Additional Payment

How do I use the BetterBond additional payment calculator?

One of the best ways to save money on your home loan is to pay it off sooner by making additional payments. The additional payment calculator shows you how much faster you can pay off your home loan – and how much interest you can save – by making these extra payments into your bond. It’s a quick and powerful way to see the long-term impact of paying a little more each month or making once-off lump-sum payments.

Calculate your savings in five easy steps

1. 1.Enter the purchase price: type in the full price of the property you want to buy (for example, R1,200,000).
2. 2.Enter your additional payment (per month): an extra monthly amount (e.g. R500 or R1,000).
3. 3.Enter your interest rate: use the rate you received from your bank or bond originator. The calculator is pre-loaded with the current prime rate, but you can adjust it to see how rate changes affect your repayment and savings.
4. 4.Enter your repayment term (years): the calculator uses 20 years (240 months) as a common default but you can change it to see the impact on your monthly and total repayments.
5. 5.Click Calculate. The calculator will show you:
   • New monthly repayment: the revised total with your additional payments included.
   • Total interest saved: how much less you’ll pay over time.
   • New loan term: how many months you’ll shave off your bond.

Pro tip: Play around with different amounts to find what fits your budget best. Even small, regular extra payments can make a big difference – helping you own your home outright years sooner and save thousands in interest.