Bond Calculator South Africa: Your Monthly Bond Repayment
A R 1 000 000 bond at today’s prime of 10.75% costs about R 10 152 a month over 20 years, or R 9 335 over 30 years — roughly R 1 015 for every R 100 000 borrowed. Enter the price, deposit, term and rate below and this bond repayment calculator works out your own monthly instalment and year-by-year schedule.
By Neil B · Checked against published primary sources · Published 2026-08-15 · Last verified 2026-10-17
At prime (10.75%) over 20 years:
- R 500 000 bond → R 5 076 per month
- R 1 000 000 bond → R 10 152 per month
- R 1 500 000 bond → R 15 228 per month
- R 2 000 000 bond → R 20 305 per month
Updated 17 October 2026 · Prime 10.75% effective 25 Sept 2026 (SARB). Estimates only — your actual rate depends on your credit profile and each bank’s assessment.
What would your bond repayment be?
These numbers are illustrative estimates, not an offer. Your actual rate and repayment depend on your credit profile, deposit and each bank's assessment.
Last updated: 2026-09-23. Prime is shown as 10.75%. Your actual rate depends on your credit profile, deposit and the bank’s assessment.
What a better rate saves you
Yearly amortisation
How much of your repayment goes to interest versus principal each year. Early years are mostly interest; later years mostly principal.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | R 160 159 | R 22 582 | R 1 477 418 |
| 2 | R 157 608 | R 25 133 | R 1 452 284 |
| 3 | R 154 769 | R 27 972 | R 1 424 312 |
| 4 | R 151 609 | R 31 132 | R 1 393 180 |
| 5 | R 148 093 | R 34 649 | R 1 358 532 |
| 6 | R 144 179 | R 38 562 | R 1 319 969 |
| 7 | R 139 823 | R 42 918 | R 1 277 051 |
| 8 | R 134 975 | R 47 766 | R 1 229 285 |
| 9 | R 129 579 | R 53 162 | R 1 176 123 |
| 10 | R 123 574 | R 59 167 | R 1 116 956 |
| 11 | R 116 891 | R 65 850 | R 1 051 106 |
| 12 | R 109 453 | R 73 289 | R 977 817 |
| 13 | R 101 174 | R 81 567 | R 896 250 |
| 14 | R 91 960 | R 90 781 | R 805 470 |
| 15 | R 81 706 | R 101 035 | R 704 435 |
| 16 | R 70 293 | R 112 448 | R 591 987 |
| 17 | R 57 591 | R 125 150 | R 466 837 |
| 18 | R 43 455 | R 139 286 | R 327 551 |
| 19 | R 27 721 | R 155 020 | R 172 531 |
| 20 | R 10 211 | R 172 531 | R 0 |
Need the total cost instead? This page answers one question: what your bond repayment will be each month. To see what the loan costs over its whole life — total interest, the 20- versus 30-year trade-off and the fees a repayment leaves out — use the home loan calculator.
Want a ballpark for your own income?
Two questions, no contact details — we'll estimate the bond size and repayment that fit your gross monthly household income.
Gross monthly household income
Deposit you plan to put down
How is a bond repayment calculated?
South African banks use the standard reducing-balance (annuity) formula: each month you pay interest on the outstanding balance, and the rest of your fixed instalment reduces the principal. The monthly amount stays the same, but the interest portion shrinks over time while the principal portion grows.
Monthly repayment = P × r ÷ (1 − (1 + r)−n)
P = loan amount (price − deposit) · r = annual rate ÷ 12 · n = years × 12
Worked through for a R 1 000 000 bond at 10.75% over 20 years: r = 10.75% ÷ 12 and n = 240, which gives a repayment of about R 10 152 a month. In the first month about R 8 958 of that is interest and only about R 1 194 reduces the loan.
The calculator starts at the current prime lending rate of 10.75%, but you can move the rate up or down to see how sensitive your repayment is. That sensitivity is the whole argument for applying to more than one bank: when banks compete, the rate you are offered can be materially better than the first quote.
Assumptions: monthly repayments in arrears; the loan amount is purchase price minus deposit; no bond-registration, transfer, attorney, insurance or other costs are included. The rate is an annual nominal rate compounded monthly. All rand values are rounded to the nearest rand for display only — calculations keep full precision.
Figures verified 17 October 2026; prime last changed 25 Sept 2026.
What is the monthly repayment on a R1 million bond?
About R 10 152 a month at prime (10.75%) over 20 years, or about R 9 335 over 30 years. The table gives the same repayment for other loan sizes, at prime and either side of it, plus the gross monthly income the 30% affordability rule of thumb implies for the 20-year repayment.
| Loan amount | Prime (10.75%), 20 yrs | Prime, 30 yrs | Prime − 0.5% (10.25%), 20 yrs | Prime + 1% (11.75%), 20 yrs | Gross income needed (30% rule) |
|---|---|---|---|---|---|
| R 500 000 | R 5 076 | R 4 667 | R 4 908 | R 5 419 | R 16 920 |
| R 750 000 | R 7 614 | R 7 001 | R 7 362 | R 8 128 | R 25 381 |
| R 1 000 000 | R 10 152 | R 9 335 | R 9 816 | R 10 837 | R 33 841 |
| R 1 500 000 | R 15 228 | R 14 002 | R 14 725 | R 16 256 | R 50 761 |
| R 2 000 000 | R 20 305 | R 18 670 | R 19 633 | R 21 674 | R 67 682 |
| R 3 000 000 | R 30 457 | R 28 004 | R 29 449 | R 32 511 | R 101 523 |
Monthly repayment only: excludes building insurance, life cover and the bank’s monthly service fee. Income column = the 20-year repayment at prime ÷ 0.3, with no other debt; banks also check your net surplus after expenses. Figures as at 17 October 2026. For the total cost of the loan over its term, use the home loan calculator; to start from your salary instead, see how much home loan you can get on your salary.
How much is a R1.5 million bond per month?
About R 15 228 a month at prime (10.75%) over 20 years, or about R 14 002 over 30 years. If your rate comes in at prime + 1% the 20-year repayment rises to about R 16 256; at prime − 0.5% it falls to about R 14 725.
Moving up a bracket, a R 2 000 000 bond is about R 20 305 a month and a R 3 000 000 bond about R 30 457 a month at prime over 20 years. A bigger deposit shrinks the loan and so the repayment — enter your own price and deposit in the calculator above.
Buying at these prices also means transfer duty, conveyancing and bond registration paid in cash up front: the transfer cost calculator and the bond and transfer cost calculator price them for your purchase.
What interest rate should I use in the bond calculator?
Start with today’s prime lending rate of 10.75% — it is the base every major South African bank prices home loans from, and the calculator defaults to it. Your own offer will land somewhere between prime − 1% and prime + 2% depending on your credit record, deposit and loan-to-value, so test a few rates in that band rather than one.
If you already have a quote from a bank, use that exact rate. If not, run the calculator at prime for a neutral estimate, then at prime + 1% to see the repayment you should still be able to afford if the offer comes back weaker than hoped. Comparing offers from every major bank is how you find out where in the band you actually land — ooba Home Loans, for example, reports an average concession of about 0.67% below prime on the bonds it registers (its own figure, not a bond.co.za one). Figures as at 17 October 2026; prime last changed 25 Sept 2026.
How much does the interest rate change your bond repayment?
On a R 1 000 000 bond over 20 years, moving from prime + 2% to prime − 1% cuts the repayment by about R 2 053 per month and saves over R 492 707 in total interest. This is why the rate you are offered matters as much as the price you negotiate.
| Rate scenario (R 1 000 000 over 20 yrs) | Typical profile | Monthly repayment | Total interest over term |
|---|---|---|---|
| Prime − 1% (9.75%) | Strong credit profile, large deposit | R 9 485 | R 1 276 440 |
| Prime (10.75%) | The standard variable rate banks start from | R 10 152 | R 1 436 549 |
| Prime + 1% (11.75%) | Thinner profile or high loan-to-value | R 10 837 | R 1 600 897 |
| Prime + 2% (12.75%) | Top of the major-bank panel range | R 11 538 | R 1 769 148 |
Panel range: major banks typically quote between prime − 1% and prime + 2% depending on profile. Estimates rounded for display; figures as at 17 October 2026.
Why compare bond repayment quotes?
Because banks price the same applicant differently — comparing more than one bank’s offer is how you know you are not overpaying, and the difference compounds over the full 20-year term.
South African home loans are priced relative to prime. The rate you are offered depends on your credit record, affordability, loan-to-value and how competitive the bank needs to be to win your business. You can apply to several banks yourself, or a bond originator can submit one application to several banks, so you see side-by-side offers instead of negotiating with one lender at a time.
A lower rate does two things: it reduces your monthly repayment today, and it dramatically reduces the total interest you pay over the term. Use the calculator above to see the difference between prime, prime minus 0.25% and prime minus 0.50% on your loan size.
bond.co.za is not a bank. We do not publish guaranteed rates, guaranteed approvals or guaranteed savings. We show estimates with stated assumptions so you can compare with confidence.
What do banks check before quoting your rate?
Banks assess your credit record, disposable income after living expenses, existing debt repayments, the size of your deposit (loan-to-value) and the property itself — so the rate you are finally quoted can sit anywhere in the prime − 1% to prime + 2% panel range shown above.
The estimates on this page assume the loan runs its full term at a constant rate, exclude compulsory building insurance and any monthly account or initiation fees, and use the standard annuity formula. They are not an offer, a pre-approval or a prediction of the rate any bank will give you. Figures last verified 17 October 2026.
Related tools
- Wondering what a rate hike would do to your repayment? See the rand cost of a 1% rate increase.
- Ready to apply once you know your repayment? Check the documents banks need for a home loan application.
- Building instead of buying? Estimate building-loan repayments by drawdown stage.
- Already have a bond and want to pay it off faster? See what an extra payment saves you.
- Settling your bond early, or cancelling it to switch banks? Estimate the bond cancellation fees first.
- Already have a bond and wondering if a better rate is worth the switching costs? Run your refinance break-even.
- Not sure what price range to shop in? Use our home loan affordability calculator.
- Lower your rate? Here’s how negotiation works: Can I negotiate my home loan interest rate?.
- Getting help from family with your deposit? Read about using a gifted deposit to buy a house.
- Building an app or AI agent that needs repayment figures? Use the same calculation through our MCP tools and API.
- Ready to see what a bank would actually offer? Start your free bond pre-approval.
Common questions about bond repayments
How is a bond repayment calculated in South Africa?
Banks use the standard reducing-balance (annuity) formula, M = P × r ÷ (1 − (1 + r)^−n), where P is the loan, r the annual rate ÷ 12 and n the number of monthly payments. You pay interest each month on the outstanding balance, and the rest of your fixed instalment reduces the principal. At the current prime rate of 10.75% over 20 years, every R100 000 borrowed adds roughly R 1 015 to your monthly repayment.
What interest rate should I use in the bond calculator?
Use today's prime lending rate of 10.75% as your starting point — it is the base South African banks price home loans from, and it is what the calculator defaults to. Then test the realistic band around it: prime − 1% if you have a strong credit profile and a solid deposit, prime + 1% or 2% if you are a 100% bond applicant or your profile is thinner.
What is the monthly repayment on a R1 million bond?
At the current prime rate of 10.75%, a R1 000 000 bond costs about R 10 152 a month over 20 years, or about R 9 335 a month over 30 years, excluding insurance and the monthly service fee. At prime + 1% (11.75%) the 20-year repayment is about R 10 837.
How much is a R1.5 million bond per month?
About R 15 228 a month at prime (10.75%) over 20 years, or about R 14 002 over 30 years. Under the 30% affordability rule of thumb the 20-year repayment needs a gross monthly income of roughly R 50 761.
How much is a R2 million bond per month?
About R 20 305 a month at prime (10.75%) over 20 years, or about R 18 670 over 30 years. Each percentage point on the rate moves the 20-year repayment by roughly R 1 370 a month.
What is the monthly repayment on a R500 000 bond?
At the current prime rate of 10.75% over 20 years, a R500 000 bond costs about R 5 076 per month, excluding insurance, and about R 5 419 per month if your rate is prime plus 1%.
How much does a 1% rate increase add to my bond repayment?
On a R 1 000 000 bond over 20 years, moving from prime (10.75%) to prime + 1% adds about R 685 to the monthly repayment. Every R100 000 of bond adds about R 68 a month for each percentage point.
How can I pay off my bond faster?
Pay extra directly into the bond — it reduces the principal immediately, so more of every later instalment goes to capital instead of interest. Paying the equivalent of three extra instalments a year (about R 2 538 more a month) on a R 1 000 000 bond at prime settles it in about 11 years and 6 months instead of 20 years and saves about R 695 023 in interest. The earlier you start, the more you save.
Sources
Figures on this page are as at 17 Oct 2026. Each one comes from the source listed below, or is computed from those sources by the same calculation our calculators use.
- South African Reserve Bank (SARB) — prime lending rate 10.75%Default rate for the calculator and every example (effective date) · 25 Sept 2026
- Illustrative major-bank rate band (offsets from prime)Prime − 1% to prime + 2% band in the rate-scenario table · 03 Oct 2026
- ooba Home Loans — average rate concession below primeThird-party figure quoted in the interest-rate section · 03 Oct 2026
- National Credit Act 34 of 2005 (section 81: affordability assessment)Why banks assess affordability before granting a bond (fully in force) · 01 Jun 2007
- ooba Home Loans — Bond affordability calculatorStates the repayment cannot exceed 30% of gross income or the net surplus income (retrieved) · 17 Oct 2026
Check what you could qualify for
Free estimate on screen — no contact details needed. Then read how bond pre-approval works before you make an offer.