Buy Your First Home

All dollar values have been rounded.
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.

This calculation assumes a constant interest rate throughout the amortization period and the Total Interest Cost is averaged over the life of the mortgage rounded to the nearest dollar. Interest rate compounded half-yearly, not in advance. The mortgage payment amount may vary according to certain variables entered in to the calculator and may not provide the precise dollar amount of your payment. It will give you a general idea of the payment amount based upon the information you have entered. The accelerated bi-weekly payment is equivalent to the monthly payment divided by two and the accelerated weekly payment is equivalent to the monthly payment divided by four.

Royal Bank of Canada uses reasonable efforts to include accurate and up-to-date information in this calculator, but cannot guarantee that all information is accurate, complete or current at all times. You should speak with one of our credit specialists before making a final decision on a mortgage to ensure it meets your overall financial needs.

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.

Applicable to residential mortgages only and subject to Royal Bank of Canada standard lending criteria for residential mortgages. Some conditions apply.

In order to be approved for a mortgage, you will need at least 5% of the purchase price as a down payment if your purchase price is within $500,000. If your purchase price is between $500,000 and under $1,500,000, your minimum down payment is 5% of the first $500,000 and 10% of the price between $500,000 and under $1,500,000. If your purchase price is $1,500,000 or more, your minimum down payment is 20%.

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:

1. 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
2. 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.