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How will additional payments affect my bond period?

I want to finish repaying my bond as soon as yesterday.



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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