I want to finish repaying my bond as soon as yesterday.
14 Sep 2022 00:07
I have a bond of R540 000. I am supposed to pay R7 400 per month but I pay R11 000 instead. How is this going to affect my bond period? I want to finish repaying my bond as soon as yesterday. Please advise.
Dear reader,
Thanks a lot for writing to us.
With the information given it’s a little tough to calculate the interest rate. However, I can give you some calculations based on various interest rates and you can go back to your statement to check your interest rate and the calculation that comes the closest.
| Bond: R540 000 | |
| Interest rate | Term (months) |
| 9.25% | 61.92 |
| 9.5% | 62.4 |
| 10% | 63.39 |
| 10.5% | 64.43 |
| 11% | 65.52 |
Basically, you will repay your bond within five years and five-and-a-half years.
If your interest rate is more or less than the examples above you’re welcome to contact me for a more accurate calculation.
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