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Speed Up Your Payments
Slow Down Your Payments
You can pay more often by increasing your principal and interest payments from monthly to rapid weekly or even bi-weekly. Over time, more frequent principal and interest payments will mean that you are paying your TD Mortgage faster.
With TD, you can increase your original scheduled principal and interest payments by up to 100% during your mortgage term. That’s double your normal payment amount. For example, if you typically pay $1,000 a month, you can increase your payment up to $2,000 a month during your mortgage term.
Got some extra cash? Use it to prepay a bit of your closed TD Mortgage and shrink the amount you owe, faster. Make a lump sum payment of up to 15% of the original principal amount borrowed once per year, free of any prepayment charges. You can prepay as much as you like to reduce your principal if you have an open TD Mortgage.
If you need to take an emergency break from your payments, you can request to skip the equivalent of one monthly payment, partially or in full. This can be requested no more than once a calendar year, up to four times over the length of your amortization period.1
If you know change is on its way, you can prepare by prepaying in advance. Request to take up to four months off your payments, partially or in full, if you have a prepaid amount that has reduced your amortization schedule. Prepayments can be made by either lump-sum payments towards your principal balance or by increasing your regular payments.1
1Subject to TD approval.
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