Bond Repayment Calculator
Enter your purchase price and deposit to see results.
FAQS
Frequently Asked Questions
What is the monthly repayment on a R1 million bond in South Africa?
At a 20-year term and 12.25% interest rate (prime + 2%), the monthly repayment on a R1 million bond is approximately R11,500. This varies depending on the actual rate offered by the bank, your loan term, and any deposit paid.
How does a deposit affect my monthly repayment?
A deposit directly reduces your loan amount, which reduces both your monthly repayment and the total interest paid over the term. A 10% deposit on a R1 million property saves the monthly repayment by around R1,100–R1,200 and reduces total interest by hundreds of thousands over 20 years.
What happens if interest rates change after I get my bond?
South African home loans are almost always on a variable (floating) rate linked to the prime lending rate. When the SARB raises or lowers the repo rate, prime changes, and your monthly repayment adjusts accordingly. You can request a fixed rate from some banks for a limited period, but fixed rates are typically higher than variable rates.
Can I pay off my bond faster?
Yes, and it saves a significant amount of interest. Most South African banks allow you to make additional payments into your home loan at any time. Even an extra R500 per month on a R1 million bond can save years off your term. Use our Extra Payments Calculator to see the exact impact.