It comes with the latest generation (7th) dual-core Intel i5 CPU and 8GBs of RAM. Storage is a bit low at 128GBs but it's SSD which means the laptop will boot up quickly and applications will load faster too. The 14" display is smaller than the one on your 17.3" Toshiba, but it's 2K and IPS which means you can use it as an actual portable device (superior viewing angles).
The built-in graphics processor (Intel HD 620) is a significant improvement on the GMA unit in the Satellite. At 1.5 kg the HP is markedly lighter, too, which makes it easier to carry around.