Should I pay off my house sooner?
✔ Assume you purchase a property for R800 000 and you get a loan for the full amount. This is called a 100% bond.
✔ Your monthly premium, over 20 years and with a 11.75% interest rate, will amount to R8 670.
✔ Now, . . . if you pay off an extra R1 000/month from the start, your bond will be fully paid off after ONLY 14 years & 3 months.
✔ That means a saving of R443 432. Imagine what you could do with that?
✔ So YES, pay off your bond sooner to become wealthier!
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