Extra Payments Calculator
Enter your bond details to see how much you can save.
FAQS
Frequently Asked Questions
How much can extra bond payments save me?
The savings are substantial. On a R1 million bond at 20 years, paying an extra R1,000 per month can save over R300,000 in interest and cut 5+ years off your term. The earlier in your bond term you start making extra payments, the greater the saving.
Can I make extra payments on my South African home loan?
Yes, most South African banks allow extra payments at any time with no penalty. These go directly to reducing your capital balance, which reduces both the interest charged and the remaining term. Check your bond agreement or speak to your bank to confirm how to make the payments.
What is the fastest way to pay off my bond?
Combining a once-off lump sum payment (such as a bonus or inheritance) with a regular monthly overpayment gives the fastest results. The lump sum immediately reduces your balance, while the recurring extra payment compounds the savings month after month.
Does paying extra reduce interest or term?
South African bonds are structured so that extra payments reduce the capital balance, which automatically reduces the term while keeping the monthly payment the same. The interest saved is the difference between the original total repayable and the new total after the additional payments.