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RBC loan calculator

RBC loan calculator online in Canada in 2022. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.

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Royal Bank Of Canada Royal Bank Of Canada
Royal Bank Of Canada Royal Bank Of Canada
TD Bank TD Bank
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Calculate the loan
Interest rates are given in accordance with the rates of the bank in Ottawa as of 02.10.2022
Loan amount

Specify the desired loan amount

5000 $
50000 $
Loan term

Specify the loan term for the calculation

Interest rate

Choose the interest rate on the loan

1 %
15 %
Fill out an application for a loan!
Fill out an application for a loan!

Take advantage of our loan selection system with a free credit rating check!

What is the RBC Royal Bank loan calculator?

Royal Bank of Canada is one of the top financial institutions in Canada. It is reputable and reliable for its shareholders and customers, as its more than 150-year history confirms.

It offers modern online banking services for browser login and mobile apps for Android and iOS users. In addition, all financial transactions and monitoring are available in one place, anywhere.

RBC Royal Bank offers:

As a traditional bank, RBC Royal Bank has a network of branches and its own ATM network available to customers. But, of course, even the best website or mobile banking can not answer all questions for personally tailored situations of customers, so RBC Royal Bank has various contact options: phone calls, contact forms, and appointments.

Another practical tool RBC Royal Bank offers is a flexible loan calculator. As loan rates and conditions vary depending on the product, the bank's loan calculators give you an idea of your payments and the total loan cost.

General information is openly provided on the bank's website. For example, mortgage rates vary from 4.540% under a special offer for two years to 5.370% APR for common terms. The variable interest rate for five years starts at 3.350%, but as you know, such rates are subject to change from the prime rate. Unlike fixed-rate, its future change is uneasy to predict. You can input this information into its calculator.

RBC calculators

There are different types of loans, and behind each loan is a specific loan product with its requirements and ratios that must be considered when calculating your monthly payment for mortgages and other loans. For this reason, the Royal Bank of Canada has developed separate loan calculators for different loans. They help not confuse which information is relevant for a specific loan and which is not.

There are loan calculators to help you analyze your loan prospects from different angles:

RBC offers several helpful tools that will be helpful when evaluating mortgage options:

Why do you need an RBC calculator?

The main reason to use Royal Bank of Canada's loan calculators is to save time and get an indication of what you can afford, convenient interest costs, total interest costs, mortgage payment, minimum down payment, mortgage insurance, mortgage principal, and what loan product (personal loan, mortgage, etc.) might suit you in less than a minute. Manual calculations take much longer and require the use of formulas. Before visiting the nearest branch, you can evaluate mortgage products remotely. It is convenient for home buyers to test fixed rates, variable rates, and home prices using a payment calculator for mortgages.

How to use an RBC calculator?

The bank has a mortgage loan calculator that works very simply. You simply enter your estimated loan amount and click "Calculate" to see how much money you can borrow. In a few seconds, you will see your preliminary monthly, bi-weekly payment and other fields you can fill in for a more accurate result. It is possible to add down payment details and recalculate the result for mortgage loans. You can see the interest cost and term of the loan, view the results in a repayment graph, and also edit and recalculate the details of your mortgage, including amortization (years and months), payment frequency, type of interest rate, and interest term (years and months). After testing the mortgage cost estimate, you can also get pre-qualified for the loan.

The rest of the RBC calculators work on the same principle: choose the type you need, enter the data, make a correction if necessary, and get your approximate result.

The bank states that one of their calculators' features is that you can find out what you can afford in less than one minute. According to legal disclaimers, every calculator on the Bank of Canada website is provided for general information purposes. Due dates, actual payments, total costs, types of mortgages available to you, precise mortgage amount, monthly payments, actual interest rate amount of disability insurance you can get from professional advisors of the bank and other professional advisors of Canada life assurance company, etc.

How much RBC Royal Bank allows you to borrow?

With RBC's investment property mortgage product, you can obtain financing for up to 80% of the appraised value of your rental property. This requires a new appraisal notice and other documents to verify this amount and determine eligibility.

How is an RBC mortgage calculated?

RBC mortgage is calculated depending on your financial situation and what you can afford. In other words, the banks of these prestigious groups offer flexible financing solutions but have pretty strict requirements for their lenders.

Mortgage terms depend on the type and use of the property being financed. For example, it depends on whether it is your first home or a vacation home, etc. Legal disclaimers inform that precise information about loan products should be received at the bank. In Canada, a mortgage is calculated as the purchase price of a home minus the down payment. Mortgage loan insurance and the annual interest are added. The most common amortization period is 25 years.

Is it hard to get approved for an RBC mortgage loan?

If you meet the lender's criteria, it is realistic to be approved by the lender, plus there is a pre-approval process and consultations. One has to have a good credit history of borrowing money from RBC. Loan calculators from the Royal Bank of Canada can not be used as a guarantee of exact interest rate or loan approval, as mentioned in the disclaimer.

In RBC, loan pre-approval is a straightforward three-minute-long process. You will be asked to provide personal financial information such as income, debt, and assets. A credit bureau report is indispensable as well. This information is crucial for the lender's tentative assessment of how much it would be willing to lend you for a home purchase. Pre-approvals are subject to the client's continued good credit. Generally, pre-qualification is done over the phone or online and often at no cost. A mortgage specialist will advise you on the papers and the procedure. Note: A pre-qualification is not a guaranteed loan.