Listen: The 20-year home loan fallacy

In this week’s edition, Maya (@mayaonmoney) and Mapalo (@womanandfinance) explain how you can pay your house off as quickly as your car. Also, In the light of the recent raid by the authorities on CoinIt and Commex Minerals, they discuss the increase in dubious investment offers and how easy it is for financially desperate people to fall for a scam.

 

2 CommentsLeave a comment

  • Good morning
    I would just please like to know if i pay in extra on my bond when do i do that?
    I have heard the following suggestions and need correct info.

    Do i split my repayment into 4 weekly payments instead of 1 monthly debit order?
    Do i tell the bank that the extra im praying in should be capitilised?

    Thank you for the help

    • Interest is calculated daily – so if you pay a day early then technically you save interest. But splitting your payments into four doesn’t make sense if you can afford to make the full payment immediately. The bank will automatically reduce the capital with any additional payments

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