Flexible Mortgage Payment Features

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.

If you find yourself with more money in your budget, you can increase your principal and interest payments once per calendar year by up to 100% of your regular principal and interest payment. The total of all increases over the term cannot exceed 100% of the regular principal and interest payment.

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

Want to know how a prepayment is different from a principal and interest payment? A prepayment is a lump sum payment of any amount in addition to regular scheduled payments. Like it sounds, prepayment means paying your debt down early.

Whether you make one or multiple lump sum payments, a mortgage prepayment on the principal amount leaves you with a smaller debt, and over time, less interest to pay.