Rent or Buy Calculator
By switching your monthly rent payment to a monthly mortgage payment, you could afford a mortgage of .
That means you could buy a home in the following price range:
With 5-20% down
Attention: A minimum of % is required for a down payment.
Calculated with a 5 year fixed interest rate of % and a -year amortization.
Your mortgage payment is just one of the costs associated with buying a home. Don’t forget to add property taxes, insurance and utilities on top of your mortgage payment.
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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. 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. The calculation assumes a constant interest rate throughout the amortization period selected by you. Interest rate compounded half-yearly, not in advance.
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.
All personal lending products and residential mortgages are provided by Royal Bank of Canada and are subject to its standard lending criteria.