RBC Royal Bank Mortgage Calculator

RBC allows you to change your mortgage payment schedule at any time and provides options for weekly, bi-weekly, semi-monthly, and monthly payments. Accelerated weekly and accelerated bi-weekly payment options allow for the equivalent of one additional monthly payment every year, effectively reducing the amortization of the mortgage and potentially saving you thousands of dollars in interest. You can also select the date your mortgage payment is due, a convenient option for those wanting it to align with their paycheque.

Mortgage prepayments are applied directly toward your mortgage principal, which means that your mortgage will be repaid faster and that you will be paying less interest over the life of your mortgage. If you have an open mortgage, you can make unlimited prepayments at any time, provided that they are at least $500 each. If you have a closed mortgage, you can make a mortgage prepayment of 10% of the original RBC mortgage principal once every 12 months. You can also make a mortgage prepayment of any amount when renewing your mortgage.

Bank	Prepayment Limit*
RBC	10%
TD	15%
Scotiabank	15%
	20%
BMO	20%

*For reference only. Your prepayment limits may be higher or lower depending on the specific terms of your mortgage agreement.

This allows you to make a mortgage prepayment as a one-time payment or for every payment. This mortgage prepayment is directly applied towards your mortgage principal and can range between $100 up to the original regular payment amount. Making just a $100 Double-Up prepayment every month can translate into thousands of dollars in interest saved over the life of a mortgage, and it also means that your mortgage will be repaid faster.

RBC allows you to skip a monthly payment once every 12 months, which can be equivalent to four consecutive weekly payments or two consecutive bi-weekly payments, provided that your balance does not exceed your original balance. This mortgage payment deferral option gives you flexibility in times when money might be tight and gives you leeway if you are struggling to make a payment. This deferral is only for the mortgage principal and interest amounts. Insurance premiums and property tax will still be due as usual.

While this gives breathing room during difficult times, it means you will have to pay more in the long run. The interest portion of the deferred payment is added to your mortgage balance, which means interest will start accruing on that amount. However, you can always repay the skipped payment amount. If you have made Double-Up prepayments, you can also skip payments up to the amount of your Double-Up prepayments.

If you’re looking to lock in a mortgage rate for your term, RBC offers fixed-rate mortgages with terms from 6 months all the way to 25 years. This makes RBC the only major lender in Canada to offer a fixed-rate mortgage term of 25 years, although it has a high rate. RBC offers a rate-lock guarantee of up to 120 days when getting a new RBC mortgage. This allows you to secure a rate while shopping for your new home. When renewing, RBC guarantees your rate for 30 days prior to your renewal.

The interest rate for a RBC variable rate mortgage changes based on the RBC prime interest rate. It has a fixed mortgage payment even if interest rates change. This means that instead of your mortgage payment changing, the proportion of your payment that goes towards your principal relative to interest would change. RBC variable rate mortgages are also convertible, allowing you to change it to a longer-term length fixed rate mortgage at any time.

If you keep your RBC cashback mortgage until the end of its term, you can receive up to 7% of your mortgage amount, up to $20,000, as cashback that you can keep. This allows you to receive cash that you can use for anything, such as moving costs or furniture.

Canadians looking to buy a home in the U.S. can use their Canadian credit history to get pre-approved with RBC’s U.S. HomePlus Advantage. It offers mortgage terms of 3, 5, 7, or 10 years with a 30-year amortization.