Correct Canadian Mortgage calculation

GoneCamping's Avatar

GoneCamping

04 Feb, 2023 04:37 PM

So, yet another major Moneydance update rolled out this week, and we still don't have this feature (which, honestly, is a BUG, if you think about it: a PAID financial tool that gives the wrong info.)

A simple search for "Canadian mortgage" in the InfiniteKind forums/discussions shows that this request has been an ongoing discussion for the past 13 or 14 years, still with no explanations as to why discussion threads are simply closed, and nothing is done.

This is not rocket science to implement... Basically, keep the current assumptions (compounding period, etc.) for those that are OK with them, but allow an "advanced" UI dialog that would allow other users that have other needs to specify their specific amortization parameters (compounding period, weekly rate calculations based on 7/365th of the annual rate as opposed to 1/52nd, etc.)

There are TONS of sites on the web that show how this is calculated, and I even provided an Excel spreadsheet in the past that shows this (see: https://infinitekind.tenderapp.com/discussions/suggestions/14301-canadian-mortgage-calculation)

I will no longer be updating my license to MoneyDance until this gets resolved, and remain at the latest supported version allowed by my current licence. I've supported MoneyDance all these years, but at some point, if the tool doesn't do what I need it to do, what's the point in paying for it?

  1. System closed this discussion on 06 May, 2023 04:40 PM.

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