Use Redbrick’s mortgage calculator to estimate your monthly instalment and the income needed to service your home loan. Enter your property details, loan amount, and interest rate to get an instant figure.
How to Use This Mortgage Calculator
The calculator has six fields. Fill them in from top to bottom and your results update automatically.
Step 1: Select your property type and loan tenure
Property type: Choose from Private Property, HDB Flat, Executive Condominium, or Commercial Property. This selection determines which income threshold the calculator uses to back-calculate the income required to service your loan. HDB and EC purchases use the 30% MSR cap. Private property and commercial purchases use the 55% TDSR cap.
Loan tenure: Enter the number of years you intend to hold the loan. The default is 30 years. A longer tenure reduces your monthly instalment but increases the total interest paid over the life of the loan.
Step 2: Enter your property price and loan amount
Purchase price / Valuation: Enter the lower of the two figures. This is the same rule banks apply when calculating your eligible loan amount.
Loan-to-value (LTV): The default is 75%, which is the standard maximum for most first-home buyers with no outstanding property loans. Adjust this if your scenario is different.
Loan amount: This field is automatically calculated from your purchase price and LTV. You can also enter a loan amount directly — the calculator will back-calculate the corresponding property price. This is useful if you are planning around a specific borrowing target rather than a specific property price.
Step 3: Check the interest rate
The interest rate field is pre-populated with the lowest available interest rate, subject to specific bank conditions, such as minimum loan sizes or deposit and investment placements. You can override this manually to test different scenarios. For example, entering a projected rate at renewal to estimate what your repayment looks like once your lock-in period ends.
Step 4: Read your results
Monthly Instalment: Your estimated monthly repayment at the entered rate and tenure.
Income Required: The minimum gross monthly income needed to qualify for this loan under MAS guidelines. For HDB and EC purchases, this uses the 30% MSR cap. For private property and commercial purchases, it uses the 55% TDSR cap.
A note on the income required figure: This calculator uses the live or manually entered interest rate to calculate income required — not the MAS stress-test rate of 4%. A bank’s formal assessment applies the stress-test rate, so the income required in an actual loan application will typically be higher than what this calculator shows.
For a full eligibility check that accounts for your existing debts and applies the stress-test rate, use Redbrick’s TDSR Calculator.
What Does Your Mortgage Repayment Result Mean?
Getting a number is only the first step. Here is how to read what the result is telling you, and what to consider next.
If your monthly repayment is comfortably within your income
If the Income Required figure is noticeably lower than your actual gross income, your loan parameters are serviceable at the current rate. The useful question at this point shifts from whether you can afford the loan to how you should structure it. Consider whether the rate you entered reflects a realistic long-term assumption, and whether a fixed or floating package better suits your expected holding period.
If your repayment is close to your TDSR ceiling
If the Income Required is close to your actual gross income, you are operating near the limit of what MAS rules allow. The loan is not necessarily out of reach, but there is limited buffer if rates rise, income changes, or new financial commitments are added before the loan is approved.
At this point, running a full check on Redbrick’s TDSR Calculator gives you a more accurate picture, since that tool accounts for your existing debts and applies the MAS stress-test rate. Practical adjustments worth considering include a longer loan tenure to bring down the monthly instalment, a higher cash downpayment to reduce the loan amount, or a joint application with a co-borrower to increase the combined recognised income.
When your result points toward a fixed rate
If you are close to your income ceiling, a fixed rate removes the risk of rate increases pushing your monthly commitment higher during the lock-in period. The same logic applies if you need repayment certainty for budgeting — for example, if your income is fixed or if other significant financial commitments are expected in the near term.
Fixed rates in Singapore typically lock in for two to three years. After the lock-in period ends, the rate reverts to the bank’s prevailing rate, which is usually higher than the promotional rate. When comparing fixed rate packages, check the “thereafter rate” alongside the headline figure — the savings over the initial period can look different once the lock-in period ends.
When your result points toward a floating SORA rate
If the Income Required leaves meaningful headroom against your actual income, a SORA-based floating rate can reduce total interest over the loan period when market rates are stable or declining. The trade-off is that your monthly instalment will move with the benchmark rate.
Floating rates suit buyers who plan to sell or refinance within three to five years, or those with enough income buffer to absorb rate movements without pushing against their TDSR.
If you are comparing your current package against a refinancing option
Enter your outstanding loan balance directly into the Loan Amount field, set your remaining tenure, and enter the rate you are considering. Compare the resulting monthly instalment against your current repayment to estimate the monthly savings.
Keep in mind that refinancing typically involves legal and valuation fees in the range of $2,000 to $3,000, and may trigger clawback clauses if you received any subsidy or cashback. Factor these costs into how long it takes for the savings to break even before committing to a switch.
What Affects Your Monthly Mortgage Repayment?
Three inputs determine the monthly instalment figure this calculator produces.
Your loan amount is the most direct lever. A lower purchase price, a higher cash downpayment, or a reduced LTV all bring it down.
Your loan tenure determines how the principal is spread across payments. Extending tenure reduces the monthly figure but increases total interest paid over the life of the loan.
Your interest rate has a compounding effect over a long tenure. A 0.5% difference on a $500,000 loan over 25 years translates to a significant amount in total interest — which is why comparing packages across banks matters.
How Do I Repay My Home Loan in Singapore?
Home loans in Singapore can be serviced using CPF OA funds, cash, or a combination of both. For HDB purchases, CPF OA can cover the full monthly instalment subject to CPF withdrawal limits. For private property, CPF usage is governed by the Valuation Limit and Withdrawal Limit set by the CPF Board.
Most borrowers use a mix of CPF and cash, with CPF OA usage tapering as the outstanding balance approaches the applicable withdrawal cap.
Early repayment is possible, but most bank loan packages impose a penalty of around 1.5% on the amount repaid during the lock-in period. After the lock-in period ends, partial or full prepayment is generally penalty-free, though minimum quantum and notice requirements vary by bank.
Tips to Lower Your Monthly Mortgage Repayment
Three adjustments have a direct effect on the monthly instalment this calculator produces.
Increase your downpayment. A higher upfront payment reduces your loan amount and therefore your monthly commitment. Use the Loan Amount field to test how each additional amount in downpayment changes your instalment.
Extend your loan tenure. If your age and income permit, a longer tenure spreads the principal across more payments. Use the tenure field to see the trade-off between a lower monthly payment and higher total interest paid.
Refinance when your lock-in ends. Switching to a more competitive package after your lock-in period reduces your rate and, in turn, your monthly repayment. Start comparing packages from Redbrick’s 16 partner banks three to six months before your lock-in expires to ensure a seamless transition.
Other Home Loan Calculators from Redbrick
TDSR Calculator
The TDSR Calculator runs a full eligibility assessment using your income, age, and existing debt commitments. It applies the MAS stress-test rate and shows your TDSR percentage, maximum loan amount, and maximum property price. If your repayment result above is close to your income limit, this is the natural next step.
Use Redbrick’s TDSR Calculator
Buyer’s Stamp Duty (BSD) Calculator
Calculates the BSD payable on your property purchase based on the purchase price or market value, whichever is higher. Use this before finalising your budget to account for the full upfront cost.
Use Redbrick’s BSD Calculator
Seller’s Stamp Duty (SSD) Calculator
Calculates the SSD payable if you sell your property within the prescribed holding period. Useful for exit planning and for evaluating whether a refinancing switch makes financial sense given your expected holding timeline.
Use Redbrick’s SSD Calculator
Return on Investment (ROI) Calculator
Estimates the return on a property investment based on purchase costs, rental income, and holding period. Use this alongside the mortgage repayment calculator when evaluating an investment property purchase.
Use Redbrick’s ROI Calculator
Frequently Asked Questions (FAQ)
How accurate is this mortgage calculator?
The monthly instalment figure uses the standard PMT formula that banks apply when computing repayments, so it is a reliable planning estimate. The income required figure is based on the live or entered interest rate rather than the MAS stress-test rate, which means the income threshold in a formal bank assessment will typically be higher. Use this calculator to narrow down your scenarios, then verify with a mortgage advisor before making an offer.
Can I use CPF to cover my entire monthly instalment?
For HDB purchases, it is possible to service the full monthly instalment using CPF OA funds, subject to CPF housing withdrawal rules and applicable limits. For private property, CPF usage is capped by the Valuation Limit. In practice, many borrowers use a mix of CPF and cash, particularly as the outstanding balance decreases toward the withdrawal limit over time.
What is the maximum home loan I can get in Singapore?
The MAS LTV limit is 75% of the property value for most first-home buyers with no outstanding property loans. The actual loan amount you can qualify for also depends on whether your income supports the repayment under TDSR (55% cap) or MSR (30% cap for HDB and EC purchases). Use Redbrick’s TDSR Calculator to find your maximum loan based on your income and existing financial commitments.
Can I change my loan tenure after taking a loan?
Tenure changes are possible through repricing with your existing bank or refinancing to a new bank. Both options involve a reassessment of your financial profile. Shortening your tenure increases monthly repayments but reduces the total interest paid. Extending it reduces monthly repayments but increases total interest over the life of the loan.
Does this calculator apply the MAS stress-test rate?
No. The income required is calculated using the lowest available interest rate, subject to specific bank conditions, such as minimum loan sizes or deposit and investment placements. When a bank assesses your formal loan application, it applies the MAS stress-test rate of 4% to determine eligibility. This means the income required figure in a formal bank assessment will be higher than what this calculator shows. For a stress-test adjusted eligibility check, use Redbrick’s TDSR Calculator.
Get Advice from a Mortgage Advisor
Redbrick mortgage advisors work with buyers, upgraders, and those looking to refinance at every stage of the process. Once you have your repayment estimate, we can help you compare packages across 16 partner banks, structure your loan around your TDSR position, and identify the right rate type for your holding period and financial goals.
Get a Free Mortgage Consultation
Disclaimer: The results provided by the calculator(s) assume the accuracy of the user’s inputs and are based on corresponding rules and regulations as set out by the relevant local authorities such as Inland Revenue Authority of Singapore (IRAS) or Monetary Authority of Singapore (MAS). Any person acting upon or in reliance of this information does so entirely at their own risk. No warranty whatsoever is given and no liability is accepted by the company behind this calculator for any loss arising directly or indirectly as a result of any action or omission made in reliance of any information presented herein at any time. Every effort has been made to ensure that the information provided is accurate. You must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a professional advisor to take into account your particular objectives.