Attention:
Rent vs Buy Calculator
By switching your monthly rent payment to a monthly mortgage payment, you could afford a mortgage of .
That means you could buy a home in the following price range:
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With 5-20% down
Attention: A minimum of % is required for a down payment.
Calculated with a 5 year fixed interest rate of % and a -year amortization.
Your mortgage payment is just one of the costs associated with buying a home. Don’t forget to add property taxes, insurance and utilities on top of your mortgage payment.
- Learn more about budgeting for home ownership
- Find your maximum affordable monthly housing cost with our Affordability Calculator
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. You should speak with your professional accountant or other professional advisors before making a final decision to ensure any strategy meets your overall financial needs and that your personal circumstances have been taken into account. The calculation assumes a constant interest rate throughout the amortization period selected by you. Interest rate compounded half-yearly, not in advance.
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.
All personal lending products and residential mortgages are provided by Royal Bank of Canada and are subject to its standard lending criteria.
If your downpayment is greater than 20% you may be eligible for 30-year amortization. For downpayment less than 20% (Default insured), a maximum amortization period of 30 years will apply to:
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All first-time home buyers provided they satisfy the definition of a first-time homebuyer (at least one person on the mortgage needs to meet the following:
- has never purchased a home before, or
- has not occupied a home as a principal place of residence in the last 4 years that either they or their current spouse or common-law partner own, or
- has recently experienced the breakdown of a marriage or common-law partnership and is wishing to purchase as a solo applicant), or
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All purchasers of newly built homes (at least one person on the mortgage needs to meet the following:
- To be considered a newly built home, the property must not have been previously occupied for residential purposes. This includes if the original buyer didn’t occupy the property after closing. Please note: this does not include properties where the builder is selling their left over inventory).
Other conditions may apply. Default insured programs that do not fit within the qualifying criteria above will have a maximum amortization period of 25 years. For more information and details regarding these qualifications, please contact a RBC mortgage advisor.