One of the best ways to create wealth is to pay extra
into your bond
Bond of R 500,000.00
|
Interest/Base Home loan rate:
|
9.000 %
|
Monthly repayment:
|
4195.98
|
|
|
Property type/use rate premium:
|
0.000 %
|
HLP Premium:
|
0.00
|
|
|
Customer rate:
|
9.000 %
|
Total repayment:
|
4195.98
|
|
|
Total monthly income:
|
20000.00
|
Loan to value ratio:
|
0.000 %
|
|
|
Monthly subsidy:
|
0.00
|
|||
|
Loan amount:
|
500000.00
|
|||
|
Registered bond amount:
|
500000.00
|
|||
|
Property purchase price:
|
0.00
|
|||
|
Bond term:
|
25.00 years
|
|
Interest / Base Home loan rate:
|
9.000 %
|
Monthly repayment (including additional payment):
|
4295.98
|
|
|
Property type/use rate premium:
|
0.000 %
|
Interest saving:
|
68807.58
|
|
|
Customer rate:
|
9.000 %
|
New
bond term:
|
23.08 years
|
|
|
Bond term:
|
25.00 years
|
277 months
|
||
|
300 months
|
||||
|
Loan amount:
|
500000.00
|
|||
|
Additional payment
|
100.00
|
: Example 2 paying an extra
R 500 pm
|
Interest / Base Home loan rate:
|
9.000 %
|
Monthly repayment (including additional payment):
|
4695.98
|
|
|
Property type/use rate premium:
|
0.000 %
|
Interest saving:
|
249158.45
|
|
|
Customer rate:
|
9.000 %
|
New bond term:
|
17.92 years
|
|
|
Bond term:
|
25.00 years
|
215 months
|
||
|
300 months
|
||||
|
Loan amount:
|
500000.00
|
|||
|
Additional payment
|
500.00
|
Example: 3 paying an
extra R 1000 pm
|
Interest / Base Home loan rate:
|
9.000 %
|
Monthly repayment (including additional payment):
|
5195.98
|
|
|
Property type/use rate premium:
|
0.000 %
|
Interest saving:
|
365085.67
|
|
|
Customer rate:
|
9.000 %
|
New
bond term:
|
14.33 years
|
|
|
Bond term:
|
25.00 years
|
172 months
|
||
|
300 months
|
||||
|
Loan amount:
|
500000.00
|
|||
|
Additional payment
|
1000.00
|
Example: 4
By splitting your monthly installment into
two payments over the month, e.g. the 15th and the 31st of the month, can also
help you save on interest. If your bond
repayment is due on the 31st and you make it in two installments – one on the
15th and one on the 31st – you are saving on the daily interest over 15 days
Example: 5
Pay your home owners insurance and life
assurance separately and not part of your bond installment as most banks buy
the insurance annually and put the annual installment on the bond and you pay
interest on the amount (you can shop around for cheaper insurance)
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