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.

## 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 |

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 |