[GNC] Canadian Mortgage

[R. Victor Klassen]

My experience is that if I do interest compounded semi-annually, and the right payment frequency, the interest/principal breakdown still doesn’t match the bank’s, because they say compounded semi-annually on the mortgage documents, but then they calculate what the equivalent is and calculate it with every payment.  Mine has always been monthly, and months have varying lengths, so your mileage may be better, where you are paying every 14 days.

> On Jan 30, 2022, at 3:08 PM, Derek Atkins <derek at ihtfp.com> wrote:
> 
> Hi,
> 
> On Sun, January 30, 2022 2:13 pm, Al Maloney wrote:
>> How can I use gnuCash for a Canadian mortgage?
>> 
>> I need:
>> 1) frequency of payments as bi-weekly (not semi-monthly)
> 
> On the Loan Repayment page, select:
> Frequency: Weekly
> Every 2 weeks
> 
>> 2) a compounding period of 6 months
> 
> If you know what the (libre)office PMT() invocation would be, then you can
> program GnuCash similarly because the pmt functions behave the same way.
> I can't tell you off hand how to do it, though.  You might be better off
> just supplying the "Interest Rate", but you're right, there is no "APR
> Compounded every 6 months" setting.  Please file an RFE in Bugzilla to get
> that added.
> 
>> These are not available in version 4.9-1 Actions->Scheduled
>> Transactions->Mortgage & Loan Repayment
>> 
>> I am using macOS 10.14.6 or macOS 12.2
> 
> Good Luck,
> 
>> Al Maloney
>> Velox Versutus Vigilans
> 
>> Please remember to CC this list on all your replies.
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> 
> -derek
> 
> -- 
>       Derek Atkins                 617-623-3745
>       derek at ihtfp.com             www.ihtfp.com
>       Computer and Internet Security Consultant
> 
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