Chris writes: > On Wed, 1 Nov 2006, Smylers wrote: > > > Dmitri Tikhonov writes: > > > > > I intend to write a new module, Finance::MortgageCalculator, with the > > > express purpose of calculating mortgages. Does anyone foresee any > > > problem with the name? > > > > Which country's mortgage markets are you familiar with? Do you have > > confidence that whatever calculations you are doing will be > > appropriate in other countries? > > What are the differences likely to be encountered in other countries?
I don't know what countries other than the UK do, so I wouldn't know what the differences from elsewhere are. But I have friends and work colleagues who've moved here from other countries and asked about how mortgages work in this country, and found them different. And I do know that in the UK you have to take the mortgage provider into account: different providers have different way of converting headline interest rates into monthly payments. Exactly how they do this (and how they are permitted to do it) has had several changes over the past decade or so (and probably before). At least many of those changes are prompted by the financial regulators, who outlaw certain practices or insist on things being done in particur ways. I would be surprised if each country's regulators were imposing exactly the same restrictions simultaneously. > Isn't a basic mortgage calculation based on principle times interest, > and then determining monthly payments? Ah, if the module is just doing a basic interest calculation, then yes, that's just a simple matter of mathematics. But in that case I reckon Finance::LoanCalculator or Finance::InterestCalculator would be a better name, because it isn't including any of the aspects which make a mortgage distinct from any other sort of loan. Smylers
