Singapore Mortgage Calculator (2026)
Compare HDB loan vs bank loan with amortisation schedule.
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your monthly loan repayments based on the loan amount, interest rate, and tenure. In Singapore, you can choose between an HDB concessionary loan at a fixed 2.6% p.a. or a bank loan with variable rates typically between 3% and 4% p.a.
Quick Answer
Enter property details to calculate your monthly mortgage payment.
Disclaimer
This calculator provides estimates and should not be viewed as a prediction. Actual stamp duty, grant amounts, loan eligibility, and monthly payments may vary due to changing interest rates, policy changes, and individual eligibility. It is not intended to be your sole source of financial guidance.
Rates last verified: 4 Apr 2026.
Verify with HDB (https://www.hdb.gov.sg). Full disclaimer at smartcalculator.sg/disclaimer.
Quick Reference
- • HDB concessionary loan: 2.6% p.a. fixed, max 25-year tenure, 75% LTV
- • Bank loan: ~3–4% p.a. variable, max 30-year tenure, 75% LTV
- • Minimum 5% cash downpayment for bank loans; HDB loan downpayment can be fully CPF
- • TDSR limit of 55% applies to all property loans; MSR of 30% applies to HDB/EC
- • Monthly repayment formula: P × [r(1+r)^n] / [(1+r)^n − 1] where r = monthly rate, n = months
- • HDB loan: no early repayment penalty; bank loans typically charge 1.5% penalty within lock-in period
- • HDB loan eligible only for HDB flats; bank loans available for both HDB and private property
Who This Calculator Is For
HDB Buyers Choosing Between Loans
HDB loan rate is fixed at 0.1% above CPF OA interest (currently 2.6% p.a.). Bank loans start lower but can vary.
- HDB concessionary loan: 2.6% p.a. (fixed reference rate)
- Bank loans: typically 2.5%–4.5% depending on market
- HDB loan LTV: 75%
- Bank loan LTV: 75%
Private Property Buyers
Private property buyers must use bank loans (not HDB loans). TDSR limit is 55% of gross monthly income.
- TDSR: 55% of gross monthly income
- MSR: does not apply (private property)
- LTV: up to 75% for first property
- Note: LTV drops for second and subsequent properties
Refinancing Homeowners
Refinancing to a lower rate can reduce monthly repayments. Factor in lock-in period penalties and legal/valuation fees.
- Lock-in period: typically 2–3 years
- Penalty for early exit: 1.5% of outstanding loan
- Legal and valuation fees: $2,000–$4,000
- Break-even: typically within 6–18 months of savings
Joint Borrowers
Adding a co-borrower increases borrowing capacity. CPF contributions from both parties can be used for repayment. TDSR is assessed on combined income.
- TDSR: assessed on combined gross income
- Liability: both borrowers are liable for full debt
- CPF: OA from both can service the mortgage
- Note: decoupling later may incur ABSD
HDB Loan vs Bank Loan
The HDB concessionary loan offers a fixed rate of 2.6% p.a. — stable and predictable. Bank loans may start lower but can fluctuate with market conditions.
Both loan types now have a maximum LTV of 75%. At least 5% in cash is required for the downpayment, with the remainder payable from CPF OA savings. Before taking a loan, check your borrowing limits with our TDSR Calculator, and estimate your upfront costs using the BSD Calculator.
Worked example: A couple buys a $550,000 HDB flat. After the 25% downpayment ($137,500), the loan amount is $412,500. On an HDB loan at 2.6% p.a. over 25 years, monthly repayments are approximately $1,875. Over the full 25-year term, total interest paid is around $150,000 — compare this to a bank loan at 3.5% where total interest would be approximately $215,000.
Before applying, check your borrowing capacity. The Mortgage Servicing Ratio (MSR) caps HDB/EC loan repayments at 30% of gross monthly income — so you need at least $6,250/month income for a $1,875 repayment. The Total Debt Servicing Ratio (TDSR) caps all debt repayments (including car loans, credit cards) at 55% of gross income. Both limits apply regardless of whether you use an HDB or bank loan.
Quick Comparison
HDB Loan
2.6% fixed, 25-year max, 75% LTV
Bank Loan
~3-4% variable, 30-year max, 75% LTV
HDB Loan vs Bank Loan: Which Is Right for You?
A side-by-side comparison of the two main mortgage options for Singapore property buyers.
| Aspect | HDB Concessionary Loan | Bank Loan |
|---|---|---|
| Interest rate | 2.6% p.a. (0.1% above CPF OA rate) | Variable/fixed; currently ~2.5%–4.5% |
| LTV (1st property) | Up to 75% | Up to 75% |
| Minimum cash payment | 0% (fully from CPF OA allowed) | At least 5% cash (for first $75% LTV) |
| Rate stability | Tied to CPF OA rate (stable) | Floats with SORA or fixed period ends |
| Eligibility | Only for HDB flats (not EC/private) | HDB, EC, and private property |
| Prepayment penalty | None | Lock-in period penalties apply |
Frequently Asked Questions
What is the HDB concessionary loan interest rate in 2026?expand_more
The HDB concessionary loan interest rate is 2.6% per annum, pegged at 0.1% above the CPF Ordinary Account interest rate. This rate has remained stable for many years and applies to eligible HDB flat purchases.
What is the maximum LTV for HDB and bank loans?expand_more
Both HDB loans and bank loans have a maximum Loan-to-Value (LTV) ratio of 75% (HDB was lowered from 80% on 20 Aug 2024 to align with banks). This means you need at least 25% downpayment. For HDB concessionary loans, the full 25% can be paid from CPF OA — no cash portion is required. For bank loans, at least 5% must be in cash, with the remaining 20% payable in cash or CPF OA.
Should I take an HDB loan or bank loan?expand_more
HDB loans offer a fixed 2.6% rate, no penalty for early repayment, and more flexible eligibility. Bank loans may offer lower initial rates (around 3-4%) but rates can fluctuate. Choose HDB loan for stability, bank loan if you can manage rate risk.
What is the maximum loan tenure?expand_more
The maximum tenure is 25 years for HDB loans and 30 years for bank loans. However, the total loan tenure plus borrower age cannot exceed 65 years for HDB loans or 65-75 years for bank loans.
Can I use CPF to pay my mortgage?expand_more
Yes. You can use CPF Ordinary Account (OA) savings to pay monthly mortgage instalments for both HDB and private property loans. However, CPF usage is subject to the Valuation Limit (VL) — which is the lower of the purchase price or property valuation — and the Withdrawal Limit (WL) at 120% of the VL. Once your CPF withdrawal reaches the WL, you must service the remaining loan in cash.
What happens if I sell my property before the loan is paid off?expand_more
When you sell, the outstanding loan must be repaid in full from the sale proceeds. Additionally, all CPF monies used (principal + accrued interest at 2.5% p.a.) must be refunded to your CPF OA. The accrued interest requirement means the CPF refund is often significantly more than what you originally withdrew — which is why property "profits" on paper can be lower than expected after CPF refund.
Sources
- • HDB — HDB concessionary loan interest rate and eligibility (hdb.gov.sg)
- • MAS — LTV limits and TDSR/MSR framework (mas.gov.sg)
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