Mortgage Calculator

FINANCE HDB HOME LOAN SINGAPORE
Share:
By Checked against sources by , Founder & Architect, RECATOOLS Published Updated Last reviewed

Calculate mortgage repayments for HDB, bank loans and private property in Singapore. Supports SGD, MYR and more. EMI formula, amortisation table included. Free, no signup.

RT-FIN-005 · Finance & Money
Your browser is too old for this tool’s interactive features. Please update to Safari 13.1, Chrome or Edge 80, Firefox 74 or newer.

Mortgage Calculator Tool

⚠ Disclaimer: Estimates only. This calculator does not constitute financial, tax or legal advice, and RECATOOLS is not a licensed financial adviser in any jurisdiction. Rates, rules and product terms vary by country and change over time — check the figures against the relevant authority or provider, and consult a licensed adviser before making decisions.
Currency
SGD
SGD
SGD
%
HDB concessionary rate: 2.6% p.a. for 1 Oct to 31 Dec 2026, pegged 0.1% above the CPF Ordinary Account rate (HDB).
yrs
🇸🇬 HDB concessionary rate is pegged 0.1% above the CPF Ordinary Account rate (2.5%), giving 2.6% p.a. for 1 Oct to 31 Dec 2026. The HDB loan lends up to 75% of the price or value, so you need at least a 25% downpayment from cash or CPF (since 20 August 2024). The repayment period is the shortest of 25 years, 65 minus the buyers' average age, and the flat's remaining lease minus 20 years. HDB loans are only available for HDB flats (not EC or private).
Monthly Payment
—
Total Payment
—
Total Interest
—
Interest % of Loan
—
How your loan is paid down
Principal: —
Interest: —
Year Balance Annual Interest Annual Principal
Disclaimer: This calculator is for informational and educational purposes only. Results are estimates and do not constitute financial advice. Actual loan terms may differ. Consult a licensed financial adviser or your bank before making any property decisions.
Advertisement
After results · AD-W1 Responsive · Post-tool — peak engagement

How to Use the Mortgage Calculator

Select your loan type

Click HDB Loan, Bank Loan or Private Property — each tab pre-fills the relevant defaults for Singapore property. HDB caps tenure at 25 years; a bank loan allows up to 30 years for an HDB flat and 35 years for private property (MAS limits).

Enter property price and down payment

Type your property price and either the down payment amount or percentage — the tool automatically calculates the other field. The loan amount updates instantly as you type.

Set your interest rate and tenure

Adjust the annual interest rate using the hint text as a guide for current Singapore market rates. Drag the slider or type to set your loan tenure in years.

Watch the breakdown update live

You do not need to press Calculate: the monthly instalment, total paid and total interest recalculate as you type, from a month-by-month schedule kept to the cent. The notes under the instalment say what the last payment is, and in SGD how the loan compares with the 75% LTV limit and what monthly income lenders will want to see at their assessment rate. The chart shows the balance falling to zero against the interest you pay, the donut splits principal and interest, and you can expand the year-by-year schedule or share a link that reopens the tool with your figures.

Advertisement
After how-to · AD-W2 Responsive

Buying Property in Singapore — What the Numbers Really Look Like

HDB Loan vs Bank Loan: The Singapore Decision

For a first HDB flat, the choice between an HDB loan and a bank loan sets the cost of the largest debt most households will carry. HDB's concessionary loan charges 2.6% a year, pegged 0.1% above the CPF Ordinary Account rate of 2.5%, and HDB reviews it each quarter in line with CPF. The OA rate has stayed at its legislated 2.5% minimum since 1999, as DBS notes on its own HDB-loan page, so the HDB rate has not moved with the market the way a bank loan does.

Bank loans are priced either off SORA (the Singapore Overnight Rate Average) plus a spread the bank sets, or off a published board rate. MAS published the 3-month compounded SORA at 1.2418% on 16 October 2026; this calculator's bank and private defaults add an illustrative 1.00% spread to it, giving 2.24%, which is not any one bank's quote. Banks also peg packages to other benchmarks: DBS's HDB-loan page, read on 16 October 2026, offers a package pegged below the CPF OA rate at 1.78% for years 1 to 3, 2.20% for years 4 and 5 and 2.40% thereafter, with a 3-year commitment period. A stepped rate like that changes the instalment when the step comes, which a single-rate calculator cannot show: run each step separately. The figure to enter is the one in your letter of offer.

The trade-off: an HDB loan keeps the rate tied to CPF and allows a later switch to a bank loan (but not back), while a bank loan follows market rates down and up. The Mortgage Servicing Ratio caps the instalment on an HDB flat at 30% of gross monthly income, whether the loan comes from HDB or a bank.

How to Calculate Your Affordability Using MSR and TDSR Rules

MAS sets two limits for loans from banks and other financial institutions. The Mortgage Servicing Ratio (MSR) caps repayments on all property loans at 30% of gross monthly income, and applies only to an HDB flat or an executive condominium whose minimum occupation period has not expired. The Total Debt Servicing Ratio (TDSR) caps all monthly debt obligations, the new loan included, at 55% of gross monthly income. Neither is computed at the rate you will pay: MAS has banks use "the higher of a 4% floor or the thereafter interest rate" for a residential loan, and HDB sizes its own loan at the higher of a 3.0% floor and its loan rate. The calculator shows the instalment at that assessment rate and the income it needs.

As an example: a household earning S$8,000 a month gross can put at most S$2,400 towards an HDB flat's instalment under the 30% MSR. HDB sizes the loan at its 3.0% floor, not at the 2.6% you would pay, so over 25 years that S$2,400 supports a loan of about S$506,100: enter 506,100 as the loan at 3% over 25 years and the instalment comes to S$2,400. The 55% TDSR gives S$4,400 for all debts together. Paying the instalment from CPF OA reduces the cash outflow, but the loan still counts against both limits.

For private property there is no MSR; only the 55% TDSR applies. For a resale HDB flat, HDB and bank loans both lend against the lower of the price and the valuation, so any cash over valuation is paid without a loan.

A S$500,000 loan over 25 years costs S$180,504 in interest at HDB's 2.6%, and S$153,453 at 2.24%, the 3-month compounded SORA of 16 October 2026 plus a 1% spread. With SORA where it is in late 2026, a SORA-priced bank loan costs less; HDB's is the rate that does not move. MAS, Domestic Interest Rates · HDB, Interest Rate for HDB Housing Loan

Floating rates move both ways, and the rate compounds

A floating benchmark can travel a long way inside one loan. MAS's 3-month compounded SORA peaked at 3.7611% (published 6 November 2023) and stood at 1.2418% on 16 October 2026. In Malaysia, new floating-rate home loans since 1 August 2022 are priced off the Standardised Base Rate, which Bank Negara Malaysia sets equal to its Overnight Policy Rate for every bank, plus each bank's spread; loans taken before that date stay on the old Base Rate. The calculator's MYR, IDR and USD settings change only the currency: enter the rate your own lender quotes.

Over 25 years the rate dominates the cost. On S$500,000, interest comes to S$153,453 at 2.24% and S$180,504 at 2.6%; each extra percentage point from 2.6% to 3.6% adds S$78,501. At 10%, an illustrative rate rather than any market's quote, interest reaches S$863,055, more than 1.7 times the sum borrowed.

The rules behind a Singapore home loan, from MAS and HDB

01

HDB's concessionary rate is 0.1% above the CPF OA rate, reviewed in January, April, July and October; it is 2.6% for 1 Oct to 31 Dec 2026.

02

The Mortgage Servicing Ratio (MSR) caps repayments at 30% of gross monthly income, for an HDB flat or an EC still within its minimum occupation period.

03

The Total Debt Servicing Ratio applies to loans applied for from 29 June 2013, and was tightened from 60% to 55% for options granted from 16 December 2021.

04

MAS caps bank-loan tenure at 30 years for an HDB flat and 35 years for other property; HDB's own loan runs at most 25 years.

05

Past 25 years on an HDB flat (30 on other property), or past the borrower's age of 65, MAS's LTV limit for a first housing loan drops from 75% to 55%.

06

The Loan-to-Value (LTV) limit for HDB loans is 75% (lowered from 80% on 20 August 2024); a bank loan on an HDB flat also needs at least 5% of the price in cash.

07

Lenders test affordability at a floor: 4% for a bank's residential loan (MAS) and 3.0% for an HDB loan (HDB), or the loan's own rate if higher.

08

HDB charges interest monthly on the balance at the start of the month: balance × R ÷ 12, the convention this calculator follows.

09

Malaysia's new floating-rate home loans have been priced off the Standardised Base Rate since 1 August 2022, which equals Bank Negara Malaysia's Overnight Policy Rate.

10

One percentage point, 2.6% to 3.6%, on a S$500,000 loan over 25 years adds S$78,501 in total interest.

📅 Research current as of 16 Oct 2026 · Sources: HDB, Housing Loan from HDB and Interest Rate for HDB Housing Loan (2.6% for 1 Oct to 31 Dec 2026); MAS, Rules for New Housing Loans, TDSR explainers (4% medium-term floor) and Domestic Interest Rates (3-month compounded SORA 1.2418%, published 16 Oct 2026); DBS HDB loan page; CFPB sample Loan Estimate H-24(B), read 16 Oct 2026.
Rates, regulations, and lender practices change frequently — verify current figures with your provider or licensed advisor before acting.

Frequently Asked Questions

  • An HDB loan is issued directly by the Housing & Development Board at a concessionary rate of 2.6% p.a., pegged 0.1% above the CPF OA rate and reviewed every quarter. It allows up to 75% LTV (lowered from 80% with effect from 20 August 2024, which brought it into line with bank loans), so the downpayment is 25%, and all of it may be paid from CPF OA. A bank loan is priced by the bank, floating (for example compounded SORA plus a spread, or pegged to the CPF OA rate) or fixed for a period, also with LTV up to 75%; at least 5% of the price must be paid in cash, and packages usually carry a lock-in or commitment period. You can switch from an HDB loan to a bank loan, but you cannot switch back once on a bank loan.
  • For an HDB loan (75% LTV since 20 August 2024) you need a 25% downpayment, and all of it may come from CPF OA or cash. For a bank loan (also 75% LTV) you need the same 25%, but at least 5% must be in cash. The LTV limits are now identical; what still differs is how much of the downpayment can be CPF. If you own other properties, higher downpayment requirements apply under the Additional Buyer's Stamp Duty (ABSD) and LTV rules.
  • The Mortgage Servicing Ratio (MSR) limits repayments on all your property loans to 30% of your gross monthly income, for an HDB flat or an executive condominium still within its minimum occupation period. If you earn S$6,000 a month, the instalment can be at most S$1,800. It applies whether the loan is from HDB or a bank, and the instalment is tested at the assessment rate (HDB's 3.0% floor, or MAS's 4% floor for a bank loan), not the rate you pay. It does not apply to private property, where only the TDSR does.
  • The Total Debt Servicing Ratio (TDSR) is 55% of gross monthly income: all your monthly debt repayments together (the new property loan, car loans, student and renovation loans, credit card and other loans) may not exceed it. MAS's TDSR rules apply to loans applied for from 29 June 2013, and the threshold was tightened from 60% to 55% for options to purchase granted from 16 December 2021. It applies to property loans from banks and other financial institutions, for any property type. The property loan is counted at the higher of a 4% floor and the loan's rate after any lock-in (MAS calls this the medium-term interest rate), so a low current rate does not lower the test.
  • Yes, within limits. For an HDB flat, HDB says the total CPF savings you can use to buy the flat and pay the instalments depends on how far the flat's remaining lease covers the youngest buyer, to age 95; once the allowed amount is used up, the rest is paid in cash. For private property, CPF Board sets its own housing withdrawal limits, and its calculator shows yours. Paying from CPF reduces your cash outflow but also the OA balance, which earns at least 2.5%.
  • An HDB loan runs for the shortest of 25 years, 65 minus the buyers' average age, and the flat's remaining lease minus 20 years. A bank loan on an HDB flat can run up to 30 years, and on other property up to 35 years (MAS). MAS does not forbid a bank loan running past age 65, but the LTV limit for a first housing loan then drops from 75% to 55%, as it does when the tenure exceeds 25 years for an HDB flat or 30 years for other property. For joint borrowers, MAS uses their income-weighted average age.
  • Use the annuity formula: instalment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan, r the monthly rate (annual rate ÷ 12, as HDB computes its interest) and n the number of months (years × 12). At 0% it is simply P ÷ n. This calculator rounds the instalment to the cent and then runs the loan month by month: each month's interest is the balance × r, rounded to the cent, and the rest of the instalment reduces the balance. Because of that rounding the last instalment differs slightly from the others, and the calculator shows it. Checked against the CFPB's sample Loan Estimate: US$162,000 at 3.875% over 30 years gives US$761.78 a month.
  • A fixed-rate package locks the rate for a set period, so the instalment is certain for that time; a floating package (SORA-based, or pegged to a board or CPF rate) moves with its benchmark. 3-month compounded SORA has fallen from 3.7611% in November 2023 to 1.2418% in October 2026, which is why floating packages now price below HDB's 2.6%, but it can rise again inside a 25-year loan, and MAS has banks test TDSR at 4% or more for that reason. Compare total cost over the lock-in period and what the rate becomes after it, not just the headline rate.
  • Yes. Foreigners can borrow from banks in Singapore to buy private residential property; HDB flats and executive condominiums are not open to them. IRAS sets Additional Buyer's Stamp Duty at 60% for foreigners buying any residential property, and at 5% for a Singapore Permanent Resident's first. Loan approval follows the TDSR and the lender's own credit assessment, which may be stricter for non-resident borrowers.
  • The arithmetic is exact to the cent for a single fixed rate: it reproduces the CFPB's sample Loan Estimate (US$761.78 a month on US$162,000 at 3.875% over 30 years) and its five-year principal figure. Your lender's figures can still differ: a rate that steps up after the lock-in, interest counted by days rather than months, fees, stamp duty, insurance, and cashback are not modelled. Take the illustration in your letter of offer as the figure to rely on.

Method & sources

How it computes

Instalment P·r(1+r)^n ÷ ((1+r)^n − 1), r = annual rate ÷ 12 (HDB's monthly-rest R/12), rounded to the cent; a month-by-month schedule in integer cents, the last payment absorbing the rounding so the balance ends at 0; totals summed from it. Checked against the CFPB sample Loan Estimate ($162,000, 3.875%, 30 years: $761.78). In SGD: MAS/HDB LTV and tenure limits and the 3.0%/4% assessment floors with the 30% MSR or 55% TDSR (MortgageKernel).

What this tool implements

  • HDB housing loan: LTV up to 75% (applications from 20 Aug 2024); tenure the shortest of 25 years, 65 minus average age, or remaining lease minus 20; instalments up to 30% of income.
  • MAS rules for new housing loans from financial institutions: tenure 30 years (HDB) / 35 years (non-HDB); MSR 30% (HDB flats and ECs); TDSR 55%.
  • HDB concessionary rate: 0.1 percentage point above the CPF Ordinary Account rate, adjusted in January, April, July and October; 2.60% p.a. for 1 Oct to 31 Dec 2026. Interest is charged monthly on the balance at the start of the month, "Outstanding loan balance as at the 1st of the month x R/12" (HDB).
  • Schedule (RECATOOLS arithmetic): the instalment is rounded half-up to the cent; each month's interest is balance × R/12 rounded half-up to the cent, computed exactly in integers; the final instalment is the remaining balance plus that month's interest, so the balance ends at exactly 0 and total paid = principal + total interest. At 0% the instalment is P ÷ n. A loan whose rounded instalment only covers the interest is refused.
  • Verification: the CFPB sample Loan Estimate (12 CFR 1026 Appendix H, form H-24(B)) — $162,000 at 3.875% over 30 years — shows "Monthly Principal & Interest $761.78" and "$15,773 Principal you will have paid off" in 5 years; the kernel reproduces both.
  • MAS LTV for a borrower with no outstanding housing loan: 75% (minimum 5% cash), or 55% if the tenure exceeds 30 years (25 for HDB flats) or runs past age 65; joint borrowers' age is income-weighted. HDB bank-loan page: at least 5% of price or value in cash, tenure up to 30 years.

Sources

Abridged — the full review record for this tool runs longer than the list above.

Advertisement
Pre-footer · AD-W3 728 × 90