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Canadian mortgage amortization (6 Legacy Votes)

Larry TurnerLarry Turner Member ✭
edited March 15 in Manage Accounts and Transactions (Mac)
How about adding Canadian mortgage amortization functionality to Quicken for Mac 2018! We had it for Quicken for Mac 2007. Now over 10 years ago! Really?
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  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited April 2018
    Can you explain how a Canadian mortgage differs from a US mortgage?
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Larry TurnerLarry Turner Member ✭
    edited April 2018
    Mostly in term of duration I believe. 2, 3, and 5 year terms are common in Canada but payments are amortized over 25 years (mostly, but can be as long as 30 years). The result is the mortgage needs to be refinanced at the end of term at a then prevailing interest rate. Unlike a US mortgage that might match term and amortization proving more certainty of payments and principal balances from time to time.
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited August 2018
    I believe there is also a difference in the way interest is calculated, e.g. compounded vs not, or periods used for compounding.
  • Larry TurnerLarry Turner Member ✭
    edited April 2018
    Not certain about in the US but in Canada mortgage interest is calculated semi-annually. So one must calculate an effective rate of interest that matches the payment frequency. This was all done (calculated automatically) in Quicken for Mac 2007. It would be great if this was programmed in to Quicken for Mac 2018. Please!
  • Quicken_NatalieQuicken_Natalie Moderator mod
    Hello All,

    This Idea seems to have fallen stagnant and due to the age of the request and lack of User Votes/Comments, it will be archived within the next 7 business days.

    If you would like to see this Idea kept alive and considered for possible future implementation in Quicken, be sure to add your vote and a comment explaining how this Idea would be beneficial for you.

    More information, including steps to vote and how to submit your own Ideas for future product features/improvements, is also available here.

    Thank you,

    Quicken Community Support Team

     
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited March 15
    This is absolutely needed. Because this is a request for a Canadian specific feature you should not expect a lot of votes to show up BUT this is about accurate calculation. It was available in QM2007 and earlier. It should be re-implemented. We Canadians need accurate mortgage calculations too, regardless of the number of votes. This affects ALL Canadian users that record mortgages in QMac.
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