The calculation assumes a constant interest rate throughout the amortization period and the total interest cost is averaged over the life of the loan rounded to the nearest dollar.
Your actual interest rate may vary depending on details provided in your credit application.
Debts to consider consolidating include credit cards, auto, medical debt, personal loans and more.
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Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.
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Find My Rate Calculated payments and savings are only estimates.
Using the free student loan payment calculator does not constitute an offer to receive a loan and will not solicit a loan offer.
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.Plus, you'll enjoy the stability of one fixed monthly payment at a fixed interest rate that's probably much lower than what you're currently paying to multiple creditors.With multiple term options, you can choose to save more or save less in interest based on the monthly payment you can afford.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.Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate.