Variable Rate Mortgages

With an RBC Royal Bank variable rate mortgage, your payment amount stays fixed for the term; however, the interest rate will fluctuate with any changes in our prime interest rate. This means that while your monthly payments will remain the same, if our prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest cost.

Our Variable Rate Mortgage is Convertible!

A convertible mortgage can be converted to another term at any time. This feature provides you with security and flexibility, as it enables you to convert should your variable mortgage no longer meet your financial goals.

A variable rate mortgage could save you thousands of dollars in interest costs.

In addition to generally offering the lowest mortgage rate available, a variable rate mortgage could potentially save you thousands of dollars in interest costs over the life of your mortgage. For details, see The Variable Rate Advantage.

Compare Current Variable vs. Fixed Mortgage Rates

Closed vs. Open Variable Rate

The table below illustrates prepayment options for an RBC Royal Bank variable rate mortgage:

For more information refer to Closed, Convertible and Open mortgages.

Variable Rate Mortgage Features and Benefits

• Competitive Interest Rates. Variable rate mortgages typically offer a lower interest rate than fixed rate mortgages. As interest rates decline, you'll also be able to pay off your mortgage faster and save money on reduced interest costs.
• Fixed Payments for the Mortgage Term. This holds true even if interest rates rise, as long as your payment is sufficient to cover the interest cost.
• Pay Down Your Mortgage Faster. Reduce the number of years it takes to pay off your mortgage and enjoy substantial savings by Increasing Your Monthly Payments, Making Double-Up^® Payments, Accelerating Your Payment Schedule, Making Principal Prepayments and more!
• Other Flexible Payment Options. Also enjoy features such as Skip-A-Payment^® and our Mortgage Add-On feature.

Talk to a Mortgage Specialist

RBC Royal Bank mortgage specialists are available to answer your questions about our variable rate mortgage solutions, 24 hours a day, 7 days a week. Speak to a mortgage specialist at any RBC Royal Bank branch or in your home or workplace.

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^†Interest rate is compounded monthly, not in advance. This rate may change at any time without notice. Royal Bank of Canada prime rate is an annual variable rate of interest announced by Royal Bank of Canada from time to time as its prime rate.

* Interest rate compounded half-yearly, not in advance. Interest rates are subject to change without notice at any time.

^‡The annual percentage rate (APR) is based on a $100,000 mortgage for the applicable term assuming certain cost of borrowing charges (for example, appraisal fees). If there are no cost of borrowing charges, the APR and the interest rate will be the same.

1. APR 4.64% based on today's Royal Bank of Canada Prime Rate of 4.00%.

2. APR 4.89% based on today's Royal Bank of Canada Prime Rate of 4.00%.

3. APR 6.17%. Offer expires December 31, 2008.

For mortgages approved on or before December 31, 2008 funds must be advanced within 90 days of date of application in order to qualify for the Special Offer rate. Offer may be changed, withdrawn or extended at any time, without notice.

Applicable to residential mortgages only and subject to Royal Bank of Canada lending criteria for residential properties. Some conditions apply. Rates shown for the applicable term are Royal Bank of Canada's special discounted rates and are not the posted rates of Royal Bank of Canada. Offer may be changed, withdrawn or extended at any time, without notice.
^® Registered trade-mark of Royal Bank of Canada