HOW YOUR POCKET WILL BE AFFECTED WHEN BUYING A PROPERTY

BOND REPAYMENTS

 

 

Bond amount Monthly repayments Salary required

R500,000 R 4,625 R15,417

R550,000 R 5,088 R16,959

R600,000 R 5,550 R18,500

R650,000 R 6,012 R20,045

R700,000 R 6,475 R21,584

R750,000 R 6,938 R23,125

R800,000 R 7,400 R24,667

R850,000 R 7,863 R24,208

R900,000 R 8,325 R27,750

R950,000 R 8,788 R29,292

R1,000,000 R 9,250 R30,834

R1,100,000 R10,175 R33,917

R 1,200,000 R11,100 R37,000

R1,300,000 R12,025 R40,084

R1,400,000 R12,950 R43,167

R1,500,000 R13,875 R46,250

R2,000,000 R18,500 R61,667

 

 

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

 

Bond amount 1000 x factor of 9.25 (based on rate is 9,25%) = 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 (9.25) x 1000.

 

Example: If you clear R20,000/month you can buy for around R720,000 calculated as:

 

R20,000 3 = R6,667-00 9.25 x 1000 = R720,722-00 at 9,25%

 

 

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