How much is the monthly repayment on a R1 million home loan at 10.75% prime?
A R1 million home loan repaid over 20 years at prime of 10.75% costs about R 10 152 a month. Prime has been 10.75% since 25 September 2026, when the SARB's 23 September 2026 MPC decision raised the repo rate by 25 basis points to 7.25%. The figure is a bond.co.za calculation on a standard reducing-balance basis, with interest compounded monthly; bank fees and insurance are extra.
The term changes the monthly figure sharply — and the total interest even more so. Over 20 years you would pay about R 1 436 549 in interest on top of the loan; over 30 years, about R 2 360 533. All at 10.75% prime, as at 25 September 2026:
| Term | Monthly repayment at 10.75% | Total interest |
|---|---|---|
| 15 years | R 11 209 | ≈ R 1 017 706 |
| 20 years | R 10 152 | ≈ R 1 436 549 |
| 30 years | R 9 335 | ≈ R 2 360 533 |
What does a deposit save on a R1 million home loan?
A deposit shrinks the loan you need — and with it the repayment and the salary banks want to see. Under the 30% affordability rule, your instalment should stay at or below 30% of your gross monthly income, so each deposit tier below also shows the monthly salary that roughly supports it. All figures at 10.75% prime over 20 years, as at 25 September 2026(bond.co.za calculation):
| Deposit | Home loan | Monthly repayment | Saving / month | Salary needed (30% rule) |
|---|---|---|---|---|
| 0% | R 1 000 000 | R 10 152 | — | ≈ R 33 841 |
| 5% | R 950 000 | R 9 645 | R 508 | ≈ R 32 149 |
| 10% | R 900 000 | R 9 137 | R 1 015 | ≈ R 30 457 |
| 20% | R 800 000 | R 8 122 | R 2 030 | ≈ R 27 073 |
The 20% deposit saves about R 2 030 a month — and roughly R 487 310 in instalments over the full 20 years. To see what deposit and income combination you personally qualify for, run your numbers through the home loan affordability calculator.
What salary do you need for a R1 million home loan?
Using the 30% rule, the R 10 152 instalment needs a gross monthly salary of roughly R 33 841 — before car payments, credit cards or other debts are counted, which pushes the requirement up. On a R 60 000 salary, the same 30% rule supports a bond of roughly R 1 772 999 over 20 years at 10.75% prime (bond.co.za calculation). A deposit, a second income or a longer term all move the number.
What will the November 2026 MPC decision do to a R1 million repayment?
The MPC's next decision is on 19 November 2026; no outcome is forecast here. For budgeting: a further 25 basis point hike would take the R1 million repayment to about R 10 322at 11.00% prime, while a 25 basis point cut would bring it down by the same order of magnitude (bond.co.za scenarios, not predictions). The rate increase impact calculator prices any rate move at your own loan size and term.
Will you actually pay prime on a R1 million bond?
Probably not exactly 10.75%. Banks price each applicant around prime: offers across the major panels typically land between 9.75% and 12.75%, which on R1 million over 20 years is roughly R 9 485 to R 11 538 a month — an illustrative band, not a quote, verified 2026-10-03. On average, originator-submitted bonds achieve about 0.67% below prime (ooba) — worth about R 449 a month on this bond, at 10.08%. Comparing offers is the cheapest way to land at the good end: start with bond pre-approval or check any offer in the bond calculator.
Rates: SARB, re-verified 2026-09-23. Repayments: bond.co.za calculation, 20-year term unless stated, interest compounded monthly, as at 25 September 2026. Last verified: 2026-11-03.