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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