Mortgage Calculator
Calculate your estimated monthly mortgage payments
Loan Details
10.0% of property price
Monthly Payment
Estimated Monthly Payment
R19,196
Loan AmountR1,800,000
Total InterestR2,806,976
Total PaymentR4,606,976
Total Number of Payments240
Important Note:
This calculator provides an estimate only. Actual payments may vary based on additional fees, insurance, and other factors. Consult with a financial advisor for personalized advice.
Understanding Your Mortgage
A mortgage is a loan used to purchase property in South Africa. Understanding how mortgages work and what you can afford is crucial before making an offer on a property.
Key Factors Affecting Your Mortgage
- Property Price: The total cost of the property you wish to purchase
- Deposit: The upfront payment, typically 10-20% of the property price
- Interest Rate: The annual rate charged by the bank, currently around 11-12% in South Africa
- Loan Term: The period over which you'll repay the loan, usually 20-30 years
Additional Costs to Consider
Remember to budget for these additional costs when buying property:
- Transfer duty (government tax on property transfers)
- Transfer fees (attorney fees for transferring the property)
- Bond registration fees
- Property valuation fees
- Home insurance
- Monthly rates and levies