Does extra payments on your bond help

Author
MyProperty Namibia
Namibia's #1 independent property portal

The benefit of paying extra on a mortgage isn’t just in reducing the monthly interest expense a tiny bit at a time. It comes from paying down your outstanding loan balance with additional mortgage payments, which slashes the total interest you’ll owe over the life of the loan.

By paying N$50 extra on a N$500 000 Home Loan with a 10% interest rate for 20 years, you will be able to pay off your home loan in 19 years and three months, while saving over N$24,941 in interest that you would have paid to the bank.

You should also consider paying a lump sum if you get a bonus at work for example.

Home Loans Property News
How to make the best offer to purchase
Buyers
How to make the best offer to purchase
03 May 2024
You’ve found your dream home and are eager to make it your own - but before you can do that, you will need the home owner to accept your offer to purchase. You might even be competing with other buyers - here's how you can put yourself in the best position to have your offer accepted. 
read more
Financial questions you should ask before applying for a home loan
Buyers
Financial questions you should ask before applying for a home loan
11 Apr 2024
For first-time buyers, the home loan application process can feel quite overwhelming but if you are prepared for all the financial questions ahead you will be in a much better position to have your bond approved.
read more
A guide to determine how much house you can afford
Buyers
A guide to determine how much house you can afford
06 Mar 2024
Buying a home is both exciting and stressful - determined by an infinite number of factors that vary depending on the lifestyle you want or the needs you have. However, everyone’s journey starts at the same place - how much you can afford to spend on a home. 
read more
Money matters: Avoiding financial mistakes when buying your dream home
Buyers
Money matters: Avoiding financial mistakes when buying your dream home
15 Sep 2023
Before you buy your dream property, it's essential to have a frank discussion about an important aspect: your financial fitness. The journey to homeownership isn't simply about love at first sight—it also demands keen financial stewardship to maintain your financial health. Be assured: the moment you decide to delve into the world of property ownership, a need arises to buckle down and meticulously work through your finances to assess where you are.
read more
Real Estate Tools
Bond Calculator
Calculate the estimated repayments on a home loan and savings with extra payments