TD Mortgage Penalty Calculator

Calculate early repayment charges on your TD mortgage. See how much it costs to break your mortgage early and compare different scenarios to make informed decisions.

TD Mortgage Penalty Calculator
Calculate early repayment charges on your TD mortgage. See how much it costs to break your mortgage early and compare different scenarios.
Loan Details
Enter your mortgage information to get accurate calculations

$300,000

20.0% of home price ($60,000)

Additional Costs
Monthly expenses beyond mortgage

$3,000

$1,200

Required if down payment < 20% ($0)

$0

Extra Payments
Pay off your mortgage faster

Monthly Payment

$1,517

Principal & Interest

Total Monthly

$1,867

Including all costs

Total Interest

$306,107

Over life of loan

Total Cost

$546,107

Principal + Interest

Payment Breakdown

Total Cost

$546,107
Over 30 years

Principal

$240,000
43.9% of total

Interest

$306,107
56.1% of total

Payment Breakdown

Principal43.9%
$240,000
Interest56.1%
$306,107
Interest vs Principal Ratio
You'll pay 56% in interest
That's $66,107 more than the original loan amount
Amortization Schedule
See how your loan balance decreases over time
YearPaymentPrincipalInterestBalance
1$1,517$217$1,300$239,783
1$1,517$230$1,287$237,317
2$1,517$246$1,271$234,455
3$1,517$262$1,255$231,401
4$1,517$280$1,237$228,143
5$1,517$298$1,219$224,666
6$1,517$318$1,199$220,957
7$1,517$340$1,177$216,999
8$1,517$362$1,155$212,776
9$1,517$387$1,130$208,270
10$1,517$413$1,104$203,463
11$1,517$440$1,077$198,333
12$1,517$470$1,047$192,860
13$1,517$501$1,016$187,021
14$1,517$535$982$180,790
15$1,517$571$946$174,142
16$1,517$609$908$167,049
17$1,517$650$867$159,481
18$1,517$693$824$151,405
19$1,517$740$777$142,790
20$1,517$789$728$133,597
21$1,517$842$675$123,788
22$1,517$898$619$113,323
23$1,517$958$559$102,156
24$1,517$1,023$494$90,242
25$1,517$1,091$426$77,530
26$1,517$1,164$353$63,967
27$1,517$1,242$275$49,495
28$1,517$1,325$192$34,054
29$1,517$1,414$103$17,579
30$1,517$1,509$8$0
Understanding TD Mortgage Penalties
Learn about TD mortgage penalties, early repayment charges, and how to minimize costs when breaking your mortgage.

What are TD Mortgage Penalties?

TD mortgage penalties are charges you pay if you break your mortgage contract before the end of the term. These penalties compensate TD for the interest they lose when you pay off your mortgage early.

Types of TD Mortgage Penalties

  • Interest Rate Differential (IRD): The difference between your current rate and TD's current rate
  • Three Months Interest: Three months of interest on your outstanding balance
  • Higher of the Two: TD charges whichever is higher between IRD and three months interest

How TD Calculates Mortgage Penalties

  • Fixed Rate Mortgages: Usually calculated using the interest rate differential
  • Variable Rate Mortgages: Usually calculated using three months interest
  • Closed Mortgages: Higher penalties than open mortgages
  • Open Mortgages: Lower or no penalties for early repayment

Factors Affecting TD Mortgage Penalties

  • Interest Rate Environment: Current rates vs. your mortgage rate
  • Time Remaining: How much time is left on your mortgage term
  • Outstanding Balance: The amount you still owe on your mortgage
  • Mortgage Type: Fixed vs. variable rate mortgage
  • Penalty Type: Closed vs. open mortgage

TD Mortgage Penalty Calculation Methods

  • Interest Rate Differential (IRD): (Your rate - Current rate) × Outstanding balance × Time remaining
  • Three Months Interest: Outstanding balance × Your rate × 3 months
  • Whichever is Higher: TD charges the higher of the two calculations

When TD Mortgage Penalties Apply

  • Paying off your mortgage early
  • Refinancing with another lender
  • Transferring your mortgage to another lender
  • Increasing your mortgage payments beyond allowed limits
  • Making lump sum payments beyond allowed limits

How to Minimize TD Mortgage Penalties

  • Wait for Renewal: Consider waiting until your mortgage term ends
  • Port Your Mortgage: Transfer your mortgage to a new property
  • Blend and Extend: Combine your current mortgage with a new rate
  • Negotiate: Ask TD if they can reduce the penalty
  • Consider Timing: Break your mortgage when rates are higher

TD Mortgage Penalty Exceptions

  • Death of the borrower
  • Job loss or financial hardship
  • Divorce or separation
  • Property sale due to relocation
  • Open mortgages (usually no penalties)

TD Mortgage Penalty Calculator Benefits

  • Estimate penalty costs before making decisions
  • Compare different scenarios and timing
  • Understand the financial impact of breaking your mortgage
  • Plan for refinancing or property sale
  • Make informed decisions about your mortgage

Important Considerations

  • Penalties can be significant, especially for fixed-rate mortgages
  • Consider the cost-benefit of breaking your mortgage
  • Factor in penalties when comparing refinancing options
  • Consult with a mortgage specialist for personalized advice
  • Review your mortgage contract for specific penalty terms