What would I get Approved for a MortgageWhich mortgage would I get approved for?
Mortgages Affordability Calculator
For a deposit a deposit of a minimal of is necessary. On the basis of the information provided by you, we cannot assess your maximal home buying cost without further discussion. Deposit is less than 20% and the payback period is 25 years. In order to prolong your amortisation to more than 25 years (up to a max. of 30 years), a deposit of at least 20% is necessary.
What can I conveniently pay for my home purchases? I' m gonna have my RBC mortgage installment..... These calculations are based on a fixed interest during the entire payback time and the total interest expense is calculated as an average over the term of the mortgage, round to the next USD. Mortgages payments amount may differ depending on certain variable input into the pocket calculator and cannot accurately indicate the amount in dollars of your mortgage payments.
Gives you an overview of the amount paid, on the basis of the information you enter. Expedited bi-weekly payments shall be equal to one month's payments split by two and expedited week's payments shall be equal to one month's payments split by four. The Royal Bank of Canada makes every effort to ensure that the information contained in this pocket calculator accurately and promptly is correct but cannot warrant that all information is correct, accurate or up to date at all times.
Before making a definitive mortgage determination, you should talk to one of our loan officers to make sure it covers your total financing needs. The Royal Bank of Canada makes no warranty or representation, expressed or implied, regarding any information or results obtained from the pocket calculator. However, Royal Bank of Canada makes no representation or warranty, expressed or implied, regarding the pocket calculator. as such.
The Royal Bank of Canada shall not be responsible for any loss or damage resulting from any error or omission in any information or results or from any act or omission in your confidence in any information or results. Applies only to private mortgage loans and is governed by Royal Bank of Canada default credit requirements for private mortgage loans.
To be approved for a mortgage, you need at least 5% of the total amount of the mortgage as a deposit if your total amount is within $500,000. When your initial deposit is between $500,000 and $1,000,000, your deposit is 5% of the first $500,000 and 10% of the total between $500,000 and $1,000,000.
When your total consideration is $1,000,000,000 or more, your deposit will be at least 20%.