The interest rate is an average of the interest rates for the balances you entered.
The current payment amount is based on the total monthly payment amount for all debts at the time of calculation, which could include interest-only payments for credit cards and lines of credit balances, and assumes that the debt is repaid in equal monthly installments for the specified comparison period, and depending on how much is paid toward the principal, could potentially have a balance at the end of the comparison period (may not be paid off in full).
The average monthly payment chart illustrates the comparison between your current repayment schedule and your proposed RBC consolidation loan over a number of years.
If you continue to repay your debts at the current interest rate and payment amount, at the end of , you will still have a balance owing.
Personal lending products offered by Royal Bank of Canada and are subject to credit approval.
Prime Rate is an annual variable rate of interest announced by Royal Bank of Canada from time to time as its Prime Rate.
The above calculations assume that for each loan, the debt is repaid in equal monthly installments for the specified term with no balance left at the end of the term. This calculator is intended for consolidation loans only, and not mortgage refinancing.
The calculation is based on the accuracy and completeness of the data you have provided; 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.
The calculation assumes a constant interest rate throughout the amortization period and the total interest cost is averaged over the life of the loan rounded to the nearest dollar. Your actual interest rate may vary depending on details provided in your credit application.
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 an RBC Credit Specialist before making a final decision on a loan 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.