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Canadian Mortgage Calculations

Hi all;

I'm messing around with a Canadian mortgage program written in Delphi (of
course) and i have the code working fine to figure out the monthly payment
amount using the following formula and code;

The formula;
(P*((1+i/200)^(1/6)-1)/(1-((1+i/200)^(1/6))^-(n*12)))

The Code;

P := MortgageLoanAmount+CMHCLoan; // Principle loan amount
i := InterestRate;            // Interest rate
n := MortgageTerm*12;         // Number of months

t1 := 1+(i/200);
t2 := (1/6);
t3 := Power(t1,t2)-1;

t4 := Power(t1,t2);
t5 := 1-(Power(t4,-n));

payment := P*(t3/t5);

|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||\

What i'm trying to sort out from this, is the amount of principal, and the
amount of interest each month. I have lots of ideas on what to do with this
info, just need to sort it out. Has anyone done any amortization stuff for
Canadian mortgages before (its not the same as a US mortgage) that they
could email me? I would really appreciate it.

Meanwhile i will keep plugging away at numbers here and see if i can make
heads or tails out of it.. the puzzle continues..

Thanks

Doug.

 

Re:Canadian Mortgage Calculations


oop.. sorted it out.. nm.

Quote
"Drakor's News" <dra...@telus.net> wrote in message

news:qp%l6.3$24.7543@news0.telusplanet.net...
Quote
> Hi all;

> I'm messing around with a Canadian mortgage program written in Delphi (of
> course) and i have the code working fine to figure out the monthly payment
> amount using the following formula and code;

> The formula;
> (P*((1+i/200)^(1/6)-1)/(1-((1+i/200)^(1/6))^-(n*12)))

> The Code;

> P := MortgageLoanAmount+CMHCLoan; // Principle loan amount
> i := InterestRate;            // Interest rate
> n := MortgageTerm*12;         // Number of months

> t1 := 1+(i/200);
> t2 := (1/6);
> t3 := Power(t1,t2)-1;

> t4 := Power(t1,t2);
> t5 := 1-(Power(t4,-n));

> payment := P*(t3/t5);

> |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||\

> What i'm trying to sort out from this, is the amount of principal, and the
> amount of interest each month. I have lots of ideas on what to do with
this
> info, just need to sort it out. Has anyone done any amortization stuff for
> Canadian mortgages before (its not the same as a US mortgage) that they
> could email me? I would really appreciate it.

> Meanwhile i will keep plugging away at numbers here and see if i can make
> heads or tails out of it.. the puzzle continues..

> Thanks

> Doug.

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