Loan Payment Calculator

Calculate your loan payments and estimate the insurance cost to add LoanProtector^® life and disability insurance coverage to your RBC Royal Bank^® personal loan.

* Required Information

Loan Details
* How much would you like to borrow?	$
* Type of Loan:	Type of Loan Select... Fixed Variable
Type of Loan A fixed rate term gives you the security of knowing that your rate and amortization will not change during the term of the loan. A variable rate term gives you the opportunity to reduce your amortization and save interest in the long run if interest rates fall. A variable rate is based on our prime rate and will change when our prime rate changes. Find out more
* Loan Repayment Period:	Loan Repayment Period Select... 1 2 3 4 5 6 7 8 9 10 years
Loan Repayment Period Select the number of years you would like to take to repay the loan. Be sure to consider the useful life of the asset being purchased so you don't end up making loan payments later on, for something that is worth less than the outstanding loan balance.
* Payment Frequency:	Payment Frequency Select... Monthly Semi-monthly Bi-weekly Weekly
Payment Frequency Choosing to repay your loan more frequently will reduce the amount you pay in interest costs over the life of your loan.
* Interest rate:	%
Interest rate When you borrow money, the interest rate depends on the interest rate the lender offers, the term, and the security provided. Learn more

LoanProtector Life and Disability Insurance

LoanProtector insurance is a low cost solution that provides you with life and disability insurance on your RBC Royal Bank personal loan. Learn more

 

LoanProtector insurance acts as a financial safety net by paying off or reducing the outstanding insured balance of your personal loans and lines of credit in the event of your death. And, if you become disabled, it can help maintain your regular loan payments and pay a percentage of your qualifying credit line balance for up to 24 months.

 

To estimate the LoanProtector premium for the amount you would like to borrow, we need to know your age range and if you will be completing a single or joint loan application (note: in the case of joint coverage, please provide the age range of the oldest insured borrower).

LoanProtector Information
* Will you complete a single or joint loan application?	Will you complete a single or joint loan application? Select... Single Joint
Will you complete a single or joint loan application? You may apply for LoanProtector insurance with up to one co-applicant (also known as a joint application). We'll need to know the age range for the eldest insured borrower in order to estimate the LoanProtector premium amount.
* Age Range of Eldest Borrower: . of the eldest borrower.	Age Range of Eldest Borrower Select... Less than 31 31 - 35 36 - 40 41 - 45 46 - 50 51 - 55 56 - 60 61 - 65 66 - 69
Age Range The LoanProtector premium rates are estimated based on the age range selected for the borrower, or in the case of joint coverage, the age range selected for the eldest insured borrower. When you apply for the loan, the insurance cost is calculated using the premium rates based on your age (or the age of the eldest insured borrower) and the loan balance at the date your payment is due. Your total loan payment remains the same for the duration of your term. The insurance portion of the loan payment, however, decreases as the outstanding loan balance declines.

 

Warning

If you cancel your application all information will be lost. Are you sure you would like to cancel?

Yes, Cancel No, Continue

 

Personal lending products are offered by Royal Bank of Canada and are subject to credit approval.

The calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice, and should not be relied upon in that regard. Actual results may vary, perhaps to a large degree.

Royal Bank of Canada uses reasonable efforts to include accurate and up-to-date information in this calculator, but cannot guarantee that all information is accurate or complete or current at all times. You should speak with one of our credit specialists before making a final decision on a loan or line of credit to ensure it meets your overall financial needs.

Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.

LoanProtector insurance coverage is governed by the terms and conditions of two creditor's group policies, #G28444 for life insurance and #H28445 for disability insurance issued to Royal Bank of Canada by The Canada Life Assurance Company.