How to use this calculator:
Mortgage Amount = is the amount that will be financed for your home loan after the deposit has been paid or deducted.
Mortgage Payback period = this will most likely be 20 years.
Interest rate = The current prime rate in South Africa is 9.25% and you will most likely get a bond with a rate between 9.0% and 11% depending on your credit profile. Using 10% is a good estimate.
Calculate = This will calculate your monthly installment (depending on your bank, you should add a small amount for the monthly service charge of roughly R57.00)