In the results presented, we assume the following: (i) a constant interest rate throughout the amortization period, (ii) interest is compounded semi-annually for fixed interest rates and each payment period for variable interest rates; and (iii) the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you. If you select our Double-Up® payment option, we assume the payments are applied against the first payment(s) in each year. If you select our Payment Increase option, we assume the increased payments are applied against each payment in the year, and the increased payments continue for the remainder of the term, unless you have elected to increase them again after another 12 months. If you select the Skip-A-Payment® option, we assume the payment that is "skipped" is the last payment in the year. If you customized the payment schedule, the chart reflects the information you input.
This 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. You should speak with your professional accountant or other professional advisors before making a final decision to ensure any strategy meets your overall financial needs and that your personal circumstances have been taken into account. When you make your credit application, interest rates may have changed or may be different due to information contained in your application.
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.
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Applicable to residential mortgages only and subject to Royal Bank of Canada standard lending criteria for residential mortgages. Some conditions apply.
The content of these pages is provided for informational purposes only and is not complete in detail. Coverage is governed by the terms and conditions of group's creditor policies, #G60100 for life insurance, #H60102 for critical illness insurance and #H60101 for disability insurance issued to Royal Bank of Canada by The Canada Life Assurance Company. Please see the HomeProtector Certificate of Insurance or the distribution guide (for Quebec residents) for complete terms and conditions, including benefits and exclusions.
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