Sanlam home      Afrikaans      e-news      Site map      Help      Contact us
Mortgage refinancing calculator
This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate.  It will calculate the monthly payment and net interest savings, and also the number of months it will take to break even on the refinance costs.
Enter the principal balance of your mortgage (payoff amount): R
Enter the amount of your monthly mortgage payment: R
Enter the your mortgage's current interest rate:   %
Enter interest rate you will be refinancing at:   %
Enter the number of years you will be refinancing for:  
Enter the closing costs that will be required for refinancing, calculating the following, if applicable:
Bond cancellation fee approximately R1 000,00
New bond registration and penalty fees		 R
Summary of your current plan
Principal balance of mortgage (payoff amount) R
Monthly mortgage payment R
Interest rate
%
Number of outstanding monthly payments
Total interest over the remaining period
 R
Summary of your refinanced plan
Principal balance of mortgage (payoff amount) R
Monthly mortgage payment R
Interest rate
%
Number of outstanding payments
Total interest over the remaining period
 R
Comparison of two plans
Closing costs required for refinancing R
Number of months at which amortisation is accelerated
Monthly savings R
Number of months to break even on closing costs
Total refinancing savings on interest over remaining period
 R
Net refinancing savings (interest savings less closing costs)
 R
Assumptions
Interest rates are yearly rates, compounded monthly.
Mortgate payments are made monthly in arrears.
Closing costs are not included in the monthly payments.

Apply for your Sanlam Home Loan now
Directors | Copyright © Sanlam - Terms of use
Sanlam Life Insurance Limited is a licensed financial services provider.