Bond repayment calculator
Your monthly home loan repayment, total interest, and how much paying a little extra each month saves you. The rate defaults to prime (). Change it to match your quote.
How much house can I afford?
Most SA banks will only approve a bond if the repayment is no more than about 30% of your gross monthly income (yours plus your partner's if you apply jointly).
Tips to save on your bond
Pay extra early. In the first years most of each repayment is interest, so every extra rand reduces capital and saves interest for the rest of the loan. On a 20-year bond even R1 000 extra a month can cut years off.
Negotiate the rate. A bond originator such as ooba or BetterBond can apply to several banks at once. Getting prime − 0.5% instead of prime saves a lot over 20 years.
Budget for once-off costs. Transfer duty, bond and transfer attorney fees can add 8% or more to the price. See the transfer duty calculator.
Frequently asked questions
What is the current prime rate in South Africa?
Prime is 3.5 percentage points above the Reserve Bank's repo rate. Most home loans are priced at prime, or slightly above or below it depending on your credit profile and deposit.
Do I need a deposit to buy a house?
Some banks offer 100% bonds to first-time buyers with good credit, but a deposit of 10% or more usually gets you a better interest rate and a lower repayment.