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Additional payment
Even a small extra amount each month can take years off a bond. See the difference here.
Your details
R
%
yrs
R
Estimate
Current instalmentR 12 386
New instalmentR 13 386
New payoff period15 yrs 9 mths
Time saved4 yrs 3 mths
Interest savedR 442 699
Good to know
Extra payments reduce the capital balance, so interest is charged on a smaller amount each month.
Confirm with your bank that additional payments are applied to capital, not held in advance.
Figures assume the interest rate stays unchanged for the remaining term.