# Home Loan Calculator

## Bond Repayment Calculator

Using a home loan calculator is the best way to quickly assess the affordability of the home you want to buy.

With this bond repayment calculator you will be able to see exactly how much interest you will be paying as well as the actual monthly repayment amounts (including the interest).

Furthermore, by selecting shorter repayment periods you will also be able to see how much you will save in interest.

For instance, just by increasing your monthly mortgage payment by, you will save

Bond Repayment Calculation A

Mortgage amount: R1,500,000

Interest rate: 9.5%

Repayment period: 20 years

Monthly payment amount (including interest): R13,981

Total interest that will be paid over the repayment period: 1,855,672

Bond Repayment Calculation B

Mortgage amount: R1,500,000

Interest rate: 9.5%

Repayment period: 15 years

Monthly payment amount (including interest): R 15,663

Total interest that will be paid over the repayment period: R1,319,406

So what does this all mean?

• Well if you compare “Bond Repayment Calculation A” to that in “B”, you will notice that just by increasing your monthly bond repayments by R1,682 every month (as per Bond Repayment Calculation B), you will save yourself a whopping R536,266 in interest – that’s more than half a million rand saved.
• Wait, that’s not all – you will also knock a whole 5 years off your repayment period in “B”.
• So instead of having your mortgage hanging over your head for 20 years, your home will be completely paid for in just 15 years if you opt for the bond repayment plan in B.

You would have to be a fool not to pay something extra every month when you can see how much interest you could save as well as getting your home paid off sooner.

### Choose Your Best Repayment Option With This Home Loan Calculator

Enter the purchase price, the down payment (deposit amount if there is one), the mortgage term, interest rate, etc where applicable & then hit “calculate”.

You will then be presented with the image below where you can see exactly how much your bond repayments will be as well as your monthly interest amounts.

Just scroll down to view the total amount of interest you will pay which is almost the same as the principal debt in this example but will be more than the purchase price in example A above.

Bond Repayment Calculator

 Purchase price: R Down payment: % Mortgage term: years Interest rate: % Property tax: R per year Property insurance: R per year PMI: % First payment date: JanFebMarAprMayJunJulAugSepOctNovDec 2000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027202820292030 Amortization: show by year show by month

###### 2 comments on “Home Loan Calculator”
1. matieho says:

We want a home loan but we still have a loan with capitac bank

2. Ntsikelelo says:

We have been renting this house for the last 5 years and paying almost R40 000 a month. About me and my spouse cannot get a home loan because of my credit status. What options are there for us to actually get financing for a house?>