 2,506 2,506 2,506 2,506 2,506 2,506

96,388 96,589 96,793 97,000 97,210 97,423 97,639

 53 54 55 56 57 58 59

513,671 514,955 516,242 517,533 518,827 520,124 521,424

339,091 338,641 338,189 337,734 337,277 336,818 336,357
174,579 176,314 178,053 179,798 181,549 183,305 185,067

1,698 1,695 1,693 1,691 1,689 1,686 1,684

2,146 2,146 2,146 2,146 2,146 2,146 2,146
448 450 452 455 457 459 461

136 137 137 137 137 137 138

- - - - - - -
91 91 91 91 91 92 92
534 535 536 538 539 540 542
669 669 669 669 668 668 668
2,237 2,239 2,241 2,243 2,245 2,247 2,249

2,237 2,239 2,241 2,243 2,245 2,247 2,249

2,506 2,506 2,506 2,506 2,506 2,506 2,506

97,858 98,080 98,305 98,533 98,764 98,999 99,237

 60 61 62 63 64 65 66

522,728 524,034 525,344 526,658 527,974 529,294 530,618

335,893 335,427 334,959 334,488 334,015 333,539 333,062
186,834 188,607 190,386 192,170 193,960 195,755 197,556

1,682 1,679 1,677 1,675 1,672 1,670 1,668

2,146 2,146 2,146 2,146 2,146 2,146 2,146
464 466 468 471 473 475 478

138 138 138 139 139 139 139

- - - - - - -
92 92 92 92 93 93 93
543 545 546 547 549 550 551
667 667 667 667 666 666 666
2,251 2,253 2,255 2,257 2,259 2,261 2,263

2,251 2,253 2,255 2,257 2,259 2,261 2,263

2,506 2,506 2,506 2,506 2,506 2,506 2,506

99,478 99,722 99,969 100,220 100,474 100,731 100,992

 67 68 69 70 71 72 73

531,944 533,274 534,607 535,944 537,284 538,627 539,973

332,581 332,099 331,614 331,126 330,636 330,144 329,649
199,363 201,175 202,993 204,817 206,647 208,483 210,324

1,665 1,663 1,660 1,658 1,656 1,653 1,651

2,146 2,146 2,146 2,146 2,146 2,146 2,146
480 483 485 487 490 492 495

140 140 140 140 140 141 141

- - - - - - -
93 93 93 93 94 94 94
553 554 555 557 558 560 561
665 665 665 664 664 664 664
2,265 2,267 2,270 2,272 2,274 2,276 2,278

2,265 2,267 2,270 2,272 2,274 2,276 2,278

2,506 2,506 2,506 2,506 2,506 2,506 2,506

101,256 101,524 101,795 102,069 102,347 102,628 102,913

 74 75 76 77 78 79 80

541,323 542,677 544,033 545,393 546,757 548,124 549,494

329,152 328,652 328,150 327,645 327,138 326,628 326,116
212,171 214,024 215,883 217,748 219,619 221,496 223,378

1,648 1,646 1,643 1,641 1,638 1,636 1,633

2,146 2,146 2,146 2,146 2,146 2,146 2,146
497 500 502 505 507 510 512

141 141 142 142 142 142 143

- - - - - - -
94 94 94 95 95 95 95
562 564 565 567 568 570 571
663 663 663 662 662 662 661
2,280 2,282 2,284 2,286 2,289 2,291 2,293

2,280 2,282 2,284 2,286 2,289 2,291 2,293

2,506 2,506 2,506 2,506 2,506 2,506 2,506

103,201 103,493 103,789 104,088 104,391 104,697 105,007

 81 82 83 84 85 86 87

550,868 552,245 553,626 555,010 556,397 557,788 559,183

325,601 325,083 324,563 324,041 323,515 322,987 322,457
225,267 227,162 229,062 230,969 232,882 234,801 236,726

1,631 1,628 1,625 1,623 1,620 1,618 1,615

2,146 2,146 2,146 2,146 2,146 2,146 2,146
515 518 520 523 525 528 531

143 143 143 144 144 144 144

- - - - - - -
95 95 96 96 96 96 96
572 574 575 577 578 580 581
661 661 660 660 660 659 659
2,295 2,297 2,299 2,302 2,304 2,306 2,308

2,295 2,297 2,299 2,302 2,304 2,306 2,308

2,506 2,506 2,506 2,506 2,506 2,506 2,506

105,321 105,638 105,960 106,285 106,614 106,947 107,283

 88 89 90 91 92 93 94

560,581 561,982 563,387 564,795 566,207 567,623 569,042

321,923 321,388 320,849 320,308 319,764 319,217 318,668
238,657 240,594 242,538 244,488 246,444 248,406 250,374

1,612 1,610 1,607 1,604 1,602 1,599 1,596

2,146 2,146 2,146 2,146 2,146 2,146 2,146
533 536 539 541 544 547 549

144 145 145 145 145 146 146

- - - - - - -
96 96 97 97 97 97 97
582 584 585 587 588 590 591
658 658 658 657 657 657 656
2,310 2,313 2,315 2,317 2,319 2,322 2,324

2,310 2,313 2,315 2,317 2,319 2,322 2,324

2,506 2,506 2,506 2,506 2,506 2,506 2,506

107,624 107,968 108,317 108,669 109,026 109,386 109,750

 95 96 97 98 99 100 101

570,465 571,891 573,321 574,754 576,191 577,631 579,075

318,115 317,560 317,003 316,442 315,879 315,313 314,744
252,349 254,330 256,318 258,312 260,312 262,318 264,331

1,593 1,591 1,588 1,585 1,582 1,579 1,577

2,146 2,146 2,146 2,146 2,146 2,146 2,146
552 555 558 561 563 566 569

146 146 147 147 147 147 148

- - - - - - -
97 98 98 98 98 98 98
593 594 596 597 599 600 602
656 655 655 655 654 654 653
2,326 2,328 2,331 2,333 2,335 2,338 2,340

2,326 2,328 2,331 2,333 2,335 2,338 2,340

2,506 2,506 2,506 2,506 2,506 2,506 2,506

110,119 110,492 110,869 111,250 111,635 112,024 112,418

 102 103 104 105 106 107 108

580,523 581,974 583,429 584,888 586,350 587,816 589,285

314,172 313,597 313,020 312,439 311,856 311,270 310,681
266,351 268,377 270,409 272,448 274,494 276,546 278,605

1,574 1,571 1,568 1,565 1,562 1,559 1,556

2,146 2,146 2,146 2,146 2,146 2,146 2,146
572 575 578 580 583 586 589

148 148 148 149 149 149 149

- - - - - - -
99 99 99 99 99 99 100
603 605 606 608 609 611 612
653 653 652 652 651 651 651
2,342 2,344 2,347 2,349 2,351 2,354 2,356

2,342 2,344 2,347 2,349 2,351 2,354 2,356

2,506 2,506 2,506 2,506 2,506 2,506 2,506

112,816 113,218 113,625 114,036 114,451 114,871 115,295

 109 110 111 112 113 114 115

590,759 592,236 593,716 595,200 596,688 598,180 599,676

310,089 309,494 308,895 308,294 307,690 307,083 306,473
280,670 282,742 284,821 286,906 288,998 291,097 293,202

1,553 1,550 1,547 1,544 1,541 1,538 1,535

2,146 2,146 2,146 2,146 2,146 2,146 2,146
592 595 598 601 604 607 610

150 150 150 150 151 151 151

- - - - - - -
100 100 100 100 100 101 101
614 615 617 618 620 622 623
650 650 649 649 648 648 648
2,359 2,361 2,363 2,366 2,368 2,371 2,373

2,359 2,361 2,363 2,366 2,368 2,371 2,373

2,506 2,506 2,506 2,506 2,506 2,506 2,506

115,724 116,158 116,595 117,038 117,485 117,937 118,393

 116 117 118 119 120 121 122

601,175 602,678 604,184 605,695 607,209 608,727 610,249

305,860 305,244 304,625 304,002 303,377 302,748 302,116
295,315 297,434 299,560 301,693 303,832 305,979 308,133

1,532 1,529 1,526 1,523 1,520 1,517 1,514

2,146 2,146 2,146 2,146 2,146 2,146 2,146
613 616 619 622 626 629 632

151 152 152 152 152 153 153

- - - - - - -
101 101 101 101 102 102 102
625 626 628 629 631 633 634
647 647 646 646 645 645 644
2,375 2,378 2,380 2,383 2,385 2,388 2,390

2,375 2,378 2,380 2,383 2,385 2,388 2,390

2,506 2,506 2,506 2,506 2,506 2,506 2,506

118,854 119,320 119,791 120,266 120,746 121,231 121,721

 123 124 125 126 127 128 129

611,775 613,304 614,837 616,374 617,915 619,460 621,009

301,481 300,843 300,202 299,557 298,910 298,259 297,604
310,293 312,461 314,635 316,817 319,006 321,201 323,404

1,511 1,507 1,504 1,501 1,498 1,495 1,491

2,146 2,146 2,146 2,146 2,146 2,146 2,146
635 638 641 645 648 651 654

153 153 154 154 154 154 155

- - - - - - -
102 102 102 103 103 103 103
636 637 639 640 642 644 645
644 643 643 642 642 641 641
2,393 2,395 2,398 2,400 2,403 2,405 2,408

2,393 2,395 2,398 2,400 2,403 2,405 2,408

2,506 2,506 2,506 - - -

122,216 122,716 123,221 126,237 129,271 132,322 135,392

 130 131 132 133 134 135 136

622,561 624,118 625,678 627,242 628,810 630,382 631,958

296,947 296,286 295,622 294,955 294,284 293,610 292,932
325,614 327,831 330,056 332,287 334,526 336,772 339,026

1,488 1,485 1,481 1,478 1,475 1,471 1,468

2,146 2,146 2,146 2,146 2,146 2,146 2,146
657 661 664 667 671 674 677

155 155 155 156 156 156 157

- - - - - - -
103 103 104 104 104 104 104
647 649 650 652 653 655 657
640 640 639 639 638 638 637
2,410 2,413 2,415 2,418 2,420 2,423 2,426

2,410 2,413 2,415 2,418 2,420 2,423 2,426

- - - - - - -

138,479 141,584 144,707 147,849 151,008 154,186 157,383

 137 138 139 140 141 142 143

633,538 635,122 636,710 638,302 639,897 641,497 643,101

292,252 291,567 290,880 290,188 289,494 288,796 288,094
341,287 343,555 345,830 348,113 350,403 352,701 355,006

1,465 1,461 1,458 1,454 1,451 1,447 1,444

2,146 2,146 2,146 2,146 2,146 2,146 2,146
681 684 688 691 695 698 702

157 157 157 158 158 158 158

- - - - - - -
105 105 105 105 105 105 106
658 660 662 663 665 667 668
637 636 636 635 635 634 634
2,428 2,431 2,433 2,436 2,439 2,441 2,444

2,428 2,431 2,433 2,436 2,439 2,441 2,444

- - - - - - -

160,598 163,832 167,084 170,356 173,646 176,956 180,285

 144 145 146 147 148 149 150

644,709 646,320 647,936 649,556 651,180 652,808 654,440

287,389 286,681 285,969 285,253 284,534 283,811 283,084
357,319 359,640 361,968 364,303 366,646 368,997 371,355

1,440 1,437 1,433 1,430 1,426 1,423 1,419

2,146 2,146 2,146 2,146 2,146 2,146 2,146
705 709 712 716 719 723 726

159 159 159 159 160 160 160

- - - - - - -
106 106 106 106 106 107 107
670 672 673 675 677 678 680
633 633 632 631 631 630 630
2,447 2,449 2,452 2,455 2,457 2,460 2,463

2,447 2,449 2,452 2,455 2,457 2,460 2,463

- - - - - - -

183,633 187,000 190,387 193,794 197,220 200,666 204,133

 151 152 153 154 155 156 157

656,076 657,716 659,360 661,009 662,661 664,318 665,979

282,354 281,620 280,883 280,142 279,397 278,649 277,896
373,722 376,096 378,477 380,867 383,264 385,669 388,082

1,415 1,412 1,408 1,404 1,401 1,397 1,393

2,146 2,146 2,146 2,146 2,146 2,146 2,146
730 734 737 741 745 749 752

160 161 161 161 162 162 162

- - - - - - -
107 107 107 108 108 108 108
682 683 685 687 689 690 692
629 629 628 627 627 626 626
2,466 2,468 2,471 2,474 2,477 2,479 2,482

2,466 2,468 2,471 2,474 2,477 2,479 2,482

- - - - - - -

207,619 211,125 214,652 218,199 221,766 225,355 228,963

 158 159 160 161 162 163 164

667,644 669,313 670,986 672,664 674,345 676,031 677,721

277,140 276,380 275,617 274,849 274,078 273,303 272,524
390,503 392,932 395,369 397,814 400,267 402,728 405,197

1,389 1,386 1,382 1,378 1,374 1,370 1,367

2,146 2,146 2,146 2,146 2,146 2,146 2,146
756 760 764 767 771 775 779

162 163 163 163 163 164 164

- - - - - - -
108 108 109 109 109 109 109
694 695 697 699 701 702 704
625 624 624 623 622 622 621
2,485 2,488 2,490 2,493 2,496 2,499 2,502

2,485 2,488 2,490 2,493 2,496 2,499 2,502

- - - - - - -

232,593 236,244 239,915 243,608 247,322 251,058 254,815

 165 166 167 168 169 170 171

679,415 681,114 682,817 684,524 686,235 687,951 689,671

271,741 270,954 270,164 269,369 268,570 267,768 266,961
407,674 410,160 412,653 415,155 417,665 420,183 422,710

1,363 1,359 1,355 1,351 1,347 1,343 1,339

2,146 2,146 2,146 2,146 2,146 2,146 2,146
783 787 791 795 799 803 807

164 165 165 165 165 166 166

- - - - - - -
110 110 110 110 110 110 111
706 708 709 711 713 715 717
621 620 619 619 618 617 617
2,505 2,508 2,510 2,513 2,516 2,519 2,522

2,505 2,508 2,510 2,513 2,516 2,519 2,522

- - - - - - -

258,594 262,394 266,217 270,061 273,928 277,816 281,727

 172 173 174 175 176 177 178

691,395 693,123 694,856 696,593 698,335 700,081 701,831

266,150 265,335 264,517 263,694 262,867 262,035 261,200
425,245 427,788 430,340 432,900 435,468 438,045 440,631

1,335 1,331 1,327 1,323 1,318 1,314 1,310

2,146 2,146 2,146 2,146 2,146 2,146 2,146
811 815 819 823 827 831 835

166 166 167 167 167 168 168

- - - - - - -
111 111 111 111 112 112 112
718 720 722 724 726 727 729
616 615 615 614 613 613 612
2,525 2,528 2,531 2,534 2,537 2,540 2,543

2,525 2,528 2,531 2,534 2,537 2,540 2,543

- - - - - - -

285,661 289,617 293,596 297,598 301,622 305,670 309,741

 179 180 181 182 183 184 185

703,585 705,344 707,108 708,875 710,648 712,424 714,205

260,360 259,517 258,669 257,817 256,960 256,100 255,234
443,225 445,827 448,439 451,059 453,687 456,325 458,971

1,306 1,302 1,298 1,293 1,289 1,285 1,280

2,146 2,146 2,146 2,146 2,146 2,146 2,146
840 844 848 852 856 861 865

168 168 169 169 169 170 170

- - - - - - -
112 112 112 113 113 113 113
731 733 735 737 738 740 742
611 610 610 609 608 608 607
2,546 2,549 2,552 2,555 2,558 2,561 2,564

2,546 2,549 2,552 2,555 2,558 2,561 2,564

- - - - - - -

313,836 317,954 322,095 326,260 330,449 334,662 338,900

 186 187 188 189 190 191 192

715,991 717,781 719,575 721,374 723,178 724,986 726,798

254,365 253,491 252,613 251,731 250,844 249,953 249,057
461,626 464,289 466,962 469,643 472,334 475,033 477,741

1,276 1,272 1,267 1,263 1,259 1,254 1,250

2,146 2,146 2,146 2,146 2,146 2,146 2,146
869 874 878 882 887 891 896

170 170 171 171 171 172 172

- - - - - - -
113 114 114 114 114 114 115
744 746 748 750 751 753 755
606 605 605 604 603 602 601
2,567 2,570 2,573 2,576 2,579 2,582 2,586

2,567 2,570 2,573 2,576 2,579 2,582 2,586

- - - - - - -

343,161 347,447 351,757 356,092 360,452 364,837 369,246

 193 194 195 196 197 198 199

728,615 730,437 732,263 734,093 735,929 737,768 739,613

248,157 247,252 246,343 245,429 244,511 243,588 242,660
480,458 483,184 485,920 488,664 491,418 494,181 496,953

1,245 1,241 1,236 1,232 1,227 1,223 1,218

2,146 2,146 2,146 2,146 2,146 2,146 2,146
900 905 909 914 918 923 928

172 172 173 173 173 174 174

- - - - - - -
115 115 115 115 115 116 116
757 759 761 763 765 767 769
601 600 599 598 598 597 596
2,589 2,592 2,595 2,598 2,601 2,605 2,608

2,589 2,592 2,595 2,598 2,601 2,605 2,608

- - - - - - -

373,681 378,142 382,627 387,139 391,676 396,239 400,828

 200 201 202 203 204 205 206

741,462 743,315 745,174 747,037 748,904 750,777 752,653

241,728 240,791 239,849 238,903 237,952 236,996 236,036
499,734 502,524 505,324 508,134 510,952 513,780 516,618

1,213 1,209 1,204 1,199 1,195 1,190 1,185

2,146 2,146 2,146 2,146 2,146 2,146 2,146
932 937 942 946 951 956 961

174 174 175 175 175 176 176

- - - - - - -
116 116 116 117 117 117 117
770 772 774 776 778 780 782
595 594 593 593 592 591 590
2,611 2,614 2,617 2,621 2,624 2,627 2,631

2,611 2,614 2,617 2,621 2,624 2,627 2,631

- - - - - - -

405,443 410,084 414,752 419,447 424,168 428,916 433,691

 207 208 209 210 211 212 213

754,535 756,421 758,312 760,208 762,109 764,014 765,924

235,071 234,100 233,125 232,145 231,161 230,171 229,176
519,465 522,321 525,187 528,063 530,948 533,843 536,748

1,180 1,175 1,171 1,166 1,161 1,156 1,151

2,146 2,146 2,146 2,146 2,146 2,146 2,146
965 970 975 980 985 990 995

176 176 177 177 177 178 178

- - - - - - -
117 118 118 118 118 118 119
784 786 788 790 792 794 796
589 588 588 587 586 585 584
2,634 2,637 2,640 2,644 2,647 2,651 2,654

2,634 2,637 2,640 2,644 2,647 2,651 2,654

- - - - - - -

438,494 443,323 448,180 453,065 457,978 462,918 467,887

 214 215 216 217 218 219 220

767,839 769,758 771,683 773,612 775,546 777,485 779,429

228,177 227,172 226,162 225,148 224,128 223,103 222,073
539,662 542,587 545,521 548,464 551,418 554,382 557,356

1,146 1,141 1,136 1,131 1,126 1,121 1,116

2,146 2,146 2,146 2,146 2,146 2,146 2,146
1,000 1,005 1,010 1,015 1,020 1,025 1,030

178 179 179 179 179 180 180

- - - - - - -
119 119 119 119 120 120 120
798 800 802 804 806 808 810
583 582 581 580 579 579 578
2,657 2,661 2,664 2,667 2,671 2,674 2,678

2,657 2,661 2,664 2,667 2,671 2,674 2,678

- - - - - - -

472,883 477,908 482,962 488,044 493,155 498,295 503,465

 221 222 223 224 225 226 227

781,377 783,331 785,289 787,252 789,220 791,193 793,171

221,038 219,997 218,952 217,901 216,845 215,784 214,717
560,339 563,333 566,337 569,351 572,375 575,410 578,454

1,110 1,105 1,100 1,095 1,090 1,084 1,079

2,146 2,146 2,146 2,146 2,146 2,146 2,146
1,035 1,040 1,046 1,051 1,056 1,061 1,067

180 181 181 181 182 182 182

- - - - - - -
120 120 121 121 121 121 121
812 814 816 818 820 822 824
577 576 575 574 573 572 571
2,681 2,685 2,688 2,692 2,695 2,699 2,702

2,681 2,685 2,688 2,692 2,695 2,699 2,702

- - - - - - -

508,663 513,891 519,149 524,437 529,754 535,101 540,479

 228 229 230 231 232 233 234

795,154 797,142 799,135 801,133 803,136 805,144 807,156

213,645 212,568 211,485 210,397 209,304 208,205 207,100
581,509 584,574 587,650 590,736 593,832 596,939 600,056

1,074 1,068 1,063 1,057 1,052 1,047 1,041

2,146 2,146 2,146 2,146 2,146 2,146 2,146
1,072 1,077 1,083 1,088 1,094 1,099 1,104

182 183 183 183 184 184 184

- - - - - - -
122 122 122 122 122 123 123
826 828 830 832 835 837 839
570 569 568 567 566 565 564
2,706 2,709 2,713 2,717 2,720 2,724 2,727

2,706 2,709 2,713 2,717 2,720 2,724 2,727

- - - - - - -

545,887 551,326 556,796 562,296 567,828 573,391 578,985

 235 236 237 238 239 240 241

809,174 811,197 813,225 815,258 817,297 819,340 821,388

205,990 204,875 203,754 202,627 201,494 200,356 199,213
603,184 606,323 609,472 612,632 615,802 618,983 622,175

1,036 1,030 1,024 1,019 1,013 1,007 1,002

2,146 2,146 2,146 2,146 2,146 2,146 2,146
1,110 1,116 1,121 1,127 1,132 1,138 1,144

185 185 185 185 186 186 186

- - - - - - -
123 123 123 124 124 124 124
841 843 845 847 849 851 853
563 562 561 560 559 558 557
2,731 2,735 2,738 2,742 2,746 2,749 2,753

2,731 2,735 2,738 2,742 2,746 2,749 2,753

- - - - - - -

584,611 590,269 595,959 601,681 607,435 613,221 619,040

 242 243 244 245 246 247 248

823,442 825,500 827,564 829,633 831,707 833,786 835,871

198,063 196,908 195,747 194,580 193,408 192,229 191,045
625,378 628,592 631,817 635,053 638,299 641,557 644,826

996 990 985 979 973 967 961

2,146 2,146 2,146 2,146 2,146 2,146 2,146
1,149 1,155 1,161 1,167 1,173 1,178 1,184

187 187 187 188 188 188 189

- - - - - - -
124 125 125 125 125 126 126
856 858 860 862 864 866 869
556 554 553 552 551 550 549
2,757 2,761 2,764 2,768 2,772 2,776 2,779

2,757 2,761 2,764 2,768 2,772 2,776 2,779

- - - - - - -

624,892 630,777 636,696 642,647 648,632 654,651 660,704

 249 250 251 252 253 254

837,960 840,055 842,155 844,261 846,371 848,487

189,854 188,658 187,456 186,248 185,033 183,813
648,106 651,397 654,699 658,013 661,338 664,674

955 949 943 937 931 925

2,146 2,146 2,146 2,146 2,146 2,146
1,190 1,196 1,202 1,208 1,214 1,220

189 189 190 190 190 190

- - - - - -
126 126 126 127 127 127
871 873 875 877 879 882
548 547 546 544 543 542
2,783 2,787 2,791 2,795 2,799 2,803

2,783 2,787 2,791 2,795 2,799 2,803

- - - - - -

666,791 672,912 679,067 685,258 691,483 697,743