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Math behind your mortgage
The Citizen
|March 27, 2025
TIPS: ARE YOU STRUGGLING WITH REPAYMENTS?
Lately, homeowners have been dreading announcements from the Reserve Bank's Monetary Policy Committee (MPC). Inflation has been running rampant due to the war in Ukraine and what we now call the post-Covid hangover. This has led to central banks hiking interest rates to combat the rising cost of living.
But what do all these technical terms mean for you, and how does it affect your pocket? The answer to this lies in understanding the math behind your mortgage.
The effect of an interest rate hike on your bond
The prime interest rate is the basic rate of interest that commercial banks charge their clients when lending them money.
In 2020, at the height of the Covid pandemic, the prime interest rate was 7%. At the time of writing, it is 9.75%.
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