RBC Royal Bank Mortgage Payment Calculator
RBC is the largest mortgage lender in Canada, and it has a variety of mortgage products and programs to serve Canadians. Our RBC mortgage rates page and our mortgage payment calculator allows you to see how much you can save by changing your amortization and the difference that payment frequency can make on your payments.
| Term | Rate | Monthly Payment |
|---|---|---|
1-Year Fixed | 6.79% | $2,750 |
2-Year Fixed | 6.39% | $2,653 |
3-Year Fixed | 5.55% | $2,453 |
4-Year Fixed | 5.29% | $2,393 |
5-Year Fixed | 5.14% | $2,358 |
5-Year Variable | 6.89% | $2,775 |
7-Year Fixed | 5.90% | $2,535 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.
Mortgage Programs
RBC Fixed-Rate Mortgages
RBC Royal Bank Fixed Rate Mortgages reduce the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.
RBC Variable-Rate Mortgages
RBC Royal Bank Variable Rate Mortgages provide you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if their prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.
RBC Self-Employed Mortgage
Mortgage lenders can be more hesitant towards those that are self-employed as their incomes can be more uncertain and unstable. RBC provides a mortgage product that targets specifically those that are self-employed by allowing applicants to use their income from their business when being considered for a mortgage. RBC does require a good credit history and they also require a recent Notice of Assessment.
If you have sufficient personal income, then no mortgage default insurance is required for loan-to-value ratios below 65%. If you do choose to opt for mortgage insurance, then you can borrow up to an LTV of 95% depending on the home price. If the loan-to-value ratio is above 65% and you need to use your business income for your application, RBC requires default insurance which will be subject to mortgage insurance premiums. A maximum LTV of 90% is available for the Self Employed Mortgage, while up to 80% when refinancing your mortgage.
First-Time Home Buyers
First-time homebuyers are those who have never purchased a home before, and they must also have not occupied a home owned by themselves or their spouse or common-law partner in the last four years. Those who have divorced will qualify as a first-time homebuyer, even if they have purchased a home previously with their spouse.
RBC Mortgage Payment Options
Payment Schedule
RBC allows you to change your mortgage payment schedule at any time and provides options from weekly, bi-weekly, semi-monthly, and monthly payments. Accelerated weekly and accelerated bi-weekly payment options allow for the equivalent of one additional monthly payment every year, effectively reducing the amortization of the mortgage and saving you potentially thousands of dollars in interest. You can also select the date that your mortgage payment is due, creating choice and convenience.
Mortgage Prepayments
Mortgage prepayments are applied directly towards your mortgage principal, which means that your mortgage will be repaid faster and that you will be paying less interest over the life of your mortgage. If you have an open mortgage, you can make an unlimited number of prepayments at any time, provided that they are at least $500 each. If you have a closed mortgage, you can make a mortgage prepayment of 10% of the original mortgage principal once every 12 months. You can also make a mortgage prepayment when renewing your mortgage.
| Bank | Prepayment Limit* |
|---|---|
RBC | 10% |
TD | 15% |
Scotiabank | 15% |
CIBC | 20% |
BMO | 20% |
HSBC | 20% |
*For reference only. Your prepayment limits may be higher or lower depending on the specific terms of your mortgage agreement.
Double-Up Mortgage Payments
This gives you the option to make a mortgage prepayment as a one-time payment or for every payment. This mortgage prepayment is directly applied towards your mortgage principal and can range between $100 up to the original regular payment amount. Making just a $100 Double-Up prepayment every month can translate into thousands of dollars in interest saved over the life of a mortgage, and it also means that your mortgage will be repaid faster.
Skip-A-Payment
RBC allows you to skip a monthly payment once every 12 months, which can be equivalent to four consecutive weekly payments or two consecutive bi-weekly payments. This mortgage payment deferral option gives you flexibility in times when money might be tight and gives you leeway if you are struggling to make a one-off payment. This deferral is only for the mortgage principal and interest amounts. Insurance premiums and property tax will still be due as usual.
While this does give breathing room during difficult times, it does mean that you will have to pay more in the long run. The interest portion of the deferred payment is added to your mortgage balance, which will mean interest will start accruing on that amount. However, you can always repay the skipped payment amount. If you have made Double-Up prepayments, you can also skip payments up to the amount of your Double-Up prepayments.
