GNUCash and Canadian (Ontario) Mortgages

Mark Johnson mrj001 at
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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