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Peter,
You do have the option to change to different compounding terms. I do not see half yearly in arrears, although I do see half yearly. It is pretty sophisticated. And I don't know how versed you are in math or calculating these, but you can actually create your own mortgage calculations if you wanted.
Also remember the program is free, I would suggest downloading it and trying it out, worst case you don't like it and you uninstall it. I promise even if it does not fit what you are looking for, you will not understand why such a great program is free.
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