Extra Payment Calculator for Home Loans

Yes, we allow clients to use their bond as an interest-bearing savings account. You can apply to withdraw funds that you have paid over and above your normal instalments (often referred to as a "Redraw"). Our clients are typically permitted to make up to six withdrawals per year, usually starting from a minimum amount of R10 000.

The calculator provides a side-by-side comparison of your current and projected financial outlook. It highlights your Potential Savings across several categories, including the reduction in your Remaining Term (how many months sooner you will be debt-free) and the total Interest Saved over the duration of the loan.

To see your potential savings, you need to enter your Current Loan Balance, the Remaining Term (in months) and your current Interest Rate. You can then input an Additional Monthly Payment or a once-off Additional Lump Sum Payment to compare your "Current values" against your "Projected values."

Making additional payments over and above your compulsory monthly instalments goes directly towards reducing your capital balance. Interest is calculated on the remaining balance and therefore reduces the capital quicker and has the dual effect of shortening your overall loan term and significantly lowering the total amount of interest you will pay over the life of the bond.