Amortization Schedule Calculator South Africa
Calculate your monthly bond or loan repayment with a full amortization schedule. Simulate extra payments to see how much time and money you can save.
How to Use the Amortization Calculator
Enter your loan amount (e.g. R1,500,000 for a home bond), the annual interest rate (typically prime rate at 11.25% for bonds), and the loan term in years (20 or 30 years for home loans). The calculator shows your monthly payment, total interest, and total cost.
The Extended Calculator below shows a full amortization schedule, lets you simulate extra payments, and displays a chart of balance vs cumulative interest. The Professional Calculator adds bi-weekly payment options, adjustable rate scenarios, and multi-loan comparison.
Annual Amortization Schedule
| Year | Opening Balance | Interest | Principal | Closing Balance |
|---|---|---|---|---|
| 1 | R 1 500 000 | R 167 680 | R 21 186 | R 1 478 814 |
| 2 | R 1 478 814 | R 165 169 | R 23 697 | R 1 455 117 |
| 3 | R 1 455 117 | R 162 362 | R 26 504 | R 1 428 612 |
| 4 | R 1 428 612 | R 159 221 | R 29 645 | R 1 398 968 |
| 5 | R 1 398 968 | R 155 709 | R 33 157 | R 1 365 810 |
| 6 | R 1 365 810 | R 151 780 | R 37 086 | R 1 328 724 |
| 7 | R 1 328 724 | R 147 386 | R 41 480 | R 1 287 244 |
| 8 | R 1 287 244 | R 142 471 | R 46 395 | R 1 240 849 |
| 9 | R 1 240 849 | R 136 974 | R 51 892 | R 1 188 957 |
| 10 | R 1 188 957 | R 130 825 | R 58 041 | R 1 130 916 |
| 11 | R 1 130 916 | R 123 948 | R 64 918 | R 1 065 998 |
| 12 | R 1 065 998 | R 116 257 | R 72 610 | R 993 389 |
| 13 | R 993 389 | R 107 653 | R 81 213 | R 912 176 |
| 14 | R 912 176 | R 98 031 | R 90 835 | R 821 341 |
| 15 | R 821 341 | R 87 268 | R 101 598 | R 719 743 |
| 16 | R 719 743 | R 75 230 | R 113 636 | R 606 107 |
| 17 | R 606 107 | R 61 766 | R 127 100 | R 479 007 |
| 18 | R 479 007 | R 46 706 | R 142 160 | R 336 847 |
| 19 | R 336 847 | R 29 862 | R 159 004 | R 177 843 |
| 20 | R 177 843 | R 11 023 | R 177 843 | R 0 |
Amortization Formula
Worked Example — R1.5m Bond at Prime
Home bond: R1,500,000 at 11.25% p.a. over 20 years
Monthly rate: r = 11.25% ÷ 12 = 0.9375%
Payments: n = 20 × 12 = 240
Monthly payment: M = 1,500,000 × [0.009375 × (1.009375)^240] / [(1.009375)^240 − 1] = R15,646
Total paid: R15,646 × 240 = R3,754,969
Total interest: R3,754,969 − R1,500,000 = R2,254,969
Month 1 breakdown: Interest = R1,500,000 × 0.9375% = R14,063 | Principal = R15,646 − R14,063 = R1,583
Year 10 balance approximately: R1,228,000 (only 18% paid off — interest dominates early)
SA Bond Rates 2026
| Margin | Rate | Monthly (R1.5m, 20yr) | Total Interest |
|---|---|---|---|
| Prime − 0.5% (excellent credit) | 10.75% | R15,153 | R2,136,720 |
| Prime (standard) | 11.25% | R15,646 | R2,255,040 |
| Prime + 1% | 12.25% | R16,653 | R2,496,720 |
| Prime + 2% | 13.25% | R17,683 | R2,743,920 |
Prime rate: 11.25% (March 2026). Rates above are illustrative. Actual rate determined by credit risk assessment.
| Scenario | Monthly | Total Interest | Total Paid |
|---|---|---|---|
| Home Bond (Prime) | R 15 739 | R 2 277 322 | R 3 777 322 |
| Bond (Prime + 1%) | R 16 778 | R 2 526 833 | R 4 026 833 |
| Bond (Prime + 2%) | R 17 841 | R 2 781 951 | R 4 281 951 |
Model the impact of a rate change mid-loan — e.g. SARB rate hike increasing your bond rate.