Bond Repayment Calculator

With the Bond Repayment Calculator you are able to get an estimated monthly instalment on a home loan, based on the purchase price of the new house you would  like to purchase.

If you’re about to put in an offer for a home, you’ll know just how much thought goes into this big decision. As part of the planning process, you’ll have to work out how much your bond will cost you every month. Our handy bond repayment calculator simplifies this important step.

The final monthly amount you’ll be repaying depends on these four factors:

 

Purchase price

The higher the purchase price of your dream property, the more you’ll have to put towards your bond every month.

 

Repayment time

Most new bonds are for 20 years, but this isn’t set in stone. The faster you pay off your home loan, the less interest you’ll pay on the bond, and the more you’ll save in the long run.

 

Interest rate

This is the rate at which the bank lends you money. Remember that you can negotiate this. While every bank has their own rules and regulations, there’s no harm in asking for a lower interest rate. Even half a percent under the normal interest rate will make a difference to your monthly payments.

 

Deposit

Most banks require a 10% deposit towards the property you’re about to purchase. The bigger the deposit, the smaller the repayment, as our bond repayment calculator below will show you.

We know that putting extra cash into the bond can be difficult at first. But even if you only start doing it later down the line, it’s worth it. Paying in an extra R1000 or R2000 a month can cut years off the time it takes to pay back your bond. Play around with the bond repayment calculator to see what a difference it makes, or contact ooba for expert advice.