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A Variable Rate Mortgage Could Save you Thousands of Dollars in Interest Costs

With an RBC Royal Bank Variable Rate Mortgage, your payment amount stays fixed for the term; however, the interest rate will fluctuate with any changes in our prime interest rate. If our prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs.

Our Variable Rate Mortgage is Convertible

A convertible mortgage can be converted to another term at any time. This feature provides you with security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.

Competitive Interest Rates

Variable rate mortgages typically offer a lower interest rate than fixed rate mortgages. As interest rates decline, you could pay off your mortgage faster and save money on reduced interest costs.

Fixed Payments for the Mortgage Term

Your monthly payment remains fixed even if interest rates rise, as long as the amount is sufficient to cover the interest cost.

Payment Options

When you first set up your mortgage, you can choose from several payment options, including monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly payments.

At RBC Royal Bank, you can select an amortization period between 5 and 30 years. This is the length of time it will take to pay off your mortgage if the interest rate does not change.

You can also reduce the number of years it takes to pay off your mortgage and enjoy substantial savings by:

If you ever need to free up cash for another purpose, you can also skip a mortgage payment once every 12 months:

Rates and Terms

Below are current posted rates for open and closed variable rate mortgages:

Responsive Table Example
Term Rate APR
5-year closed term special offer2 RBC Prime Rate - 0.650% 3.070% APR
5-year open term posted rate1 RBC Prime Rate + 1.800% 5.520% APR

Today's Royal Bank of Canada prime rate

Responsive Table Example
RBC Prime Rate 3.700%

HomeProtector® Mortgage Insurance

It allows you to not only safeguard yourself and your family's lifestyle, but also your assets and net worth.

Mortgage funds must be advanced within 120 days of date of application in order to qualify for the Special Offer rate. Offer may be changed, withdrawn or extended at any time, without notice.

Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply. Offer may be changed, withdrawn or extended at any time, without notice.