Glossary
The amount of interest you owe on your mortgage from the date of your last payment to the date of this inquiry.
A mortgage which cannot be prepaid, renegotiated or refinanced prior to the expiry of the term, except with compensation or breakage costs.
The amount you owe on your mortgage as of today’s date. This doesn’t include any interest that has accrued since your last mortgage payment.
The interest rate on a fixed-rate mortgage is set for a pre-determined term - usually between 6 months and 25 years - and cannot be renegotiated, except upon payment of breakage costs. Interest is calculated semi-annually, not in advance.
The RBC Insurance product available to help protect your mortgage in the event that you are unable to work, or should the unexpected happen. Protection depends on the coverage type selected.
This is the amount of your mortgage payment that goes toward your insurance coverage.
The rate of interest you are paying on your mortgage.
The date on which your current mortgage term ends.
A mortgage which can be prepaid at any time prior to maturity, without breakage costs.
The number of years it would take to pay off the entire amount of your mortgage from the date you established it.
This is the amount you originally borrowed for your mortgage.
This stands for Principal and Interest.
The amount of your mortgage payment that goes toward the principal and interest.
How often your mortgage payments occur (for example, weekly, bi-monthly, etc.).
This savings relates to either an increase in the regular payment amount and/or changes in the payment frequency. Interest cost savings are for the period of the selected early renewal term. For example: if payment frequency is changed from monthly to accelerated bi-weekly, there will be an associated interest cost savings amount for the period of the early renewed term.
The ability to keep your mortgage if you plan on moving to a new home. Porting your mortgage to your new home (also known as transferring or moving your mortgage) can help you to save money when your existing mortgage rate is lower than current rates.
Posted rate means the annual interest rates set from time to time by Royal Bank of Canada applicable to residential mortgage loans in Canada. These rates may vary depending upon the term and Prepayment options applicable to the mortgage loan. Posted Rates do not include any special rates or rate reductions offered from time to time.
The amount of the loan owed to the lender at any specified time, not including interest.
This is the amount you owe on your mortgage as of the new maturity date.
The number of years left until your mortgage is repaid.
The remaining number of years and months your current mortgage rate is in effect.
Effective Date is the date of your mortgage renewal. This is also the date on which we begin to charge you interest at the renewed interest rate.
This savings represents the estimated interest cost savings because the interest rate selected is lower than your current interest rate. This calculation is based on this interest differential for the period between your early renewal effective date to the maturity date of your current mortgage.
The amount of your total payment that goes toward your property taxes.
The number of years your current mortgage rate is in effect.
This is made up of your principal and Interest and, if applicable, property taxes and HomeProtector insurance premium.
An interest rate on a mortgage that fluctuates according to changes in the RBC prime lending rate. A variable rate mortgage has payments which are fixed for the term, even though interest rates may fluctuate during that time. If interest rates go down, more of the payment is applied to reduce the principal; if rates go up, more of the payment is applied to payment of interest. Variable rate mortgages may be open or closed.
This is a special rate discount that is presented to you upon renewal. To get your client rate, this Loyalty Discount is deducted from the posted rate.
This is your rate of interest charged on a mortgage.