Payment Pause

When you need to respond to an unexpected situation, it is great to know that you may have the flexibility to pause a mortgage payment.

Payment Pause might be right for you if you need to:

Expand How it works:

  • It gives you the flexibility to skip the equivalent of one monthly mortgage payment
  • One time per calendar year
  • No more than four times during the amortization period of your mortgage
  • Skipped payments do not need to be consecutive, so long as they do not exceed the equivalent of 1 monthly payment per calendar year or cross over the calendar year end
Payment Frequency Monthly Mortgage
Payment Equivalent
Monthly 1 payment
Bi-weekly, bi-weekly rapid or semi-monthly 2 payments
Weekly or rapid weekly 4 payments

A payment pause will result in interest capitalization. Find out what that means for your mortgage below.

Collapse How do Flexible Mortgage Payment Features affect your mortgage?

Flexible Mortgage Payment Features will result in interest capitalization. That means the interest will be added back to the principal outstanding on your mortgage.

  • Interest is added back on each mortgage payment due date.
  • The amount of interest being capitalized cannot cause your mortgage to exceed the lesser of a 90% loan-to-value ratio or exceed your original principal balance.
  • The loan-to-value (LTV) ratio expresses the amount of a mortgage as a percentage of the total appraised value of a property, as determined by TD Canada Trust.
  • If necessary, we will adjust the amortization period remaining at renewal so that the mortgage does not exceed the original amortization period remaining. This may result in an increase to the amount of your regular payments after the renewal.

expand Legal and other information

I’m taking time off to make memories thanks to a TD Payment Vacation.

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