[moneydance] Canadian Mortgage Calculation

[Lloyd Jones]

A typical Canadian mortgage compounds the interest every 6 months not 
monthly as in the U.S. It does make a big difference in the principal vs. 
interest payment paid monthly.

We Canucks run into this issue every time we use a U.S. based mortgage 
calculation tool.

Ideally, a generalized mortgage/loan calculation should allow for any interest 
compounding period then it would work for all situations. It's more 
complicated math but easily doable in programming. Some 
financial/business calculators offer this feature.

Lloyd



On 10 Nov 2007 at 14:47, apastuszak at gmail.com wrote:

>How are Canadian mortgages calculated?
>
>Andy
>
>Sent via BlackBerry by AT&T
>
>-----Original Message-----
>From: Rod Janes <rod.janes at gmail.com>
>
>Date: Sat, 10 Nov 2007 07:46:30 
>To:moneydance-info at moneydance.com
>Subject: [moneydance] Canadian Mortgage Calculation
>
>
>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
>
>The Janes
>Ottawa, Canada
>
>
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-- 
Lloyd Jones
e-mail lloyd.jones at telus.net