TD loan calculator online in Canada in 2024. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.
Take advantage of our loan selection system with a free credit rating check!
TD Bank Group is one of the leading Canadian banks and the second-largest bank by market value, and one of the ten most important financial institutions in North America. It was founded in 1955 through the Bank of Toronto and Dominion Bank merger. The Toronto-Dominion Bank and its subsidiaries, collectively known as TD Bank Group (TD), has its headquarters in Toronto, Canada, and employs more than 90,000 people worldwide.
TD Bank enjoys a strong presence in the retail segment. It is known for its advanced online services. It offers a wide range of money services (savings, checking accounts, etc.), wealth management, investment, and credit services (mortgages, loans, personal loans, revolving lines of credit, credit cards).
There is a wide range of loan categories. With the help of the loan calculator, you can choose which one suits your financial needs and is the best solution simply by testing several available options online before applying and choosing a service:
car or other significant purchase;
repair or renovation of your home;
paying for education;
borrowing for unexpected expenses;
everyday expenses;
debt management;
overdraft protection;
home equity FlexLine;
car dealership loan;
vehicle loans for personal sales;
TD On-Site RSP Loan;
TD Carry Forward RSP loan;
investment secured line of credit.
When you have such a great tool at your disposal, you can make genuinely weighted financial decisions because you see the difference in the loan cost and compare constant interest rate vs. variable rate or custom rate, check convenient down payment amounts, check out for a possible mortgage principal and variants of mortgage payments applying different amortization period, check affordable purchase price and loan amount.
All Toronto Dominion Bank loan calculators are provided for general information purposes. Still, they work well whether used by home buyers, small business owners, or other categories of TD bank customers to check loan options for their particular needs.
The bank offers several loan calculators, including:
The vehicle loan calculator.
The personal loan calculator (upfront fixed amount of money whereas you can choose the type of interest rate, repayment schedule) or line of credit calculator (once you get approved, you can use borrowed amount when needed, and as you repay, it becomes available again without the need to submit new loan application).
Use the mortgage affordability calculator to estimate the preliminary cost of a home or condo in your dream location. Once you know the approximate cost, you can see if it's a realistic offer considering your annual income, down payment amount, monthly expenses, and loan payments. After this calculation, you will see how much you can spend on a new home, and if the result is good, you can get pre-approved.
The down payment calculator will help you create your savings plan to make the required down payment for your dream home. In addition, it gives you an overview of how much you need to save each month, depending on your timelines and goals.
The vehicle loan calculator shows your preliminary monthly payment for the purchased car based on the cost, loan interest rate, and amortization period data you entered. As always, the accuracy of the result depends on the accuracy of the data entered, yet the result gives only a general idea of the cost of the loan. Therefore, you should ask the bank for the actual figures.
The debt consolidation calculator shows you when you will pay off your debt after refinancing in the bank in the previous month. You can use this information to consider whether or not you should pay off other loans by refinancing.
The retirement calculator shows you how to be on the right track to retire with sufficient savings. It allows you to consider not only your income but also that of your partner, etc. The calculator asks you to enter your age, income, and current savings for retirement.
TFCA calculator. TFSA is a savings plan registered with the government. The main advantage of this plan is that earned income under it is tax-free.
The compound interest calculator will help you see how much you can earn when investing your savings with compound interest.
The student budget calculator helps to calculate the cost of your school year.
Education savings goal calculator and simply save calculator increase your business productivity calculator.
The tool "Which mortgage suits me?" will guide you through the available mortgage products of TD Bank. Still, taking into account your priorities (how long do you plan to own your new home, whether or not you will need additional loan funds shortly, etc.), you will be suggested one of the mortgage products that best suits your needs according to the results of this interactive calculator.
A calculator is a necessary tool to consolidate all essential data affecting the cost of your loan, the cost of studying, or the efficiency of your savings and get the result for decision making and adjusting your financial plans. For example, it can be applied to determine the mortgage payments and other loans where you include payment frequency for the loan (or payment frequency and the amount for reaching your goals) and mortgage default insurance expenses. In addition, it shows you future interest costs, actual payments load, regular payment frequency, etc.
Although calculators serve general information purposes, they are a handy tool before you apply online for a loan, etc.
When using the TD Bank personal loan and line of credit payment calculator, you should select from the dropdown list offered (purchase of a vehicle, wedding expenses, home renovation and maintenance, unexpected expenses, debt management, instant loan for purchase, student loan, investment loan).
Note: You can choose the type of interest rate; by default, the calculator would use a fixed interest rate.
In the second step, you choose the loan term (for personal loans, it varies from 1 to 7 years). Before you see your loan prospects, including the loan cost, you still need to choose the repayment schedule that suits you (bi-weekly, monthly, semi-monthly).
A few easy steps provide information about the loan cost and regular payment amount even before the application process.
An unsecured personal line of credit proposes the same borrowing purposes. Once the type of interest rate is chosen, you can see minimal monthly payments.
Note: the minimal monthly payment should be not less than 1% of the owed balance.
Calculators are provided for informational purposes, and getting the figures does not mean that the bank has any commitment to disburse you the amount you have calculated.
The debt consolidation calculator allows you to see how much time it would take to be debt-free. First, you should enter your outstanding amount between $2,000 and $100,000. The next step is to choose the term of the loan and test different options to become debt-free (from 6 months to 7 years).
The Mortgage Affordability Calculator guides you step-by-step. First, enter your dream location, your household's annual income, and spending data, including payments on existing loans. If your residual income is sufficient, you will get the result that you can buy a property in the chosen location and the approximate property cost.
Among the results, you will also find an estimate of the remaining funds, the monthly mortgage payment, the amortization period, and the interest rate. But, of course, the results are given for informational purposes only. Therefore, they cannot be considered a commitment by the bank TD to disburse such a loan based on the calculation in the online calculator.
The down payment calculator requires you to enter information about how much you are willing to save, your monthly repayment period, and the monthly savings amount. The calculator's maximum savings is currently capped at $100,000. After you see your monthly savings amount needed to reach your goal, you will be offered to set up a savings plan.
Which mortgage suits me calculator helps to find out which mortgage is better to apply for in your case. You should include the amount you expect to pay for the house, the available down payment, how long you wish to own the home, and whether you will need to borrow more money.
You can use the car loan calculator to determine the preliminary monthly payment on your dream car loan. First, enter the loan amount, interest rate, and repayment period. This will help you see if you have enough funds to service the loan or if you need to look for a cheaper car.
The debt rescheduling calculator shows whether it makes sense to reschedule your debt with the bank and in which month you will pay it off. The initial outstanding loan amount for the calculator should be between $2,000 and $100,000.
The retirement calculator uses information about your age, current savings, and income (your own and your partner's, if you specify such an option). You can use this information to adjust your savings plan yourself or enlist the help of a professional advisor to help you reach your retirement goals.
TFSA calculator shows you how to increase your tax-exempt income under the plan. You must enter your residence, revenue, rate of return, and the number of years you expect to save (maximum 50 years) to calculate your preliminary results.
The compound interest calculator allows seeing the future growth of your savings under compound interest based on the number of years and your contributions.
The student budget calculator helps estimate the cost of a school year based on annual tuition, where you live (at home, on campus, in a rented place), food, expenses for going out, costs for traveling home, gas, groceries, etc.
The personal credit calculator shows the monthly cost of the loan (you should enter the loan amount, annual rate, etc.).
The amount of credit you can take out at TD Bank depends on your creditworthiness and product. For example, personal lines of credit vary from $5,000 to $50,000.
personal loan amounts range from $5,000 to $50,000;
debt consolidation amount is from $2,000 and up to $100,000;
investment secured line of credit allows loans from $5,000 to $200,000.
You will need to check with the bank for the exact amount they can lend you in your situation.
How is a TD mortgage calculated?
The calculator uses manually entered information (key details), and the result accuracy depends on how attentive you were while entering data for the calculation. For example, it includes your down payment, payment frequency, mortgage default insurance, interest rate, amortization period, and purchase price.
TD mortgages are calculated based on your loan amount, type of interest rate, loan term, down payment, and included insurance. It is mentioned that the calculator provides informative data to make a weighted decision about a loan knowing its cost.
TD’s mortgage calculator works well for residential real estate. If you choose, flexible interest rate calculation will give a different result. The calculator uses using fixed interest rate by default.
Provincial taxes are added to the amount of the premium quote. The quote is based on your age and mortgage balance entered.
Note: Interest rates are subject to change by the Bank without specific notice, which would affect your mortgage payments. Your monthly payments, the estimated mortgage payment, depend on several factors. Some rely on your credit score and risk profile; others are based on market changes, and, in such cases, the bank unilaterally makes flexible interest rate changes.
Note: You can only get accurate mortgage payment figures from a specialist who knows what additional fees to include and what essential details to consider. Also, a TD representative would explain to you how your outstanding balance will be affected and suggest if your decision to homebuyer the type of interest rate is suitable for your situation.
If the risk of the loan and potentially higher payments under a flexible rate variable rate might not be your best choice because a fixed rate guarantees that the market would do strange things, your loan cost will not be increased. In the long run, variable interest rates are riskier than fixed rates because you cannot predict the final cost of your mortgage loan, as the prime rate might change dramatically.
Being in the top category of financial institutions, the bank has strict eligibility criteria for loans, including mortgages.
You can get a mortgage loan if your credit score and risk portfolio are in order and all ratios are within the norm. In addition to a loan calculator, there is also a convenient pre-approval process. If you have problems meeting the criteria, the bank's specialists can suggest suitable financing options and solutions to your issues within the scope of their competence.