mortgage payments: split between principal and interest?

Ian Merrithew ian.merrithew at ieee.org
Mon Feb 23 20:17:01 EST 2009


What I've done with my mortgage, also being Canadian (ergo the mortgage druid 
is no use to me), is download a full amortization schedule from an online 
calculator. Then, in my scheduled transaction editor, I have a biweekly 
transaction set up with default values. After it goes in, I manually correct 
the values by looking up the correct ones from my schedule.

One such mortgage calculator can be found here:

http://www.investorsgroup.com/english/prodServices/finCalc/mortLoan.shtml

You won't get a 100% match this way depending on the dates of your mortgage, 
though. That is, what the online calculator says your remaining balance 
should be after "X" payments may not be what you actually have left. In my 
case the error at the end of 2008 was less than $10, so no big deal.

-- 
Ian Merrithew - ADM Systems Engineering
ian.merrithew at ieee.org


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