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What if I Pay More Every Month?

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Financial Analysis (Switch to Plain English)
  Standard Additional Payment
Monthly Payment : R1,342.05 R1,392.05
Total Monthly Payments : R483,133.89 R461,835.60
Interest Savings : R21,298.29
Length : 30 Yrs 0 Mts 27 Yrs 8 Mts
Time Saved : 2 Yrs 4 Mts
Plain English Help (Switch to Financial Analysis)

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

If you take out a 30 year loan for R250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be R1,342.05. By the time the 30 year time period is complete, you will have paid R483,133.89 for your home.

If you pay just R50.00 more each month, you will pay only R461,835.60 toward your home. This is a savings of R21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.

     
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