[moneydance] Canadian Mortgage Calculation

[Bryan Dunne]

It is not due to any strange Canadian mathematics.  Moneydance just
does a fairly simple interest calculation.  It takes the APR of the
loan, multiplies that by the remaining principal, and then divides by
12 to calculate the monthly interest.  Your bank may be accounting for
the actual number of days in a month (e.g., 31/365th), rather than
just going with 1/12th every month.

Also, there can be rounding errors.  I sometimes find that the
calculated value of my securities is off from my broker's calculations
by 1 cent.

It just means you may have to correct the entries in Moneydance.

Cheers,
AstroBryGuy


On Nov 10, 2007 11:00 AM,  <moneydance-info-request at moneydance.com> wrote:
>
> Unfortunately, I now have a mortgage. I have added a loan account to
> cover this, but Moneydance does not calculate the priciple and
> interest payments correctly. It this due to the way a Canadian
> Mortgage is calculated? Can I modify the account settings so it will
> calculate properly?
>
> Rod