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RBC mortgage calculator

RBC mortgage calculator online in Canada in 2022. How to figure out a mortgage loan yourself?

Your city
Bank
TD Bank TD Bank
TD Bank TD Bank
Royal Bank of Canada Royal Bank of Canada
Scotiabank Scotiabank
Bank of Montreal Bank of Montreal
Canadian Imperial Bank Of Commerce (CIBC) Canadian Imperial Bank Of Commerce (CIBC)
HSBC HSBC
Tangerine Bank Tangerine Bank
ATB Financial ATB Financial
Coast Capital Savings Coast Capital Savings
Calculation according to the real estate value
Calculation according to the loan amount
Calculate the mortgage
Interest rates are given in accordance with the rates of the bank in Ottawa as of 02.10.2022
Loan amount
i

Specify the desired loan amount

CAD
CAD
USD
50000 $
4000000 $
RBC mortgage calculator RBC mortgage calculator RBC mortgage calculator RBC mortgage calculator RBC mortgage calculator
Loan amount
i

Loan amount

CAD
CAD
USD
50000 $
4000000 $
Down payment
i

Specify the percentage of the down payment

%
$
5
50
Your loan amount
$
Loan term
i

Specify the loan term for the calculation

years
months
1
30
Interest rate
i

Choose the interest rate on the loan

0.2 %
6 %
Type of payments
i

Specify the type of payment for calculating

Fill out an application for a mortgage!
Fill out an application for a mortgage!

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

What is the RBC mortgage calculator?

Buying a home is a significant investment with many things to consider. RBC offers a variety of mortgage loans and has developed a loan calculator for these products to make it easier for borrowers and potential customers to access them.

Reference! All credit calculators found on the RBC Royal Bank website provide only preliminary results for informational purposes. The accuracy of the result depends on the correctness of the data you enter. A calculator can never replace professional advice from a mortgage specialist or be used as a commitment by the bank to disburse a specific loan. The bank must always obtain details after evaluating your credit file, risk profile, etc.

Why do you need the RBC mortgage calculator?

Taking out a mortgage loan is an equation with many unknown values, especially since it is usually a commitment with an extended amortization period. Therefore, even if you are very good at math, it's always handy to have an automated tool to compare against estimated results and make a weighted decision.

The RBC Bank mortgage calculators use precise formulas and save your time. You can simply go through the available mortgage products, enter the numbers you know, and get the result you can think about and discuss with your family, partner or advisor.

Suppose you are unsure which option is best for you. In that case, you can test different scenarios with different interest rates, amortization periods, and mortgage principal and find out what works best for your budget. Once you have enough information and are ready to discuss the details, you can apply to the bank and work with RBC Royal Bank's mortgage advisor to take a closer look at your loan prospects.

However, you must be aware that all mortgage calculators are for informational purposes only, and the results of the calculations have no legal effect as a real commitment from the lender to you.

How to use the RBC mortgage calculators?

  1. RBC’s mortgage payment calculator is offered in two forms: simple and advanced. The simple form starts with entering the mortgage amount, and you can optionally key in your down payment. Next, you'll see your projected monthly payment for a 25-year amortization period and the total interest cost of your loan.

The advanced option allows you to adjust:

As a result, you will see a map with the neighborhoods based on your selection and your preliminary monthly mortgage payment, plus the value trend.

The next step is to provide some details about your mortgage:

As a result, you will receive the estimated amount of the prepayment fee and the amount of monthly interest which would be charged for mortgage prepayment.

The following steps are:

What is RBC Prime Rate?

The prime rate is a flexible indicator that can change at any time. It is used to determine the cost of credit products to borrowers. It is a kind of benchmark. The current value can be viewed on the RBC website.
Does RBC offer 30-year amortization?

The standard amortization period is 25 years, but it is possible to choose a longer term of 30 years to obtain lower payments.

What mortgage can I get with a $70.000 salary in Canada?

This depends on many factors, including the type of home, location, down payment, type of interest, amortization, and customer credit score. It's best to consult with an RBC mortgage specialist, who will analyze your credit file in detail and provide you with accurate figures. Also, there are different products, and you could be offered several scenarios for your needs and available repetitions. And one more thing: in addition to your salary, you also need to know your expenses and your existing credit burden to be able to say something concrete.

What is the formula for a 30-year mortgage?

The indices considered are known from the loan product description and your loan calculation (mortgage amount, purchase price, equity, amortization period, interest rate and its type, property taxes, equity, payment frequency, costs, etc.). Specific formulas can be obtained from an RBC mortgage specialist.

A general mortgage formula can be used to calculate monthly payments for a 25- or 30-year fixed-rate mortgage:

Monthly Payments = L[c(1 + c)^n]/[(1 + c)^n - 1], where L is "loan," C is "interest per payment," and N is the "number of payments."