Support for different loan calculations (compounding periods, etc.)

GoneCamping's Avatar

GoneCamping

20 Apr, 2024 05:47 PM

Just a heads up for any Canadian who wants to use Moneydance and track their loans/mortgages... v2024.1 is now out, but a major problem is still not resolved, even though this has been ongoing for the past 15 years, at least. Canadian mortgages are NOT calculated the same way as US ones, and the solution to this is quite simple: keep the default calculations as they are today for US users, but offer an "Advanced" dialog that allows users to change the assumptions made when calculating loans/mortgages/etc. Compounding periods, etc. should be changeable if one so desires (such as for Canadian mortgages.) The math behind all of this is ALREADY there in the code, it's just there are too many assumptions, which should be modifiable as (and if) needed.

Here is just a sample of the various tickets/discussions over the years from various users (including myself) about this. Note how far back this goes, and how InfiniteKind just closes them and ignores the whole thing.

https://infinitekind.tenderapp.com/discussions/suggestions/15561-correct-canadian-mortgage-calculation
https://infinitekind.tenderapp.com/discussions/suggestions/14301-canadian-mortgage-calculation
https://infinitekind.tenderapp.com/discussions/suggestions/13093-mortgage-compounding-interest-custom-options
https://infinitekind.tenderapp.com/discussions/suggestions/1293-allow-specifying-loan-interest-compound-periods

I will NOT be updating to v2024-1, as 2023 works fine for me, even though I have to manually change my weekly mortgages payments using values from an Excel spreadsheet for the few remaining years of it.

Also, several (if not most) Canadian banks are not supported by direct online account downloads, but QFX imports ARE supported if your bank supports exporting transactions in that format. I don't believe this is a Moneydance issue, it's the Canadian banking industry that does not allow this type of 3rd party connection for security reasons.

  1. 1 Posted by jpx_6 on 11 Jul, 2024 05:18 AM

    jpx_6's Avatar

    Hi Dev Team or system, Do we have any update on this matter. Is it feasible for moneydance to implement the fix or you do not have resources or its not a big flaw for your team. I would just like to know the answer so that i can make my decision whether to stay with you or try and find new app. Yours long time user and supporter!

Reply to this discussion

Internal reply

Formatting help / Preview (switch to plain text) No formatting (switch to Markdown)

Attaching KB article:

»

Attached Files

You can attach files up to 10MB

If you don't have an account yet, we need to confirm you're human and not a machine trying to post spam.

Keyboard shortcuts

Generic

? Show this help
ESC Blurs the current field

Comment Form

r Focus the comment reply box
^ + ↩ Submit the comment

You can use Command ⌘ instead of Control ^ on Mac