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The concept of debt consolidation is basically to borrow money at a lower rate in order to pay off debt on higher rates.
Note the exsample set out below:
Home - R400, 000 Instalments - R 4550
Vehicle - R130, 000 Instalments - R 3150
Other debt - R 20, 000 Instalments - R 1000
Total debt - R550, 000.00 Total instalments - R 8,700 per month
Outstanding balance at the bank: R 400,000-00
Additional cash: R 150,000-00
Costs: R 5,000-00
Loan Amount: R 555,000-00
Your monthly instalment could be R 4870 on a loan amount of R555, 000.
This means you will have an extra R 3830 in your pocket every month,
X 12 months will total R 45, 970 per year!!!!
If you pay R 7000 per month, you could pay off your bond in
14 years and you will have R 1830 extra per month!!!!!!!!!
Your application will be submitted, at no cost to all financial
institutions, for the best negotiated rate possible
You are under NO obligation, provide us with your details, and we shall put you on the road to HUGE savings and financial freedom
Contact Home Zone: Shené: 083 312 7174
Tel: 012-567 7552 / 3 or 083 282 1200
Fax: 012-567 7551 / 086 503 1819 / 20
“you and your family’s future and financial freedom are in your hands – thousands of clients are doing this to live DEBT FREE – WHY NOT YOU?”
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Description |
Prime |
1%Under |
DIFFERENCE |
|
Loan Amount |
555,000.00 |
555,000.00 |
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|
Interest rate |
10.000 |
9.000 |
1.00 |
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Loan duration |
30 |
30 |
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Monthly payments |
4,870.52 |
4,465.66 |
404.87 |
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Number of payments |
360 |
360 |
|
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Yearly+ interest |
58,446.27 |
53,587.87 |
4,858.40 |
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Principal amount |
555,000.00 |
555,000.00 |
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Finance charges |
1,198,388.00 |
1,052,635.99 |
145,752.01 |
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TOTAL COST |
1,753,388.00 |
1,607,635.99 |
145,752.01 |
1% interest rate difference
"Beware of small expenses: a small leak will sink a great ship."
Benjamin Franklin
“Given enough time and effort all things are possible - if you can dream it you can achieve it.”
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