GNUCash and Canadian (Ontario) Mortgages
mrj001 at shaw.ca
Fri Oct 13 23:09:05 EDT 2006
Cam Ellison wrote:
>Canadian mortgages are calculated "semi-annually, not in advance".
That's close to what mine says. It uses the word "compounded" and does
not specify how often interest is calculated. It also doesn't say how
they determine the balance to charge the interest on each six months.
That's what took so long with the spreadsheet - trying out different
scenarios until I got numbers close enough to theirs to decide I had the
right idea. It seems to be based upon the average balance of the
previous six months, suggesting that the interest is calculated monthly
but compounded semi-annually.
I don't know if different mortgages differ in these details. I agree -
a spreadsheet is required.
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