Canada
Refinance Your Home
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Lower Your Monthly Payments
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Pay Off Your Loan Sooner
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Consolidate Your Debt
Refinance to a longer-term mortgage
If today's rates are lower than your current rate, refinancing to a longer-term mortgage with a lower rate will result in lower monthly payments.Original Mortgage $150,000 |
7%
|
Refinance $137,847† |
5%
|
Original Mortgage $150,000 |
15-year
|
Refinance $137,847† |
30-year
|
Original Mortgage $150,000 |
$1,348
|
Refinance $137,847† |
$740
|
|
Original Mortgage $150,000
|
Refinance $137,847†
|
|
|---|---|---|
Annual Percentage Rate |
7% |
5% |
Term |
15-year |
30-year |
Monthly Payment |
$1,348 |
$740 |
Refinance to a lower rate
If you refinance the same loan term at a lower rate, you'll have lower monthly payments.
Be sure to review the total interest paid on the amount you originally borrowed and the refinanced amount to ensure that you are comfortable with this overall expense.
Original Mortgage $150,000 |
7%
|
Refinance $141,198† |
5%
|
Original Mortgage $150,000 |
30-year
|
Refinance $141,198† |
30-year
|
Original Mortgage $150,000 |
$998
|
Refinance $141,198† |
$758
|
|
Original Mortgage $150,000
|
Refinance $141,198†
|
|
|---|---|---|
Annual Percentage Rate |
7% |
5% |
Term |
30-year |
30-year |
Monthly Payment |
$998 |
$758 |
Refinance to a shorter-term mortgage
You can take advantage of lower rates and switch to a shorter-term loan, allowing you to pay off your loan sooner. You may have a higher monthly payment, but your total interest payment will be reduced significantly by switching to a shorter-term mortgage.
With 25 years and $150,000 remaining on a 30-year mortgage at 5.25% APR, refinancing $150,000 for 15 years at 3.5% APR may result in a reduction of up to $66,645 in interest payments over the life of your loan.†
25 years remaining on a 30-year |
$150,000
|
15-year |
$150,000
|
25 years remaining on a 30-year |
5.25%
|
15-year |
3.5%
|
25 years remaining on a 30-year |
$109,663
|
15-year |
$43,018
|
25 years remaining on a 30-year |
|
15-year |
$66,645
|
|
25 years remaining on a 30-year
|
15-year
|
|
|---|---|---|
Loan Amount |
$150,000 |
$150,000 |
Annual Percentage Rate |
5.25% |
3.5% |
Interest Paid |
$109,663 |
$43,018 |
Savings |
$66,645 |
Make additional payments on your current mortgage
You can pay off your loan sooner without refinancing by simply making additional payments on top of your regular, monthly mortgage payment. Additional payments can add up quickly, take years off your mortgage and reduce your overall interest payments.
If you have 25 years remaining on a $100,000 30-year mortgage at 5% APR and pay an extra $100/month for the remaining term of the mortgage:
- Your mortgage will be paid approximately 6 years and 7 months earlier
- You will may result in a reduction of up to $22,046 in total interest by paying sooner†
If you have 25 years remaining on a $100,000 30-year mortgage at 5% APR and pay an extra $100/month for the remaining term of the mortgage:
- Your mortgage will be paid approximately 6 years and 7 months earlier
- You will may result in a reduction of up to $22,046 in total interest by paying sooner†
†This example is for illustrative and informational purposes only.
†This example is for illustrative and informational purposes only.
Get a cash-out refinance
A cash-out refinance can mean money in your pocket to help make home improvements, consolidate existing debt, buy a new car, pay college tuition or finance other goals. With this kind of refinancing, you will pay off your current mortgage loan and take out a new mortgage at a higher amount. You will need to have adequate equity in your home to make this possible.
Your home is appraised at $175,000 and you have $108,000 and 25 years remaining on a 30-year fixed-rate mortgage. You want to get $24,000 cash out of your refinance:
Current Mortgage |
5.25%
|
Refinance/New Mortgage† |
4.75%
|
Current Mortgage |
25 years remaining on 30-year fixed
|
Refinance/New Mortgage† |
30-year fixed
|
Current Mortgage |
$673
|
Refinance/New Mortgage† |
$689
|
Current Mortgage |
|
Refinance/New Mortgage† |
$24,000
|
|
Current Mortgage
|
Refinance/New Mortgage†
|
|
|---|---|---|
Annual Percentage Rate |
5.25% |
4.75% |
Term |
25 years remaining on 30-year fixed |
30-year fixed |
Monthly P&I Payment |
$673 |
$689 |
Cash Out |
$24,000 |
†This example is for illustrative and informational purposes only.
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Loans subject to credit approval. Offer subject to change or cancellation without notice. Equal housing lender.
*By clicking on this link you are leaving our website and entering a third-party website over which we have no control.
Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of third party sites hyper-linked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.
Third party sites may have different Privacy and Security policies than TD Bank US Holding Company. You should review the Privacy and Security policies of any third party website before you provide personal or confidential information.