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From: clarke@utcs.UUCP (Jim Clarke)
Newsgroups: can.general
Subject: Re: Canadian vs American Mortgage Calculation
Message-ID: <186@utcs.UUCP>
Date: Wed, 7-Nov-84 12:54:13 EST
Article-I.D.: utcs.186
Posted: Wed Nov  7 12:54:13 1984
Date-Received: Wed, 7-Nov-84 13:27:27 EST
References: <183@utcs.UUCP>, <1460@hcrvax.UUCP>
Organization: University of Toronto - General Purpose UNIX
Lines: 14

I wrote a small Fortran (!) program about nine years ago to calculate my
in-laws' mortgage.  Before doing so, I looked up a set of tables that were
published in Canada and made specific reference to (as I recall) Ontario's
regulations.  There was certainly no reference to the number of days in
each month or in the year; that must be a frill added since computing got
cheaper.  This book -- published around 1959, I think -- made a point of
showing how to calculate anyone's mortgage payments by hand from the
general cases tabulated.  (It certainly did not make a point of showing
the formulas used, and I had to do a fair amount of cogitation and
experimentation.  After a while I did manage to duplicate a table I
had for a particular mortgage as well.)

Conclusion:  things have changed in mortgage calculation, and you probably
have to check details carefully to reproduce a particular bank's tables.