This calculator factors in your total earnings and debts to give you a maximum affordable monthly housing cost, including mortgage payment, property taxes, heating costs and more.
Please enter an income between $1,000 and $1,000,000
Please enter a down payment between $1,000 and $5,000,000
A minimum of
is required for a down payment.
We've completed your calculations using a
% down payment ()
Based on the financial information you have provided, we are not able to estimate your maximum house purchase price without
further consultation. Please contact an RBC Royal Bank representative any time at: 1-877-ROYAL™ 7-0, or visit your
nearest RBC Royal Bank branch. We will be pleased to assist you.
The maximum amortization is 25 years for a down payment of less than 20%.
We've completed your calculations based on an amortization of 25 years. To extend your amortization to greater than 25 years
(to a maximum of 30 years), a down payment of at least 20% is required.
How much can I comfortably spend on my home purchase?
Your mortgage amount would be
$, and includes default insurance of
TIP: Don't forget to set aside approximately 3%, or
for closing costs.
My monthly RBC mortgage payment will be...
Please enter an interest between 0.001% and 50.00%
† The mortgage amount is based on the qualifying rate of
%. * The payment amount is calculated based on an interest rate of %.
All dollar values have been rounded.
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.
This calculation assumes a constant interest rate throughout the amortization period and the Total Interest Cost
is averaged over the life of the mortgage rounded to the nearest dollar. Interest rate compounded half-yearly,
not in advance. The mortgage payment amount may vary according to certain variables entered in to the calculator
and may not provide the precise dollar amount of your payment. It will give you a general idea of the payment
amount based upon the information you have entered. The accelerated bi-weekly payment is equivalent to the
monthly payment divided by two and the accelerated weekly payment is equivalent to the monthly payment divided
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, complete or current at all times. You should speak with
one of our credit specialists before making a final decision on a mortgage to ensure it meets your overall
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.
Applicable to residential mortgages only and subject to Royal Bank of Canada standard lending criteria for residential
mortgages. Some conditions apply.
In order to be approved for a mortgage, you will need at least 5% of the purchase price as a down payment if
your purchase price is within $500,000. If your purchase price is between $500,000 and $1,000,000, your minimum
down payment is 5% of the first $500,000 and 10% of the price between $500,000 and $1,000,000. If your purchase
price is $1,000,000 or more, your minimum down payment is 20%.
Enter your annual household salary. This includes your spouse/partner.
Consider car payments, credit cards, lines of credit and loan payments. This should not include your rent.
Enter the amount of money you plan to use as a down payment. Don’t forget you can also leverage your RRSPs.
The Home Buyers' Plan allows you to borrow funds from your RRSP to purchase your first home. Here are some of the key
You and your spouse can each withdraw up to $35,000 from your RRSP.
The funds must have been on deposit at least 90 days before you withdrew them.
At least 1/15 of the funds must be repaid each year, beginning two years after the funds were withdrawn.
A signed agreement to buy or build a qualifying home is required.
Default insurance covers the lender in case of a failure to pay off the full mortgage amount. If your down payment is
from 5-19%, a default insurance premium will automatically be applied to your mortgage.
Other monthly expenses you may want to consider include such items as alimony and condo fees (if purchasing a condominium).
Condo fees only apply to condominium purchases. The higher your condo fees, the less money may have for mortgage repayment.
Some condo fees include payment for heating, therefore the amount shown for heating costs may need to be adjusted.