Head to head · TD vs CIBC
TD vs CIBC mortgages: rates, prepayment, penalties and HELOCs compared
Short answer: TD advertises the lower 5-year fixed (5.29% vs 5.34%) as of November 2, 2026. On the same $480,000 mortgage broken 30 months early after rates fall a point, TD charges about $10,920 less. CIBC gives more lump-sum room (20% vs 15%). Neither wins everything, so get both quotes.
TD and CIBC compared on the terms that cost or save you money, from each bank’s own pages: which of the two fits which borrower. No ranking, no paid placement.
Bank pages checked November 2, 2026
TD: 5.29% vs 5.34%. Your offer can differ, so ask both.
CIBC (10%, 15% or 20% by product vs 15% lump sum).
TD in our example: $13,365 vs $18,225 to break a new 5-year after 2 years if rates fall 1 point.
TD: 120 days (TD’s suggested start); CIBC doesn’t state a window on its pages.
TD Home Equity FlexLine vs CIBC Home Power Plan: the limits and structure are in the HELOC row of the term sheet below.
Both allow up-to-100% payment increases; the difference is in the penalty arithmetic and the prime. Then take TD’s written offer to CIBC, or the other way round, and ask them to match it on the same term.
Term sheets side by side
| TD Canada Trust | CIBC | |
|---|---|---|
| 5-yr special / posted | 5.29% / 6.14% | 5.34% / 6.49% |
| Prime used | TD Mortgage Prime 4.85% | CIBC Prime 4.70% |
| Prepayment | 15% lump sum a year and payment increases up to 100%, once per calendar year. | 10%, 15% or 20% a year depending on product; payment increases up to 100%. |
| Fixed-rate penalty | Higher of 3 months’ interest or IRD using TD’s posted rate for a similar mortgage minus your discount. Variable: 3 months’ interest. | Greater of 3 months’ interest (at your rate + discount) or IRD vs CIBC’s current posted rate. Variable: 3 months’ interest at CIBC Prime. |
| Portability | Port a fixed-rate mortgage (rate, balance, term and amortization) with no prepayment charge, on an approved new application; no window stated. | All CIBC mortgages except Variable Flex can be ported; the charge may be waived or reimbursed in full or in part, and a delayed port allows up to 120 days. |
| HELOC | TD Home Equity FlexLine: up to 80% with a Term Portion; revolving portion at TD Prime. | CIBC Home Power Plan: up to 80% of appraised value; line priced off CIBC Prime. |
| Early renewal | TD says start 120 days before maturity (renew online through EasyWeb or the app). | CIBC suggests starting 5 months before expiry; early-renewal window not stated. |
Posted and special rates by term
| Term | TD special | TD posted | CIBC special | CIBC posted |
|---|---|---|---|---|
| 1-year | — | 5.69% | 5.09% | 5.14% |
| 2-year | — | 5.39% | 4.84% | 5.24% |
| 3-year | 5.24% | 6.15% | 5.09% | 6.14% |
| 4-year | — | 5.99% | 5.24% | 6.19% |
| 5-year | 5.29% | 6.14% | 5.34% | 6.49% |
| 6-year | — | 6.29% | — | — |
| 7-year | — | 6.40% | 5.54% | 6.30% |
| 10-year | — | 6.80% | — | 6.79% |
Worked example: the same mortgage at TD and at CIBC
You owe $480,000 on a $500,000 5-year fixed at 5.29%, signed when the posted 5-year rate was 6.89% (a 1.60-point discount). There are 30 months left and you need to sell without porting. The payment, about $3,064.75 a month, is the same at either bank; what differs is the exit.
| TD | CIBC | |
|---|---|---|
| Compares with | 3-yr posted | 2-yr posted |
| Comparison rate after discount | 4.55% | 3.64% |
| 3 months’ interest | $6,348 | $8,268 |
| Penalty if you break now | $8,880 | $19,800 |
| Penalty if posted rates fall 1 point first | $20,880 | $31,800 |
| Most lump-sum room stated, on the original amount | $75,000 | $100,000 |
| Penalty after using this year’s lump sum first | $7,492 | $15,675 |
| Porting | Port a fixed-rate mortgage (rate, balance, term and amortization) with no prepayment charge, on an approved new application; no window stated. | All CIBC mortgages except Variable Flex can be ported; the charge may be waived or reimbursed in full or in part, and a delayed port allows up to 120 days. |
Where TD and CIBC differ most
- Breaking the same mortgage after rates fall a point costs $10,920 more at CIBC ($31,800 vs $20,880): TD compares with its 3-yr posted rate and CIBC with its 2-yr posted rate.
- Which bank is cheaper to leave depends on when you leave: across the term the lead changes hands. The gap is widest with 30 months left: $8,770 at TD (3-yr posted) vs $19,555 at CIBC (2-yr posted).
- Variable mortgages price off different primes: TD Mortgage Prime 4.85% vs CIBC Prime 4.70%. At the same spread that’s about $720 a year on $480,000.
Both allow up-to-100% payment increases; the difference is in the penalty arithmetic and the prime.
TD and CIBC are the two banks here that let you raise your payment by up to 100%. Where they part is the exit: CIBC’s months-left chart can point to a different posted term than TD’s “similar mortgage” rule, and CIBC charges 3 months’ interest at your rate plus your discount, which is higher than plain 3 months’ interest. On a variable, TD uses TD Mortgage Prime and CIBC charges 3 months’ interest at CIBC Prime.
Ask: Ask CIBC for its penalty worked through with your numbers; it publishes step-by-step examples, so it should.
When would breaking cost less at TD or at CIBC?
The same $500,000 mortgage, broken at five points in its 5-year term (balance paid down on schedule, today’s posted tables). Each bank’s comparison term changes at different months, so the gap opens and closes:
| Months left | TD penalty | CIBC penalty | TD compares with | CIBC compares with |
|---|---|---|---|---|
| 54 | $16,709 | $15,595 | 5-yr posted | 4-yr posted |
| 42 | $15,273 | $12,727 | 4-yr posted | 3-yr posted |
| 30 | $8,770 | $19,555 | 3-yr posted | 2-yr posted |
| 18 | $10,411 | $12,146 | 2-yr posted | 1-yr posted |
| 6 | $5,961 | $7,764 | 1-yr posted | 1-yr posted (CIBC uses its 6-month rate; 1-year shown) |
Who feels the difference between TD and CIBC?
The aggressive pre-payer: $100,000 a year at CIBC vs $75,000 at TD
Take a $500,000 5-year fixed at 5.29% at either bank and put the largest lump sum each bank states into it at every anniversary. At CIBC (10%, 15% or 20% by product) you’d have paid it off before renewal, paying $67,523 in interest over the five years; at TD (15% lump sum) you’d owe $27,116 at renewal, paying $81,583. Without lump sums you’d owe $444,528. Kept up, CIBC’s room would clear the mortgage in about 4.8 years against 5.8 at TD. Most people won’t prepay this hard; if you will, this is the clause to choose on.
The variable-rate borrower: two different primes
TD prices its variables off TD Mortgage Prime (4.85%); CIBC off CIBC Prime (4.70%). Their advertised 5-year variable rates are 4.54% and 4.30%, so on $480,000 the first year’s interest is roughly $21,792 vs $20,640, and the monthly payment over 25 years $2,678.91 vs $2,613.80. Compare the rate itself, not the spread: a smaller discount off a lower prime can still be the cheaper loan.
The mover who can’t port: TD or CIBC, month by month
Selling with 54 months left would cost $16,709 at TD and $15,595 at CIBC, so CIBC is the cheaper exit early in the term; with 6 months left it’s $5,961 against $7,764, and TD is cheaper. Waiting from 54 to 6 months left saves $10,748 at TD and $7,831 at CIBC. If you might sell mid-term, porting beats both: see the porting row in the term sheet above and ask each bank for its window in writing.
TD penalty calculator · CIBC penalty calculator · prices your own numbers.
A brand-new mortgage at each bank, broken after two years
A new 5-year fixed for $450,000 at each bank’s own 5-year special, discounted from its own posted rate, broken after 24 months. People usually break when rates have fallen, which is when the IRD bites, so we show both cases:
| TD | CIBC | |
|---|---|---|
| Starting rate (5-yr special) | 5.29% | 5.34% |
| Discount from posted | 0.85 pts | 1.15 pts |
| Comparison rate after discount | 5.30% | 4.99% |
| 3 months’ interest | $5,951 | $7,301 |
| Penalty, posted rates unchanged | $5,951 | $7,301 |
| Penalty, posted rates 1 point lower | $13,365 | $18,225 |
Uses each bank’s published rule (see methodology); balance kept at $450,000 for a like-for-like comparison. “—” means the bank publishes no 5-year fixed special to start from (Scotiabank posts none; its specials are variable). Price your own mortgage in the penalty analyzer.
Bring TD’s written offer to CIBC (or the other way round) and ask them to beat it on the same term. Then compare the penalty clause, because that’s where these two differ most.
TD vs CIBC: questions
Is TD or CIBC better for a mortgage?
Neither wins on everything. Both allow up-to-100% payment increases; the difference is in the penalty arithmetic and the prime. TD advertises the lower 5-year fixed (5.29% vs 5.34%) as of November 2, 2026. On the same $480,000 mortgage broken 30 months early after rates fall a point, TD charges about $10,920 less. CIBC gives more lump-sum room (20% vs 15%). Neither wins everything, so get both quotes.
How do TD and CIBC calculate prepayment penalties?
Both charge the greater of 3 months’ interest or an IRD on a closed fixed mortgage, and 3 months’ interest on a variable. On the same mortgage with 30 months left, TD compares with its 3-yr posted rate and CIBC with its 2-yr posted rate, giving $8,880 at TD and $19,800 at CIBC. Each bank’s wording is on its profile: TD, CIBC.
Is it cheaper to break a mortgage at TD or CIBC?
It depends on when. For the same $500,000 5-year fixed at 5.29% (posted 6.89% at signing), with 54 months left TD $16,709 vs CIBC $15,595; with 42 months left TD $15,273 vs CIBC $12,727; with 30 months left TD $8,770 vs CIBC $19,555; with 18 months left TD $10,411 vs CIBC $12,146; with 6 months left TD $5,961 vs CIBC $7,764. Your own figure depends on your rate, discount and balance: try the penalty analyzer.
Can I switch from TD to CIBC at renewal?
Yes. At maturity there is no prepayment penalty, and since November 21, 2024 a straight switch with the same amount and amortization no longer needs a new stress test. The new bank may cover legal and appraisal costs; your current bank may charge a discharge fee. See the renewal checklist.
Sources
- Mortgage rates — TD Canada Trust, checked Nov 2, 2026
- Mortgage rates across Canada — CIBC, checked Nov 2, 2026
- Mortgage prepayment calculator — TD Canada Trust, checked Oct 31, 2026
- Mortgage prepayment (privileges and prepayment charges) — CIBC, checked Oct 31, 2026
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