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Determine the Equity in Your Home

Refinancing and
your home equity

Equity in your home

The interest of the owner in a property over and above all claims against the property. It is usually the difference between the market value of the property and any outstanding encumbrances.

Over the years, you’ve been building equity in your home by paying down the outstanding balance on your mortgage. If you’re considering one of our refinancing solutions, the amount of equity in your home you have will determine the amount of money you can borrow.

Your home equity is the difference between the market value of your home and the total amount of debts registered against it including any mortgages.

Your home equity will fluctuate based on the current market value of your home. That’s why it’s important to get an up-to-date property valuation.

  • If your home has increased in value, you may have more home equity than you expect.
  • If you home has decreased in value, your home equity may be lower than you expect.

Before reviewing your options, take a minute to calculate your estimated current home equity.


How much more can I borrow?
Calculate it now!

This simple calculation will show you how much equity you have in your home and how much more you could borrow. Be sure to use a current and accurate valuation for best results.


Steps

Suggestion

Your numbers

Example

Step 1.
Estimate the current market value of your home.

Consult a local realtor or professional appraiser.

Multiply the estimated current market value of your home by 80%.
We can only lend up to 80% of the current market value for refinancing purposes.

Your estimated current market value.
Line A. _____________

Value of home is $200,000

80% of home’s market value is $160,000

Step 2.
Determine the outstanding balance on your mortgage or plan limit on your TD Home Equity FlexLine.

This can easily be obtained by contacting your branch. TD customers can also check online using EasyWeb™ Internet banking.

Your outstanding mortgage balance or TD Home Equity FlexLine limit.

Line B. _____________

A $100,000 Mortgage is currently outstanding

Step 3.
Determine the outstanding balance on any other debts registered against your home.

 

Line C. _____________
Your current home equity.

No other balances exist

Step 4.
Simply add Line B and Line C and subtract the total from Line A to determine your home equity.

 

Line D. _____________

$60,000 is the home equity.


There may be limitations from lenders on the amount you can borrow against your home’s equity.


 

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