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Joined 1 year ago
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Cake day: August 6th, 2023

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  • You are correct, the interest rate should be (1 + r / n)^n(t) - 1, where r = interest, n = number of periods, t = terms. This is handled by the PMT function in sheets and only requires the rate to be entered as r/n or 5.84/12. I did an earlier version of the chart without the cmhc interest included and it was producing spot on values that matched agaisnt other available mortgage calculators. My issue comes when adding in there cmhc amount. At this point the chart works as a quick reference, which is what I was looking for, but it would be good to get it right.