This calculator is intended for consolidation loans only, and not mortgage refinancing.
To qualify for one of these loans you usually need to have fairly good credit and sufficient income to be able to pay the loan.
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.
This way, you only have one monthly payment instead of three.
Advantages of these loans include: Not all debts can be consolidated.