Mortgage Calculator Singapore
Fill in your details in the calculator below to calculate your mortgage repayments.
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Your Mortgage Breakdown
Loan amount (75%)
S$ 375,000
Monthly payments est.
S$ 540 Principal
S$ 1,250 Int
How does this mortgage calculator work?
99.co’s mortgage calculator is designed to help you easily estimate your monthly mortgage repayments based on your property price, loan amount, interest rate, and loan tenure. Simply input these values, and our calculator will generate your estimated monthly payments, giving you a clear idea of what you can afford. This tool is especially useful for comparing loan options and planning your budget before committing to a mortgage.
Mortgage payment calculation and formula 2025
The mortgage calculator uses a standard loan repayment formula, which considers the principal loan amount, interest rate, and loan tenure. Here’s a simplified version of the formula used:
M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]
Where:
- M = Monthly repayment amount
- P = Loan principal amount
- r = Monthly interest rate (annual rate divided by 12)
- n = Number of payments (loan tenure in months)
This calculation helps you visualise how your payments are allocated to principal and interest, giving you a clearer picture of your mortgage structure.
What is mortgage repayment?
Mortgage repayment refers to the scheduled monthly payments you make to repay your mortgage loan over time. Each payment comprises a portion of the loan principal and interest, with the proportion changing over time as more of the principal is paid down. Typically, early repayments focus more on interest, with later payments primarily reducing the principal.
Factors that affect your mortgage payment amount
Several factors can influence your mortgage payment, including:
- Interest rate: A higher interest rate increases monthly payments, while a lower rate reduces them.
- Loan tenure: A longer tenure reduces monthly payments but increases overall interest paid, while a shorter tenure does the opposite.
- Down payment: A larger down payment reduces the loan principal, which lowers monthly repayments.
- Loan type: Fixed-rate loans offer consistent payments, while floating-rate loans may vary based on market rates.
Mortgage rates in Singapore 2025
Mortgage rates in Singapore vary depending on the bank, loan tenure, and loan type (fixed or floating rate). Generally, fixed rates provide payment stability, while floating rates may fluctuate based on the Singapore Overnight Rate Average (SORA). Use our mortgage loan calculator to explore how different rates affect your repayments.
How to apply for a mortgage
Applying for a mortgage in Singapore typically involves these steps:
- Determine your budget: Use our mortgage calculator to assess how much you can afford.
- Compare mortgage rates: Explore different lenders and rates to find the best option.
- Prepare documents: Gather essential documents like income statements, credit history, and proof of identity.
- Submit application: Apply through the bank or financial institution, providing all required information.
- Review the loan offer: Once approved, review the terms carefully, ensuring they align with your budget and needs.
Consulting a mortgage specialist can also help you navigate this process more effectively.
Mortgage calculator FAQs
Fixed rate vs. floating rate: Which is better?
A fixed-rate mortgage offers stability, as the rate remains constant throughout the tenure, ideal for those who prefer predictable payments. A floating rate, however, fluctuates with market rates, offering potential savings when rates drop but with a risk of increased payments if rates rise. Your choice will depend on your financial situation and risk tolerance.
How much can I borrow for a mortgage based on my income?
Generally, banks allow borrowers to take a mortgage that requires monthly payments of up to 55% of their monthly income, known as the Total Debt Servicing Ratio (TDSR). This limit includes all monthly debt obligations, not just the mortgage.
Can I get a mortgage 7 times my salary?
Yes, you may be eligible for a mortgage that amounts to around 7 times your annual salary, depending on your income, credit profile, and existing debt obligations. However, your Total Debt Servicing Ratio (TDSR) must not exceed 55% to qualify for this level of borrowing.
How much maximum loan can I qualify for?
The maximum loan amount you can qualify for depends on your income, the TDSR limit, and the loan tenure. Banks will assess your income stability, debt levels, and other financial factors before deciding the final loan amount.
What is the maximum loan tenure?
In Singapore, the maximum loan tenure for a private property is typically 35 years. For HDB loans, the maximum tenure is capped at 25 years, and for bank loans, it’s capped at 30 years.
What is mortgage insurance?
Mortgage insurance is a policy that covers your mortgage repayments in the event of death, disability, or critical illness. While optional for private properties, HDB loan borrowers in Singapore are required to have mortgage insurance coverage, such as the Home Protection Scheme (HPS).
What is a mortgage loan calculator?
A mortgage loan calculator helps you estimate your monthly mortgage repayments based on your loan amount, interest rate, and loan tenure. It simplifies financial planning by offering a clear view of your repayment schedule and total interest over the loan period.
Can I make early repayments on my mortgage?
Yes, you can make early repayments on most mortgages. However, some loans may incur a penalty for early repayment, especially within the lock-in period. It’s advisable to check the loan terms or consult your lender before making additional repayments.
How Does the Loan-to-Value (LTV) ratio affect my mortgage?
The Loan-to-Value (LTV) ratio is the percentage of the property value that can be financed by a loan. In Singapore, the LTV ratio is capped at 75% for private property loans and 90% for HDB loans. A lower LTV ratio reduces the loan amount and monthly payments but requires a higher down payment.
Is refinancing or repricing my mortgage an option?
Yes, refinancing and repricing are both options to consider if you’re looking to reduce interest costs. Refinancing involves switching to a new bank, while repricing means adjusting your loan terms with your current bank. Both options can potentially offer savings if interest rates have dropped since your original loan was taken out.
