Mortgage Payment Calculator

The TD Mortgage Payment Calculator can help you better understand what your payments may look like when you borrow to buy a home. With a few key details, the tool instantly provides you with an estimated monthly payment amount. You can use it to test different payment scenarios depending on your amortization period, payment frequency or the mortgage amount. Once you know your estimated mortgage payment, you’ll be better able to compare home-buying options.

This is usually the purchase price minus your down payment.

Please enter a mortgage amount that is greater than $20,000.00 and less than $9,000,000.00.
Please select an interest rate.
The term must be a minimum of 6 months and a maximum of 10 years. The interest rate must be between 0% and 30%.
The repayment period must be a minimum of 1 year and a maximum of 30 years.
Please select a payment frequency.
Pay Off My Mortgage Quicker
Do you plan on making any lump-sum payments?
Please enter an amount for additional payments that is greater than $0.00 and less than the mortgage amount.
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Add Mortgage Life Insurance?
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What you should know about your mortgage payments

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    Item 1
  1. How to estimate mortgage payments

    The TD Mortgage Payment Calculator uses some key variables to help estimate your mortgage payments:

    • Mortgage principal amount: This is the purchase price minus your down payment.

    • Term and Interest rate: Choose a term and interest rate that best suits your needs and your timeline.

    • Amortization period: Decide on the length of time you will take to repay the mortgage in full.

    • Payment frequency: Select how often you would like to make payments on your mortgage.

    Learn more about mortgage terms that may affect your payments.

  2. Item 2
  3. Key considerations for your mortgage payments

    Buying your home is a big investment so it makes sense to want the best interest rate and lowest mortgage payments possible – after all, saving even a small amount can add up to big savings in the long run. But how does TD determine what those payments will be? Here are some key factors that can affect your mortgage payments:

    List of 3 items
    • Location, location, location: The province or region where you buy your home may affect your mortgage interest rate and, therefore, your payments.

    • The amount you borrow: This is equal to the price of your home minus your down payment plus mortgage default insurance, if you’re putting down less than 20%. The more you borrow, the higher your payments, keeping the same amortization period.

    • Fixed vs variable interest rates: With a fixed rate mortgage, the interest rate and the payment you make will stay constant for the term of your mortgage, offering stability. With a variable interest rate mortgage, the interest rate will change when the TD Mortgage Prime Rate changes. This means that the portion of your payment that goes toward the principal may rise or fall over the term of your mortgage, which can result in your amortization period getting longer or shorter. If your interest rate increases so that the monthly payment does not cover the interest amount, you may be required to adjust your payments, make a prepayment, or pay off the balance of the mortgage.

  4. Item 3
  5. How to get approved for a mortgage

    Here are some important considerations to keep in mind as you apply for a mortgage:

    List of 4 items
    1. Do you have loans, like a car payment or student loan? Consider paying off what you can and avoid taking on new loans before you begin the application process.

    2. Understand your finances: Evaluate your total housing payments (eg. don't forget property taxes and utilities), ideally keeping them at 35% or less of your gross income.

    3. Decide how much you can put down as a down payment. Under Canadian mortgage rules, home buyers with a down payment of less than 20% are subject to mortgage default insurance.

    4. Know your credit score and credit history. These items could impact the principal amount mortgage lenders may approve you for.

  6. Item 4
  7. What is a Mortgage Payment?

    Your mortgage principal is the mortgage amount you borrowed to buy your home minus what you’ve already paid back through monthly or bi-weekly payments. Remember, however, that the full amount of those mortgage payments doesn't go toward paying down your mortgage principal. That’s because any interest owing is paid first. The good news is, as you continue to make mortgage payments and the principal is reduced, a higher portion of your payments will go toward paying down the mortgage principal.

  8. Item 5
  9. How to pay off your mortgage faster

    Paying off your mortgage may seem like a distant dream at first. The good news is that even small amounts can help you reach that goal sooner. Here are some ways to pay your mortgage down faster and even save on interest costs.

    List of 2 items
    • - Take advantage of lump-sum payments. If you can make lump-sum payments on your mortgage, it will reduce the principal balance, reducing the time to pay off your mortgage loan which allows you to save on interest.Note 1

    • - Take advantage of increased payment options or choose a shorter amortization period. This increases your monthly payments but may reduce the amount of interest you pay over the shortened life of your mortgage. Depending on the type of mortgage, TD customers can increase their payments by up to 100% of their regular payment amount at any time throughout the term of the mortgage. Learn more about our mortgage payment features.

  10. List end

Legal:

Note 1Subject to prepayment privilege in your mortgage.

My Payment Results

Mortgage amount
(Actual mortgage amount may change based on TD down payment requirements)
Please enter a mortgage amount that is greater than $20,000.00 and less than $9,000,000.00.
Interest rate
Please select an interest rate.
Please select a term. The interest rate must be between 0% and 30%.
Amortization period
Payment frequency
Please select a payment frequency.
View amortization and term schedule
Balance after {{plan.rateView === "default" ? plan.mortgageTypeDefault.type : plan.mortgageTypeCustomer.type}} term
Total payments over term {{plan.pay.term.total | currency:'$':2}}
- Interest paid {{plan.pay.term.interest | currency:'$':2}}
= Principal paid {{plan.pay.term.principal | currency:'$':2}}

Includes additional payments

Balance at end of term {{plan.pay.balance | currency:'$':2}}
Pay Off My Mortgage Quicker
Do you plan on making any lump-sum payments?

Learn more about lump-sum payments >

Add Additional payments?
Please enter an amount for Additional Payment that is greater than $0.00 and less than the mortgage amount.
Protect Myself and My Home with TD Credit Protection
Add Mortgage Life Insurance?

Learn more about TD Credit Protection >

Add Mortgage Life Insurance?
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TD Credit Protection cost
Mortgage Life Insurance

Borrower {{plan.insurance.borrower.length>1?$index+1:""}} {{plan.insurance.amount.lifeInsurance[$index] | currency:'$':2}} / {{plan.frequency.name}}

Mortgage Critical Illness Insurance

Borrower {{plan.insurance.borrower.length>1?$index+1:""}} {{plan.insurance.amount.criticalInsurance[$index] | currency:'$':2}} / {{plan.frequency.name}}

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Principal Balance

Years