# What is the monthly repayment on a R2 million home loan? - Canonical URL: https://bond.co.za/news/r2-million-home-loan-monthly-repayment - Author: Neil B - Published: 2026-10-28 - Last updated: 2026-10-28 Market newsInterest rates On a R2 million home loan over 20 years, the monthly repayment at South Africa's 10.75% prime rate is R 20 305 — a bond.co.za calculation. If the MPC holds at its 2026-11-19 decision it stays there; a 25 basis point hike lifts it to R 20 644, a cut lowers it to R 19 968. By [Neil B](https://bond.co.za/expert) · Checked against published primary sources · Published 2026-10-28 · Last verified 2026-10-28 home loan repaymentR2 million bondprime rateSARB MPC ![A large house with a key in front of it and stacks of coins beside it, on a soft cream background.](https://bond.co.za/images/news/r2-million-home-loan-monthly-repayment.svg) ## 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](https://bond.co.za/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](https://bond.co.za/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](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, interest compounded monthly, as at 25 September 2026. Last verified: 2026-10-28. Free Bond Readiness Report ## Turn the R2 million figure into your own number 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 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, deposit and salary tables at the R1.5 million price point. ](https://bond.co.za/news/r1-5-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)[ What a rate change does to your bond repaymentWorked examples of what a 25bp move adds to real bond sizes. ](https://bond.co.za/news/what-a-rate-change-does-to-your-bond-repayment)[ What salary do you need to buy a house in South Africa?The full salary-to-bond table at the 30% affordability rule. ](https://bond.co.za/news/what-salary-do-you-need-to-buy-a-house-october-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: 2026-10-28. > This is the Markdown version of [https://bond.co.za/news/r2-million-home-loan-monthly-repayment](https://bond.co.za/news/r2-million-home-loan-monthly-repayment); that HTML page is the canonical version of this content.