# What is the monthly payment on a R1 million home loan? - Canonical URL: https://bond.co.za/news/r1-million-home-loan-monthly-repayment - Author: Neil B - Published: 2026-11-03 - Last updated: 2026-11-03 Market newsInterest rates The monthly payment on a R1 million home loan is about **R 10 152** over 20 years at South Africa's **10.75%** prime rate (SARB, effective 25 September 2026) — a bond.co.za calculation. With a 10% deposit it drops to about **R 9 137**. By [Neil B](https://bond.co.za/expert) · Checked against published primary sources · Published 2026-11-03 · Last verified 2026-11-03 home loan repaymentR1 million bondprime rateSARB MPC ![A house with a price tag showing R1 million and a stack of coins beside it, on a soft cream background.](https://bond.co.za/images/news/r1-million-home-loan-monthly-repayment.svg) ## 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](https://bond.co.za/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](https://bond.co.za/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](https://bond.co.za/guides/bond-pre-approval) or check any offer in the [bond calculator](https://bond.co.za/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. Free Bond Readiness Report ## Turn the R1 million figure into your own number Your deposit, your term and the rate you are offered all move this repayment. Run your numbers on our free affordability calculator, then get a personalised Bond Readiness Report emailed to you: an affordability range, a realistic rate band and the document checklist for your situation. Estimates only, no guaranteed approval. [Run the numbers on our free affordability calculator](https://bond.co.za/home-loan-affordability-calculator) ### Get your free Bond Readiness Report A personalised affordability range, a realistic rate band, estimated total upfront costs and the document checklist for your situation. We’ll open a request in your email client, ready to send. Free to use. bond.co.za is an independent educational resource — we do not provide credit, origination, legal or conveyancing services. [About our independence](https://bond.co.za/how-we-make-money). ## Sources - [South African Reserve Bank — September 2026 Monetary Policy Statement](https://www.resbank.co.za/en/home/publications/publication-detail-pages/statements/monetary-policy-statements/2026/september)Source for prime (10.75%) and repo (7.25%), effective 25 September 2026; the 23 September hike was 25 basis points. - [bond.co.za — Bond calculator](https://bond.co.za/bond-calculator)Method behind the repayment figures: standard annuity, interest compounded monthly. - [ooba Home Loans — how to apply for a home loan](https://www.ooba.co.za/resources/how-to-apply-for-home-loan/)Source for the average rate concession of about 0.67% below prime across originator-submitted bonds. ## More market news [ R1.5 Million Home Loan: Monthly Repayment at 10.75% PrimeThe same repayment table at the R1.5 million price point. ](https://bond.co.za/news/r1-5-million-home-loan-monthly-repayment)[ R2 Million Home Loan: Monthly Repayment at 10.75% PrimeHold, hike and cut scenarios at the R2 million price point. ](https://bond.co.za/news/r2-million-home-loan-monthly-repayment)[ How much have interest rates gone up in 2026?The two 2026 hikes, and what they added at R1m, R1.5m and R2m. ](https://bond.co.za/news/how-much-have-interest-rates-gone-up-in-2026)[ When is the next interest rate decision in South Africa?Dates, times and what each outcome would do to your bond. ](https://bond.co.za/news/when-is-the-next-interest-rate-decision-south-africa) ## Informational disclaimer This article is for information purposes only and does not constitute financial advice, a guarantee of bond approval, or confirmation of any specific interest rate. Repayments are illustrative estimates; your bank sets your actual rate and fees. Speak to your bank or a qualified financial adviser about your personal circumstances before making a decision. Prime 10.75% and repo 7.25% (SARB, effective 25 September 2026, re-verified 2026-09-23). Last verified: 2026-11-03. > This is the Markdown version of [https://bond.co.za/news/r1-million-home-loan-monthly-repayment](https://bond.co.za/news/r1-million-home-loan-monthly-repayment); that HTML page is the canonical version of this content.