HOW YOUR POCKET WILL BE AFFECTED WHEN BUYING A PROPERTY

BOND REPAYMENTS

 

 

Bond amount Monthly repayments Salary required

R500,000 R 4,340 R14,467

R550,000 R 4,774 R15,915

R600,000 R 5,208 R17,360

R650,000 R 6,642 R18,807

R700,000 R 6,076 R20,254

R750,000 R 6,510 R21,700

R800,000 R 6,944 R23,147

R850,000 R 7,378 R24,594

R900,000 R 7,812 R26,040

R950,000 R 8,246 R27,487

R1,000,000 R 8,680 R28,933

R1,100,000 R9 ,546 R31,827

R 1,200,000 R10,416 R34,720

R1,300,000 R11,284 R37,614

R1,400,000 R12,152 R40,507

R1,500,000 R13,020 R43,400

R2,000,000 R17,360 R57,867

 

 

To calculate the amount your monthly repayments on a bond will cost you, this is the formula:

 

Bond amount 1000 x factor of 8,68 (based on rate is 8,5%) = monthly repayments

 

To calculate the salary required for your monthly repayments :

 

Bond payment 0,3 = salary requirement (bond repayments cannot be more than 30% of net salary)

 

  

 

 

And to calculate amount you can buy for :-

 

Monthly repayment (about a third of your salary) factor (8.68) x 1000.

 

Example: If you clear R20,000/month you can buy for around R690,000 calculated as:

 

R20,000 3 = R6,667-00 8.68 x 1000 = R768,049-00 at 8,5%

 

 

This table is an approximation only and does not bind us in any way. We disclaim all liability for any errors or omissions