Loading...
Calculate your monthly home loan (bond) repayments and see how extra payments can save you money. Based on South African prime lending rates.
Current SA Prime Rate: ~11.75% (as of 2024)
Optional: See how extra payments reduce your loan term
M = Monthly payment
P = Principal (R 1 800 000)
r = Monthly rate (0.979%)
n = Total months (240)
Scenario: Buying a home for R2,000,000 with a 10% deposit (R200,000) over 20 years at the current prime rate (11.75%).
The prime lending rate in South Africa is currently 11.75%. Most mortgages are priced relative to prime (e.g., prime − 0.5% or prime + 1%).
While 100% bonds are available for first-time buyers, a 10-20% deposit typically secures rate concessions and lowers monthly installments.
Under the National Credit Act, you must provide 90 days written notice to cancel a bond without an early termination fee. Regular extra payments into an access bond carry no penalties.
An access bond lets you deposit surplus cash to reduce daily compounding interest while allowing you to redraw those funds when required.
Budget for SARS transfer duty, conveyancing attorney transfer fees, bank bond registration fees, and deeds office registration costs.