[GNC] Canadian Mortgage

[Stan Brown]

On 2022-01-31 07:00, Michael or Penny Novack wrote:
> 
> Speaking as somebody who has written software to produce mortgage
> amortization tables, don't sweat it. It would be close to impossible for
> you to exactly match what the bank has. The problem is that there are
> simply too many places where assumptions being made, where rounding, how
> to treat the odd amount at the end, etc. for example, that an exact
> match cannot be expected.

It may not be as dire as that. I use a simple Excel workbook that I
wrote, and it has matched every computation in my last four mortgages to
the penny. I use ROUND(Balance*AnnualInterestRate/12, 2) to compute the
interest.

I don't deny that assumptions must be made, but perhaps consumer
protection legislation in the US, a/k/a "Truth in Lending", has reduced
the number of possibilities. With my latest mortgage I received a full
amortization table, so I was able to verify my workbook immediately,
without waiting for monthly statements.

Unfortunately, while GnuCash could handle my original mortgage, it
couldn't handle the refinanced mortgage, so every month I have to
transfer figures from my Excel workbook. That's just a minor
inconvenience, so I haven't felt motivated to spend time tweaking the
scheduled transaction.

-- 
Stan Brown
Tehachapi, CA, USA
https://BrownMath.com