• Home Loan Monthly Instalment Calculator

    Personal space, especially the comforts of our own home, is one craving that will never cease to exist. We all look for that “perfect home” that we wish to call a haven, no matter where we go and what we do. It’s more than a space; it’s something that we look forward to always coming back to whether it is after a long day at work, a business trip, or even a vacation. It is also something that we want to a raise a family in, kids, pets, parental visits; the whole package.

    So, what is the first step towards landing this perfect home? Yes, the answer is a perfect home loan. Buying a home is not just a dream; it’s also a hefty expense, once that most of us can’t pay for on our own, unless there’s a real genie out there granting wishes in the form of cheques. Buying a house takes a lot of planning, not just in finding the perfect space but also paying for it – which home loan is the best in the market? What are the requirements? How to calculate the monthly instalments that are going to come out of the pay checks every month?

    To help you decide what a home loan will cost you every month depending on your specific needs and requirements, there are many online home loan calculators that will save you the time and energy required to make calculations, costs, payments and so on. So let’s take this process forward step-by-step.

    What is a Home Loan Calculator?

    A home loan calculator helps you get a better idea of what your monthly payments will look like during the tenure of your home loan. This calculator will use the information that you feed into it, such as what loan amount you are looking for, what tenure you wish to apply for to repay the loan, the interest rate on the home loan, etc. and compute your instalment payments. There are home loan calculators for buying a new home as well as refinancing your existing home loan.

    Home loan calculators go by different names such as mortgage calculators, mortgage repayment calculators, repayment calculators, repayment schedule calculators, affordability calculators, etc.

    Home Loan Calculator

    Why Use a Home Loan Calculator?

    Buying a home is a long-standing commitment, one that most do not make with the blink of an eye. Home loans take years to repay and have an impact on credit history and scores. The inability to repay a home loan could have catastrophic repercussions including losing the home and decimating credit scores which will impact all future credit applications.

    Using a home loan calculator can help weed out such problems in the earlier stages and assist you in making a better informed decision based on your financial background. When you use a home loan calculator, it will give you an insight into what you can afford so you can find a home within your budget and what it will cost you on a month-on-month basis throughout your loan tenure. This will also help you manage your finances better and make room for this recurring debt until the loan is repaid.

    Tips Before Using a Home Loan Calculator

    Before you decide to use a home loan calculator to calculate your monthly instalment payments, there are some details you should know about the type of property and loan you are looking for. This is because every calculator will require you to provide certain information in order to better compute your results.

    Here are some details that will come in handy when you use a home loan calculator:

    • Know what type of property you wish to purchase - for example a HDB flat, a condo, an apartment, an executive condo, a landed property, etc.
    • Know the status of your property – is it under construction or is the property completed?
    • The loan amount you need to make the purchase.
    • The loan tenure to repay your home loan.
    • The interest rate on the home loan offered by the bank.
    • Your financial information (not all home loan calculators require this information).  

    How to Use an Online Home Loan Calculator

    Using an online home loan calculator is relatively simple if you have all the information ready. The calculator will ask you certain questions regarding your property and loan. All you need to do is answer the questions and you have your result. Depending on the calculator you use, you will either be given a monthly instalment payment or a year-on-year instalment plan (in case payments differ after the first few years), the interest rate at which the payments have been calculated, etc.

    Components of Online Home Loan Calculators

    Different home loan calculators request for different information depending on how the results will be computed and how detailed the results will be.

    Find below what ALL home loan calculators in Singapore require to calculate your monthly repayments:

    • Loan amount.
    • Loan repayment tenure (to be entered in years/months).
    • Interest rate p.a. (in percentage).

    The results computed by such calculators will typically give you your monthly repayments and in some cases, the interest repayments throughout your loan tenure.

    Illustration:

    Here is an example on how to use such a calculator and what your result will look like:

    Say you want to opt for a home loan amount of S$200,000 for a period of 20 years at an interest rate of 1.5% p.a. Here is how to calculate your home loan repayments:

    Home loan calculator requirements Home loan details to be entered by you
    Loan amount S$200,000
    Loan repayment tenure 20 years OR 240 months (enter as specified in the question)
    Interest rate p.a. 1.5%

    After you click on the calculate option, here is what you will get:

    Home loan calculator results Your payments throughout the loan tenure
    Monthly repayment amount S$965.09
    Interest paid S$31,621.80

    HDB Calculator:

    The Housing and Development Board (HDB) Calculator is called “Enquiry on Monthly Instalment”. Here is the information that you will be required to enter to use this online calculator:

    • Loan amount.
    • Repayment period (to be entered in years only between 1 and 25 years).
    • Interest rate (for your convenience, the interest rate offered by the Housing and Development Board is provided on this page. You simply have to choose the option applicable to you. The current interest rate is 2.60%).

    Illustration:

    For the same example as above, here is what your HDB loan monthly instalments will look like:

    Home loan calculator requirements Home loan details to be entered by you
    Loan amount S$200,000
    Repayment period 20 years
    Interest rate of the loan 2.60%

    You will have to then accept the terms and conditions of this service offered by HDB by clicking on the option, “Accept”.

    You will then receive your estimated monthly instalment amount which is S$1,070.

    CPF Housing Calculators:

    The Central Provident Fund (CPF) Board offers several housing calculators to members to better assess their financial circumstances. Here are the various housing calculators offered by CPF:

    • Home Protection Scheme Premium Calculator – This is a mortgage-reducing insurance scheme that will help repay your outstanding home loan in case of your death before 65 years of age or your permanent disability. This calculator requires you to enter the following information:
      • Your date of birth.
      • Your sex.
      • Your loan amount.
      • Your loan interest type (HDB concessionary interest rate or HDB market interest rate).
      • Your loan term.
      • Your coverage (The default coverage is 100%).
    • Loan Repayment Period Calculator – This calculator should be used when you want to know how long it will take you to repay your home loan. This calculator requires you to enter the following information:
      • Your loan amount.
      • Your monthly instalment amount.
      • Your interest rate p.a.
    • Monthly Instalment Calculator – This calculator offers you an estimate of what your monthly instalments will look like on your home loan. It also gives you the option to enter two different sets of information regarding your home loan for an easy and simultaneous comparison between your home loan details.
    • Our First Home Calculator – This calculator offers assistance in determining a home loan and a property price depending on your current income and your capacity to service the home loan. This is a detailed calculator that will take you approximately 5 minutes to complete. Here are some requirements of the calculator:
      • Your date of birth.
      • Your gross monthly salary.
      • Your Ordinary Account (OA) balance.
      • Your employment type.
    • Outstanding Loan Calculator – This calculator helps you estimate your outstanding home loan amount at a particular age, for example, loan ending age, your early retirement age, etc. This calculator requires you to enter the following information:
      • Your desired loan ending age.
      • Your age when you took up your home loan.
      • Your initial loan amount.
      • Monthly instalment amount.
      • Your interest rate p.a.
    • Property with Less Than 60 Years Lease Calculator – This calculator is to be used when you wish to calculate your eligibility as well as the maximum CPF amount that can be used to purchase a property that has a remaining lease of at least 30 years but less than 60 years. You will be required to provide the following details to use this calculator:
      • Your lease duration.
      • The commencement date of your lease.
      • Your purchase date.
      • Your date of birth.
      • The purchase price of your property.
      • The value of your property when you purchased it.
    • Total Interest Calculator – This calculator helps you compute the total interest that you will be paying on your home loan. It also gives you the option to enter two different sets of information regarding your home loan interest rates for an easy and simultaneous comparison between your home loan details. Here are the required details to use this calculator:
      • Your loan amount.
      • Your loan repayment period.
      • The interest rate on the loan in p.a. format (varying interest rates can be entered for up to 4 years).

    Illustrations of CPF Online Calculators:

    Monthly Instalment Calculator:

    Requirements/Calculations Calculation 1 (HDB Concessionary Loan) Calculation 2 (Market Loan)
    Loan amount S$200,000 $200,000
    Loan repayment period 20 years 20 years
    Interest rate 2.60% 1.76%

    Results:

    Results Calculation 1 (HDB Concessionary Loan) Calculation 2 (Market Loan)
    Monthly instalments S$1,070 S$989

    Outstanding Loan Calculator:

    Requirements Your input
    Desired loan ending age 55 years
    Age when you took up your home loan 37 years
    Initial home loan amount S$200,000
    Monthly instalment amount S$1,070
    Interest rate p.a. 2.60%

    Results:

    Your outstanding home loan balance at your desired retirement age of 55 years will be S$24,871.00.

    Total Interest Calculator:

    Requirements/Calculations Calculation 1 (HDB Concessionary Loan) Calculation 2 (DBS HDB Home Loan)
    Loan amount S$200,000 S$200,000
    Loan repayment period 20 years 20 years
    Interest rate on the loan (p.a.) Year 1 Year 2 Year 3 Year 4 Year 1 Year 2 Year 3 Year 4
    2.60% 2.60% 2.60% 2.60% 1.68% 1.68% 1.68% 1.8 (FHR9+1.55%)

    Note: FHR9 is the prevailing interest rate for a DBS 9-month S$ fixed deposit account. The current FHR is 0.250% p.a.

    Results:

    Results Calculation 1 (HDB Concessionary Loan) Calculation 2 (DBS HDB Home Loan)
    Total Interest S$56,698 S$37,576
    Total Payment S$256,698 S$237,576
    Percentage of total payment spent on interest 22% 16%

    Important Note:

    Please be advised that ALL online home loan calculators only offer estimations or approximations in their results. It is advisable to bear this in mind when using any online home loan calculator. 

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