Can I pay my bond off quicker?
Yes, you can pay off your bond as quickly as you choose. If you have a bond of R1 million at a 10.00% interest rate over 20 years, making a once-off extra payment of R10 000 would reduce the term of the loan by close to seven months and reduce the total loan amount by just over R61 100.
Use ooba’s extra bond payment calculator to find out how much you could save.