This bond repayment calculator estimates your monthly payment value for the bond purchase of property, total paid and the total interest paid as well as how much you can save by paying extra.  There is more information on this subject below the form.


Property purchase price:*
$
Deposit amount:
$
Bond Term:*
Y
Interest rate:*
%
Extra monthly payment:
$

How does this bond repayment calculator work?

This financial tool helps you calculate your monthly payment for the bond with or without additional payments, together with all the relevant repayment details as detailed below.

The algorithm behind this bond repayment calculator considers the following figures that should be given:

  • Purchase amount which is the price paid for the property in question.
  • Deposit amount which the equivalent of a down payment in case of a mortgage loan contract represents the amount you have available to make a deposit when purchasing the property. Usually the deposit is subtracted from the property value in order to get the effective bond amount borrowed.
  • Bond term which is expressed in years and indicates the time period you want to pay it off.
  • Interest rate which is the annual interest rate expressed by a percentage.
  • Additional monthly payment which is the extra amount of money you intent to pay on a monthly basis to the principal.

The results displayed consist in this information:

  • In case there is no additional monthly payment:
Bond Payoff WITHOUT an Extra Monthly Payment
Monthly payment
Total interest paid
Total paid for the bond
  •  In case an extra monthly payment is specified then it returns the data related to both scenarios with and without an additional monthly payment to principal for a quick comparison which one best fits your needs:
Bond Payoff WITH an Extra Monthly Payment
Extra monthly payment
Total adjusted monthly payment
Remaining payments
Time to payoff
Total interest paid 
Total paid for the bond
 
Savings made by adding extra monthly payment to principal
By paying early you will make fewer payments in a number of “n” payments

Example of a calculation

Assuming the scenario presented here let’s figure out the bond payment details:

Property purchase price = $150,000

Deposit amount = $50,000

Bond term = 10 years

Interest rate = 5.5%

Extra monthly payment = $500

Bond Payoff WITHOUT an Extra Monthly Payment
Monthly payment $1,085.26
Total interest paid $30,231.53
Total paid for the bond $130,231.53

 

Bond Payoff WITH an Extra Monthly Payment
Additional monthly payment $500.00
Total Adjusted monthly payment $1,585.26
Total payments 76
Time to payoff 6 years & 4 months
Total interest paid $18,301.53
Total paid for the bond $118,301.53

 

Savings made by adding extra monthly payment to principal $11,930.00
By paying early you will make fewer payments in a number of 46 payments

04 Apr, 2015 | 0 comments

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