when will the interest rate go up?

Time to take out your original mortgage docs and see what your original rate actually was. The link that you provided has incorrect information. It states that TD raised its prime rate to 2.70%, yet TD is currently advertising its prime rate at 2.85%. (https://www.td.com/ca/en/personal-banki ... age-rates/).

With your variable rate at P-1.20%, then the information above is correct and your rate has indeed increased. Perhaps you were wondering why your payment hasn't gone up instead?

I suggest you note the amortization information. You originally signed up for a 25 years amortization 10 months ago yet your remaining amortization is not 24 years, 2 months but 25 years, 8 weeks. This is a sure sign that your interest rate on a variable rate mortgage has increased as your amortization has now been extended due to the rate increase.

The above post is correct. TD variable is fixed monthly payment. Your payment remains same and more goes towards interest thus increasing your amortization period.

TD prime (2.70) is different than TD mortgage prime (2.85). Both have gone up with the recent rate hike. You rate has gone up too.

rfd911 wrote: ↑ The above post is correct. TD variable is fixed monthly payment. Your payment remains same and more goes towards interest thus increasing your amortization period.

TD prime (2.70) is different than TD mortgage prime (2.85). Both have gone up with the recent rate hike. You rate has gone up too.

I didn't know this. Thanks.

wow. so i have to adjust my monthly payment to match the interest rate? i was assuming that the new interest rate will make my payments higher. this makes no sense to me

buysell2008 wrote: ↑ wow. so i have to adjust my monthly payment to match the interest rate? i was assuming that the new interest rate will make my payments higher. this makes no sense to me

You pay more interest and less principal. As simple as that

ok. how do i calculate the new interest so my amortization period does not increase?

fixed mortgage does not change amortization period so maybe change to fixed?

buysell2008 wrote: ↑ ok. how do i calculate the new interest so my amortization period does not increase?

Increase your monthly payment amount and your amortization will come down.

buysell2008 wrote: ↑ ok. how do i calculate the new interest so my amortization period does not increase?

https://itools-ioutils.fcac-acfc.gc.ca/ ... c-eng.aspx