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?
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.
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!
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.
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.
I can't believe this doesn't exist already. It's basic functionality. If you're going to market a Canadian financial product, it absolutely should reflect Canadian standards. To say that more "votes" are required before core functionality is even considered for introduction into a product is ridiculous.
This is a significant flaw in the product, not merely a suggestion for potential improvement.
I think it would be a helpful addition to our Canadian customers' Quicken versions, both Mac and Windows, if the Loan Wizard would correctly support the specifics of a Canadian mortgage.
Everyone,
including the person who initiated this discussion …
If you would like to see this enhancement made in a future version of Quicken
please don't forget to vote on it. Locate the big blue box near the top of this
webpage (or page 1 for long discussions) and click the "Up" triangle
under the voting count.
Wait a moment for the vote count to be registered and updated before you
continue.
The little triangle changes from grey to black when you have registered your
vote.
Adding extra comments helps, but does not automatically increment the vote
count.
Quicken is sold in Canada and I would expect that it's Canadian version contains the features matching the Canadian market. Selling the US version just rebranded is wrong. The mortgage issue is just one. To this date Canadian version doesn't support multi currency that is very common for Canadian users. Charging the full value and labeling basic functionalities as the "ideas" for enhancement is wrong.
I purchase this software to do all of my banking. I just renewed my mortgage and noticed that Quicken doesn't calculate or even offer the option for accelerated payments. Canadians should be getting this software at a discounted prices as we cannot do the same as our US neighbors. How many other features are not accurate for Canadians? Please have this issue moved back up to get looked at and fixed.
A year later... hey, I am looking at least for a work around for the mortgage issue (just was able to secure one. Yea!) until it is fixed for Canadian mortgages.
@Kumar H I'm still not clear on what specific functionality is required for Canadian mortgages. However, I think manually managing a mortgage in Quicken is, while not ideal, not too difficult. Assuming you get an amortization schedule from your bank, or can generate on from a website for calculating Canadian montage amortization, print out the schedule.
in Quicken, create a liability account for your loan, with the opening balance being the loan amount or current balance. In your checking account, enter a transaction for your monthly payment, with split lines for interest expense and a transfer to the liability account (the principal payment amount). Click on this transaction and create it as a scheduled monthly transaction. Each month, you'll click on the next scheduled (gray) transaction in your register and click "Paid". Each month, or every few months, double click on each loan payment transaction in your register and edit the split amount per the amortization schedule. Yes, this takes a few seconds per month rather than having Quicken calculate the correct value for you automatically — but in about 5 minutes per year, you're tracking your interest payments and outstanding loan balance in Quicken.
Quicken Mac Subscription • Quicken user since 1993