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Default insurance applies if your down payment is less than 20% of the purchase price. Low down payment mortgages must be insured to cover potential default of payment. Mortgage default insurance is a one-time premium paid when your purchase closes. You can pay the premium or add it to the principal amount of your mortgage. Talk to your mortgage specialist to find out which option is best for you.
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Note: When recalculating with different input scenarios, any previous anniversary payments, Double-Ups®, payment increases, or Skip-A-Payments® will be cleared.

Payment Options

A great way to save on interest costs and reduce the life of your mortgage is by taking advantage of one of the pre-payment options below.*

Expand collapsed content Collapse explandable content Anniversary Payment
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You may prepay up to 10% of the original principal amount of your mortgage once in every 12-month period*. The prepayment is applied directly to the principal of your mortgage.
* Assumes a closed mortgage term
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The Double-Up option gives you the flexibility to prepay any amount between $100 and the equivalent of the principal and interest portion of your regular monthly mortgage payment on any or every payment date. Your Double-Up payment is applied directly against the principal balance of your mortgage, which reduces the time it takes to pay off the mortgage and saves you interest costs.
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Once in each 12-month period, you can choose to increase the amount of your mortgage payments by as much as 10%, without administration fees and the increased payment amount goes directly toward reducing your principal. You continue these increased payments for the remainder of the term, unless you wish to increase them again after another 12 months.
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Once every 12 months you have the option to skip the equivalent of one monthly mortgage payment (principal and interest). You will still be responsible for paying your usual insurance premiums and property tax installments, where applicable.

By taking advantage of Skip-A-Payment, you may significantly increase interest costs over the life of your mortgage, so it's important to carefully evaluate your financial situation and priorities with your RBC Royal Bank® mortgage specialist before exercising this option.

*Excluding Skip-A-Payment option

Mortgage Protection

Would your family be able to keep making mortgage payments without your income?

HomeProtector ® insurance coverage is a smart way to help ensure your family will have financial help to take care of your mortgage. Answer 3 short questions below to get an idea of how much this protection might cost.

Note: Critical illness insurance is not available for borrowers over age 55. If you are over the age of 55 and are refinancing or adding on to an existing insured mortgage, you may qualify for prior critical illness coverage recognition
Note: If you are between the ages of 66 and 69, you may only apply for HomeProtector insurance if you are refinancing or adding on to an existing insured mortgage.
What type of coverage do you need?
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Can pay off or reduce your mortgage should you pass away. Can also pay off or reduce your mortgage should you suffer a covered critical illness.

Can pay off or reduce your mortgage should you pass away. Can also pay all or a portion of your regular mortgage payments, in the event that your doctor says you are unable to work.

Can pay off or reduce your mortgage should you pass away.



  • Edit Calculations Edit Calculations
  • Payment Options Payment Options
  • Mortgage Protection Mortgage Protection
Total Mortgage
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The total mortgage amount includes default insurance because your down payment is less than 20% of the purchase price. Low down payment mortgages must be insured to cover potential default of payment. Mortgage default insurance is a one-time premium paid when your purchase closes. You can pay the premium or add it to the principal amount of your mortgage. Talk to your mortgage specialist to find out which option is best for you.
(with default insurance)
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Interest Rate -
Amortization
 Years Months
Payment Amount -

Savings Tip

Savings Tip

Savings Tip

Switch to accelerated bi-weekly payments and be mortgage free sooner.

Explore ways to pay off your mortgage faster.

See how the RBC Homeline Plan® could help save you money.

Learn More

Don't forget you can take your mortgage with you.

Learn More

Renew now and take advantage of today's rates!

Take advantage of RBC's 120-day early renewal option when the time comes!

Learn More

Savings Tip

Savings Tip

Savings Tip

Switch to accelerated bi-weekly payments and be mortgage free sooner.

Explore ways to pay off your mortgage faster.

See how the RBC Homeline Plan® could help save you money.

Learn More

Don't forget you can take your mortgage with you.

Learn More

Renew now and take advantage of today's rates!

Take advantage of RBC's 120-day early renewal option when the time comes!

Learn More