Comments on: Calculate Mortgage Rates with the Mortgage Calculator http://www.squawkfox.com/2009/07/12/mortgage-calculator-mortgage-rates/ Where personal finance & frugal living are sexy, delicious, and fun. Wed, 17 Mar 2010 23:20:03 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Fox http://www.squawkfox.com/2009/07/12/mortgage-calculator-mortgage-rates/comment-page-1/#comment-17420 Fox Thu, 16 Jul 2009 22:22:11 +0000 http://www.squawkfox.com/?p=1734#comment-17420 @Tax Guy It depends on your mortgage and if you're American or Canadian. In Canada, mortgages are compounded semi-annually with the exception of variable rate mortgages which are generally compounded monthly. In the US mortgages are generally compounded monthly. Also, the example calculator you link only assumes fixed rate, so consumers are painted a rosier picture. In my next update I'll add an option to compound monthly or semi-annually for flexibility. Thanks! @Tax Guy It depends on your mortgage and if you’re American or Canadian. In Canada, mortgages are compounded semi-annually with the exception of variable rate mortgages which are generally compounded monthly. In the US mortgages are generally compounded monthly. Also, the example calculator you link only assumes fixed rate, so consumers are painted a rosier picture. In my next update I’ll add an option to compound monthly or semi-annually for flexibility. Thanks!

]]> By: Tax Guy http://www.squawkfox.com/2009/07/12/mortgage-calculator-mortgage-rates/comment-page-1/#comment-17417 Tax Guy Thu, 16 Jul 2009 21:00:42 +0000 http://www.squawkfox.com/?p=1734#comment-17417 Your mortgage calculator does not calculate correctly. Canadian mortgages compound semi-annually and not monthly. In the above example, the actual monthly payment should be $1,798.79 and if it were paid weekly it would be ¼ of that or $449.70/week. You can verify my calculations by using the Vancity mortgage calculator at https://www.vancity.com/MortgagesRenos/MortgageCalculators/MortgageCalculator/ Your mortgage calculator does not calculate correctly.

Canadian mortgages compound semi-annually and not monthly. In the above example, the actual monthly payment should be $1,798.79 and if it were paid weekly it would be ¼ of that or $449.70/week.

You can verify my calculations by using the Vancity mortgage calculator at https://www.vancity.com/MortgagesRenos/MortgageCalculators/MortgageCalculator/

]]> By: dlm http://www.squawkfox.com/2009/07/12/mortgage-calculator-mortgage-rates/comment-page-1/#comment-17306 dlm Tue, 14 Jul 2009 15:00:32 +0000 http://www.squawkfox.com/?p=1734#comment-17306 Love your calculator. Do you have any advice on how to find a financial advisor/income tax preparer in B.C.? Love your calculator. Do you have any advice on how to find a financial advisor/income tax preparer in B.C.?

]]> By: Sagan http://www.squawkfox.com/2009/07/12/mortgage-calculator-mortgage-rates/comment-page-1/#comment-17257 Sagan Mon, 13 Jul 2009 18:06:20 +0000 http://www.squawkfox.com/?p=1734#comment-17257 Ooh what a cool idea! Also congrats on placing third :) Ooh what a cool idea! Also congrats on placing third :)

]]> By: derek http://www.squawkfox.com/2009/07/12/mortgage-calculator-mortgage-rates/comment-page-1/#comment-17184 derek Sun, 12 Jul 2009 19:09:10 +0000 http://www.squawkfox.com/?p=1734#comment-17184 Nice calculator. Another silly stat i like to calculate is how much of every dollar paid goes to interest vs. mortgage right now. I used that tool to show coworkers how just a little more now saves lots later. I wanted to see a minimum of $0.50 on the dollar to principal before i bought a new house. Currently just over $0.85 per dollar going to principal thanks to our 'free' interest rates! DH Nice calculator. Another silly stat i like to calculate is how much of every dollar paid goes to interest vs. mortgage right now. I used that tool to show coworkers how just a little more now saves lots later.

I wanted to see a minimum of $0.50 on the dollar to principal before i bought a new house. Currently just over $0.85 per dollar going to principal thanks to our ‘free’ interest rates!

DH

]]>