There are five different calculations you can easily use wherever you are at the time, on your Android device, to help you make the right decision of buying or selling a property.
This is what the main page looks like and from here you can go to each calculator as you please. The calculators have the following functions:
Except for the calculators featured here, you have the disclaimer and copyright notice, which reads as follows:
The information provided by these calculators is for general information purposes and should be used as a guide only. While every effort is made to ensure the accuracy of the calculators, Eezi Software cannot be held liable for any loss or damage arising directly or indirectly from the use of these calculators, including any incorrect information generated.
The figures shown are hypothetical and may not be applicable to your individual situation. Please consult a professional person prior to relying on these results. The accuracy of the calculated results cannot be guaranteed.
This software is provided 'as is' without a guarantee of any kind, either express or implied.
Any of the information or products in this application may be changed by Eezi Software without notice.
The copyright notice reads as follows:
The contents of this application, including any software, icons, text, links, graphics, images, trade names, logos, trade marks and service marks are protected by law, including but not limited to copyright, patent and trade mark law, and are the property of Eezi Software, it's authors and/or third parties. Any unauthorised use of the contents, information or materials on this application is prohibited.
Buyers should know what the extra costs associated with a home purchase are. You will then not have difficulty raising the cash needed for the extra costs.
This calculator works out the following costs for your client:
Transfer costs, bond costs, bank charges, FICA, conveyancing fee payable to the attorney, posts and petties, Deeds Office fees and document generating fees.
The calculator supplies an accurate estimate of the transfer and bond costs that can be expected to be incurred when purchasing a residential property.
When you select the Transfer and Bond cost calculator from the main menu, the above page opens.
Tapping on the top text box, the page on the left opens up, where you must insert the Total Amount. You then also insert the bond amount.
On this section of the calculator you must choose whether the transfer is a conventional or a sectional title.
Sectional title describes the separate ownership of units or sections within a complex or development. When you buy into a sectional title complex, you purchase a section or sections together with an undivided share of the common property.
Conveyance fees are payable to the lawyers responsible for the registration of the property in the buyer's name.
Property transfer costs consist mainly of transfer duties and conveyance fees.
Transfer duties are payable to SARS. The transfer duty calculation is based on a sliding scale - currently all property purchase prices below R600,000 are exempt from transfer duty, transfer duty of 3% is levied on properties priced between R600,000 and R1,000,000, transfer duty of 5% is levied on properties priced between R1,000,000 and R1,500,000 and property prices which exceed R1,000,000 attract transfer duty of 8%.
Bond registration costs are payable upon registration of the bond in the name of the buyer.
The attorney registering the client's bond needs to charge certain fees to register the bond. These attorneys receive an instruction from the bank that approved the home loan.
The fees are made up of the attorneys fees, the Deeds Office levy, Postage and petty fees, in the event of a sectional title registration, an insurance certificate, Bank connection fees and electronic document generation fees.
The bank administration and initiation fees are usually left out of the calculation, because it is not known beforehand.
The monthly bond repayment is a long-term financial commitment you need to consider before purchasing a property. Make sure you knows what your monthly expenses will be. This calculator will assist you in deciding whether you have the necessary finances to to pay off the home loan and other unforeseen or variable expenses each month. This bond repayment calculator will help you make the right choices and choose the home that suits you and your pocket.
The Bond Affordabilty calculator indicates the maximum bond amount which applicants will qualify for based on their income.
Before the implementation of the National Credit Act, the banks used an affordability factor which came down to a 30% net disposable income figure and was calculated by applying this percentage to the total monthly gross remuneration. After the implementation of the NCA, banks are now required to base the affordability calculation on the actual monthly combined net disposable income of the applicants where they have to specify their monthly combined net disposable income.
This calculator shows the interest savings that result from an additional monthly payment.
If the amount is paid on a monthly basis, the bond repayment period is adjusted accordingly. The result is that the capital amount of the bond will be repaid over a shorter bond period and an interest saving will therefore be derived from the increased monthly instalments.
On the two images we have here for the Additional Repayment calculator, we show you what the interest savings would be for you based on the following:
A base loan amount of R1 000 000,00 at an interest rate of 9% and repayable over a period of 20 years or 240 months.
An additional monthly payment of R1 000.00 is added to the normal monthly repayment amount of R8 997.26. As you can see, the repayment period is shortened by 54 months with an interest saving of almost R300 000.00. Isn't that phenomenal?
This calculator determines the capital balance of a loan.
Key in the home loan amount, home loan interest rate, repayment term and the number of instalments paid. Tap the "Calculate" button and the calculator shows you the outstanding balance on your bond.
This is a very handy calculator when you sell a property and would like to know what the outstanding balance will be at that point in time.