Determine the Equity in Your Home
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Refinancing and
your home equity
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.
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Steps |
Suggestion |
Your numbers |
Example |
|---|---|---|---|
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Step 1. |
Consult a local realtor or professional appraiser. Multiply the estimated current market value of your home by 80%. |
Your estimated current market value. |
Value of home is $200,000 80% of home’s market value is $160,000 |
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Step 2. |
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 |
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Step 3. |
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Line C. _____________ |
No other balances exist |
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Step 4. |
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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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