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  1. Tom Goebel

    Mortgage payments are slightly different in Canada then they are in the USA. difference is in the compounding convention used for amortization.
    Canada is on a semi-annual, meaning 2 times a year compounding calculation while the USA is on a monthly compounding meaning 12 times per year compilation. As an example, Canadian payments $1,426.56 (on 30-year, 4%, $300K loan) are slightly lower than on a USA by $6 in this example ($1,432.25) when doing an amortization schedule.
    The bigest difference is not in the minor interest upon interest calculation but on the availability in the USA to get a fixed rate 30 mortgage. In Canada, however almost all mortgages are limited to 5 years or less.

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