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Monthly Mortgage Repayment
What it is:
When you take up a home loan, your mortgage is repaid through fixed monthly instalments over an agreed tenure until both the principal (the amount borrowed) and accrued interest are fully settled. These monthly payments are known as mortgage repayments.
Each repayment consists of two parts — principal and interest. In the early years of your loan, most of your payment goes toward interest, meaning your outstanding balance will reduce more slowly at first. As the loan progresses, a larger portion of each payment goes toward the principal, accelerating your loan reduction.
The loan tenure determines how long you’ll be repaying the mortgage and typically depends on your age and income. In general:
HDB loans: Up to 30 years maximum
Private property loans: Up to 35 years maximum
Choosing your mortgage tenure affects both your monthly instalment and total interest cost — a shorter tenure means higher monthly payments but less interest paid overall.
Since everyone’s financial situation is unique, it’s important to review your affordability carefully. Speaking with one of our Mortgage Experts can help you understand your options and secure the best package for your needs — at no cost to you.
What Affects Your Monthly Home Loan Repayment
Your monthly mortgage repayment is mainly influenced by three factors: the loan amount, interest rate, and loan tenure. A higher loan amount or interest rate increases your monthly instalments, while a longer loan tenure lowers monthly payments but increases the total interest paid over time. This is why it’s important to look beyond just the monthly figure and understand the overall cost of borrowing.
Loan Tenure, Interest Rates, and Downpayment Basics
Loan tenure determines how long you take to repay your home loan up to 35 years for private properties in Singapore. Longer tenures reduce monthly instalments but result in higher total interest. Interest rates can be fixed or floating and may change over time, affecting affordability. Your downpayment also matters — a larger downpayment reduces the loan amount and can significantly lower both monthly repayments and interest costs.
How to Use CPF for Mortgage Payments (Overview)
CPF Ordinary Account (OA) savings can be used to pay part of your home loan, including monthly instalments, subject to CPF rules and limits. While using CPF can reduce cash outlay, buyers should be mindful of accrued interest and ensure they maintain sufficient CPF balances for future needs. Many buyers choose a mix of CPF and cash to strike a balance between affordability and long-term planning.
Next Steps After Estimating Your Mortgage
Once you have an estimate of your monthly repayments, the next step is to assess whether the loan fits comfortably within your budget, including buffers for interest rate changes. You may also want to factor in other costs such as stamp duties, legal fees, and renovation. From here, you can explore suitable properties, compare new launch options, or refine your numbers using other calculators on our site before making a commitment.
Ready to Explore What Fits Your Budget? Compare new launch condos, estimate your stamp duties, or plan your progressive payments with our tools — all in one place.
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Your questions answered
Frequently Asked Questions (FAQ) for Mortgage
What’s the difference between SIBOR and SORA?
SIBOR was a forward-looking, bank-quoted benchmark; SORA is a backward-looking rate based on actual overnight interbank transactions. SORA-pegged loans are generally more transparent and less jumpy than single-day SIBOR fixings.
Why did Singapore move from SIBOR to SORA?
Regulators and the industry shifted to SORA to improve transparency, reduce manipulation risk, and deepen SGD markets. SORA follows international best practices and is administered by MAS.
How is Compounded SORA determined?
Banks typically use 1-, 3- or 6-month Compounded SORA, which averages daily SORA rates over the period. This smooths short-term swings and leads to steadier monthly instalments.
Will SORA make my instalments more stable?
Yes—because Compounded SORA averages actual daily rates, SORA-pegged packages tend to move more smoothly than single-day fixings, reducing sudden spikes in monthly repayments.
I still have a SIBOR-linked loan. What happens now?
No urgent action is needed. Your bank will guide you to migrate or reprice to a SORA package. You can also request an earlier review if you want to switch sooner.
How much can I borrow? (LTV basics)
The Loan-to-Value (LTV) is the loan as a % of property value. Typical caps: first housing loan up to 75%; second ~45%; third or more ~35% (varies by regulations and profile). The balance is your downpayment (part cash, part CPF).
How much cash/downpayment do I need?
For a first home, expect at least 25% downpayment (commonly 5% cash + 20% cash/CPF). If you already have housing loans, both LTV and cash-down requirements increase.
What’s the maximum loan tenure?
Private property loans are typically up to 30 years (or until age 65). Stretching beyond that (e.g., to 35 years/age 75) usually reduces your allowable LTV. HDB tenures are generally shorter.
What is TDSR and why does it matter?
Total Debt Servicing Ratio (TDSR) caps total monthly debt (including the new mortgage) to a % of your gross monthly income (commonly up to 55%). It ensures you don’t over-stretch.
Which documents do banks typically ask for?
Common items: NRIC/Passport, last 3–6 months’ payslips or CPF contribution history, latest Income Tax Notice of Assessment, Option to Purchase / S&P Agreement, and statements for existing loans. Self-employed may need additional income proofs.
What is an In-Principle Approval (IPA)?
An IPA gives you an estimated maximum loan amount based on your credit profile, allowing you to commit to a property with confidence before final loan approval is processed.
What if the bank’s valuation is lower than my purchase price?
The loan is based on the lower of valuation or purchase price. If valuation comes in lower, you must top up the shortfall in cash/CPF before disbursement.
What is a Bridging Loan?
A Bridging Loan temporarily covers your cash outlay (e.g., downpayment) on a new purchase before sales proceeds from your existing property are received. It’s short-term (often up to ~6 months).
Disclaimer
The results generated by this calculator are provided for illustrative purposes only and should not be relied upon as financial or professional advice. They are supplied “as is” without warranty of any kind as to accuracy, completeness, or timeliness.
We make no representations or guarantees about the outcomes, and accept no liability for any loss, damages, expenses, or costs arising directly or indirectly from the use of this calculator or reliance on its results.
Before making any property, financing, or investment decisions, you are strongly encouraged to seek professional advice from a qualified mortgage specialist, financial advisor, or relevant authority.