Bond Repayment Calculator

[blunomore]

Hi guys, finance is Greek to me.

We have paid off a substantial amount on our home loan .... we pay a few thousand Rand more than the minimum monthly payment and we have also dumped quite a few lump sums in there.

If I use a bond repayment calculator to determine how many more instalments we have to pay, I presume the figures I must use are the current balance on the loan, the current interest rate and ... the original term (20 yrs) OR what is left of the term ?

Thanks

 

[Icarium]

If you're determining how many more installments you need to pay you should not need to enter a term, since that is what you're trying to calculate is it not? Your calculation should just require balance/interest rate/installment and should return the term.

 

[dequadin]

Fin24.com has a Bond Calculator, you can calculate a reduced term or monthly payment.

It has provision for ad hoc payments as well (lump sums).

 

[Stefanmuller]

^^ As said above

Probably the best thing one can do is to pay something extra into your bond, or pay in your bonus or lump sums like you did. It is a hard thing to do, but the amount of interest you save by doing that, is a real eye-opener.
Many people tend to rather put money away in a bank account, instead of putting it into their bond, effectively "earning" a lot more interest.