You can then see what your monthly payment would be with a consolidated loan.
Try adjusting your terms, loan types or rate until you find a consolidation plan that fits your needs - and most importantly your budget!
But, if you are looking to have one convenient payment each month or to improve your monthly cash flow while still working toward being debt free, an RBC credit specialist can help. The current payment amount is based on the total monthly payment amount for all debts at the time of calculation, which could include interest-only payments for credit cards and lines of credit balances, and assumes that the debt is repaid in equal monthly installments for the specified comparison period, and depending on how much is paid toward the principal, could potentially have a balance at the end of the comparison period (may not be paid off in full).
Personal lending products offered by Royal Bank of Canada and are subject to credit approval.
By lowering your monthly payment and consolidating multiple payments into one, you are more likely to make every payment on time and in full.
The penalty can range from three months’ interest with a variable mortgage to a more significant interest rate differential penalty with a fixed mortgage. It allows you to access up to 80% of your home’s value, minus whatever outstanding mortgage balance you may currently have.HELOCs give you the flexibility to access as much or as little equity as you wish.In addition, HELOCs do not require you to pay down a portion of the loan principle each month.This calculator is intended for consolidation loans only, and not mortgage refinancing.The calculation is based on the accuracy and completeness of the data you have provided; 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.To speak with an RBC credit specialist, call 1-855-834-1782.Did you know that you can combine all of your high-interest debt – including debt from credit cards, auto loans and personal lines of credit – into one low-rate mortgage loan? By consolidating debt in a secured loan, backed by the equity in your property, you can access interest rates lower than even a personal line of credit would allow.All examples are hypothetical and are for illustrative purposes.We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.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 or complete or current at all times.You should speak with an RBC Credit Specialist before making a final decision on a loan to ensure it meets your overall financial needs.