Mortgage Calculators
Frequently Asked Questions
How much can I save by making extra payments on my mortgage?
Making extra payments on a Royal Credit Union mortgage reduces the principal balance faster, which can lower the total interest paid over the life of the loan or shorten the term by years. The size of the savings depends on your rate, your remaining balance, and how much extra you pay each month. Royal Credit Union's mortgage calculator lets you enter your own numbers and see the effect of extra payments on both the payoff date and the total interest.
Does paying extra on my mortgage lower my monthly payment?
Usually not. Extra payments on a Royal Credit Union mortgage are applied to the principal balance and may lower the interest paid over the life of the loan or shorten the loan term rather than lowering the required monthly payment. Some lenders may offer a recast, which recalculates the monthly payment against the lower principal balance, though this is not automatic, and certain eligibility requirements apply. Royal's mortgage calculator can help you determine how additional principal payments can affect both the balance and the payoff date.
How do I know if I should refinance my mortgage?
There are many reasons someone may choose to refinance their mortgage. Refinancing a mortgage with Royal Credit Union usually makes sense when the new rate results in a lower monthly payment and the monthly savings pay back the closing costs before you move. Other reasons to refinance your mortgage include shortening the term, switching from a variable to a fixed rate, removing mortgage insurance once you have enough equity, or accessing that equity for other uses. Royal’s refinance calculator can help you run a comparison against your current loan to see the potential impact a refinance could have.
What credit score do I need for a mortgage at Royal Credit Union?
Royal Credit Union looks at your full picture rather than a single number. Credit score is one factor alongside income, debt-to-income ratio, down payment and employment history, and there is no single cutoff that decides a mortgage on its own. Royal's mortgage team reviews applications individually and can talk through your options before you apply, either online or at any Royal office.