The TD Mortgage Calculator Canada is a tool provided by TD Bank that helps users estimate their monthly mortgage payments. It takes into account the following factors:

• Loan amount
• Interest rate
• Amortization period (the number of years it will take to pay off the loan)
• Down payment

To use the TD Mortgage Calculator Canada, enter the required information and click the “Calculate” button. The calculator will then display your estimated monthly mortgage payment.

You can also use the TD Mortgage Calculator Canada to compare different mortgage options. For example, you can compare interest rates or amortization periods to see how they affect your monthly payments.

## How to calculate your mortgage payment in TD Mortgage Calculator Canada

The following is a formula that can be used to calculate your monthly mortgage payment:

Monthly payment = (Loan amount – Down payment) * (Monthly interest rate * (1 + Monthly interest rate)^Amortization period) / ((1 + Monthly interest rate)^Amortization period – 1)

Where:

• Loan amount: The total money you borrow to purchase your home.
• Down payment: The amount of money you spend on your home purchase.
• Monthly interest rate: The interest rate on your mortgage divided by 12.
• Amortization period: The number of years it will take to pay off your mortgage.

For example, if you borrow \$500,000 to purchase a home and make a down payment of \$100,000, your loan amount would be \$400,000. If your interest rate is 5% and your amortization period is 25 years, your monthly mortgage payment would be \$1,970.02.

Tips for using the TD Mortgage Calculator Canada

Here are a few tips for using the TD Mortgage Calculator Canada:

• Be as accurate as possible when entering your information. This will help the calculator provide you with the most precise estimate of your monthly payments.
• Consider using the calculator to compare different mortgage options. This can help you find the best mortgage for your needs.
• Keep in mind that the calculator is just a tool. Speaking with a mortgage advisor to get personalized advice and recommendations is always best.

• Current rates: As of today, December 16, 2023, TD offers a variety of fixed and variable mortgage rates, with some special rates available. For example, their 3-year fixed closed mortgage starts at 6.73%, and their 5-year fixed closed mortgage starts at 6.49%. Keep in mind that these are just starting rates, and your actual rate will depend on your individual circumstances.
• Prime rate: TD’s current prime rate is 7.35%. This is the benchmark rate that TD uses to set its variable mortgage rates and other loan rates.
• Special offers: TD occasionally offers special mortgage rates or promotions. You can check their website or contact a TD mortgage specialist for more information.
• Getting a personalized quote: The best way to get an accurate idea of what your mortgage rate will be is to get a personalized quote from TD. You can do this online or by speaking to a mortgage specialist.

### FAQ TD Mortgage Calculator

#### What can I use the TD Mortgage Calculator for?

• Estimate your monthly mortgage payments.
• Compare mortgage options like fixed vs. variable rates, terms, and down payments.
• See how prepayments affect your total interest and loan term.
• Explore the impact of property taxes and heating costs.

#### How accurate is the calculator?

The calculator provides estimates based on the information you input. It’s a helpful tool for initial planning, but it only accounts for some factors that might affect your mortgage. For a precise quote, contact a TD mortgage specialist.

#### What information do I need to use the calculator?

• The purchase price of the home
• Down payment amount
• Mortgage term (e.g., 5 years, 10 years)
• Interest rate
• Property taxes (optional)
• Heating costs (optional)

#### Does the calculator consider prepayments?

Yes, the calculator allows you to simulate the impact of prepayments on your total interest and loan term. You can specify a lump sum or increased monthly payment amount.

#### Is the TD Mortgage Calculator free to use?

Yes, the calculator is completely free to use and accessible to everyone.

Source