How much is the monthly repayment on a R2 million home loan at 10.75% prime?
A R2 million home loan repaid over 20 years at prime of 10.75% costs about R 20 305 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.
Repayments scale in proportion to the loan, so you can read across to other bond sizes at the same rate, as at 25 September 2026:
| Loan amount | Monthly repayment at 10.75% |
|---|---|
| R 1 000 000 | R 10 152 |
| R 1 500 000 | R 15 228 |
| R 2 000 000 | R 20 305 |
What would the November MPC decision do to a R2 million repayment?
The SARB's Monetary Policy Committee announces its next decision on 2026-11-19, with the repo rate at 7.25% and prime at 10.75%. No outcome is forecast here, but every possible direction is priced below — what each would do to a R2 million bond over 20 years (bond.co.za scenarios):
| Scenario | Prime | Monthly repayment | Change |
|---|---|---|---|
| Hold at 10.75% | 10.75% | R 20 305 | — |
| Hike to 11.00% | 11.00% | R 20 644 | +R 339 |
| Cut to 10.50% | 10.50% | R 19 968 | −R 337 |
To see any of these on your own bond, the rate increase impact calculator prices any rate move at your loan size and term.
What salary do you need for a R2 million home loan?
As a rule of thumb under the National Credit Act, banks want the home-loan instalment to stay at or below 30% of your gross monthly income. At 10.75% prime the R2 million instalment is about R 20 305, so you would need to earn roughly R 67 682 a month gross — around R 812 183 a year — before other debts and expenses are counted. Run your own income through the home loan affordability calculator for a personalised estimate.
Will you actually pay prime on a R2 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 R2 million over 20 years is roughly R 18 970 to R 23 076 a month — an illustrative band, not a quote, verified 2026-10-03. On average, originator-submitted bonds achieve about 0.67% below prime (ooba). 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, interest compounded monthly, as at 25 September 2026. Last verified: 2026-10-28.