Canadian mortgage amortization (6 Legacy Votes)

Unknown

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?

mshiggins

Can you explain how a Canadian mortgage differs from a US mortgage?

Unknown

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.

smayer97

I believe there is also a difference in the way interest is calculated, e.g. compounded vs not, or periods used for compounding.

Unknown

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_Natalie

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.

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Quicken Community Support Team

smayer97

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.

TommyFM

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.

UKR

I'll add my 2cents (US) ...

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 …
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Adding extra comments helps, but does not automatically increment the vote count.

Unknown

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.

smayer97

Meanwhile, be sure to add your vote above if you have not already.