Forum Discussion
Excel - formula for a mortgage payment for a Canadian Mortgage
Looking for a payment formula to calculate a payment for a canadian mortgage
Hi, thanks for this. This payment function works well for mortgages outside of Canada. In Canada, with the exception of variable rate mortgages, all mortgages are compounded semi-annually, by law. This has an impact on the outcome.
My apologies, I was not aware that Canadian Mortgages were compounded semi-annually. Perhaps this may help:
https://www.exceltip.com/excel-financial-formulas/calculating-canadian-mortgage-payments.html