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How Much Will My Payments Be?

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Financial Analysis (Switch to Plain English)
Loan To Valuation : 83.33%
Total Monthly Payments : R1,342.05
Plain English Help (Switch to Financial Analysis)

As you can see, your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan.

Just as an example, letís say you are borrowing R250,000.00 for 30 years with an interest rate of 5.000%. If the value of your home is R300,000.00, you can expect to be making a total payment of R1,342.05.

As your Loan to Valuation Ratio is 83.33%, you will also have to pay Lenders Mortgage Insurance at the time of settlement. This insurance only protects the lender in the event of a default by you. It does however encourage lenders to lend to people who do not have a 20% deposit. The rate of Lenders Mortgage Insurance increases as the LVR increases and you should carefully assess this cost.

     
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