How to Use Homejourney Mortgage Calculator: Step-by-Step 2026 Guide
The Homejourney Mortgage Calculator is a free, Singpass-powered tool that lets you instantly calculate borrowing capacity, monthly instalments, and TDSR/MSR eligibility for Singapore property purchases—all in under 5 minutes.[1][2][3]
This cluster article provides tactical steps for using the calculator, linking back to our pillar content on Singapore Home Loans Complete Guide. Homejourney prioritizes your safety with transparent tools that ensure regulatory compliance before you search properties via Property Search or explore Projects Directory .[2][3]
Why Use Homejourney Mortgage Calculator for Safe Borrowing
In Singapore's competitive property market, the Homejourney Mortgage Calculator prevents overextending finances by integrating real-time SORA rates and MAS rules like 55% TDSR (Total Debt Servicing Ratio) and 30% MSR (Mortgage Servicing Ratio) for HDB flats.[1][2][4]
Unlike manual estimates, it pulls verified data from partner banks including DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank. For example, a first-time buyer earning S$8,000/month can check if a S$600,000 Bedok resale HDB fits, factoring CPF Ordinary Account balance and existing loans.[2][3]
Homejourney's Singpass integration auto-fills income, employment, and CPF details securely, building trust through transparency and reducing errors—key to our user safety focus.[1][4]
Key Singapore Regulations Built into the Calculator
The calculator automatically enforces MAS guidelines: TDSR caps total debt at 55% of gross income, MSR limits HDB payments to 30%, and Loan-to-Value (LTV) ratios range from 90% for first-time HDB buyers to 75% for private properties.[1][2][3]
It also applies age-based tenure caps (loan cannot exceed age 65 or 30 years, whichever is shorter) and stress-tests for rate hikes up to 4%, per MAS requirements. This ensures calculations reflect HDB and URA rules accurately.[3][4]
Pro Tip: Always include existing debts like car loans or credit cards to avoid surprises during bank assessments.[1]
Understanding SORA Rates in Your Calculations
SORA (Singapore Overnight Rate Average) is the benchmark for most floating-rate home loans in Singapore, with 3M or 6M compounds used by banks like DBS and OCBC. The calculator uses live rates plus typical margins (e.g., 0.40%) for realistic projections.[1][2][5]
The chart below shows recent interest rate trends in Singapore:
As seen in the chart, SORA rates have fluctuated, impacting monthly payments—use this to time your application for the best rates via Homejourney's compare bank rates Singapore tool.[2][3]
Step-by-Step: How to Use Homejourney Mortgage Calculator
Follow these actionable steps on the bank rates page to master the mortgage rate comparison app.[1][3]
- Navigate and Sign In: Visit https://www.homejourney.sg/bank-rates. Click the calculator and log in with Singpass for auto-filled income, CPF OA, age, and debts—essential for precise TDSR results.[1][2][4]
- Select Calculation Type: Choose from maximum loan, affordability, monthly instalment, or refinancing. First-timers pick "maximum loan" to see borrowing power.[1][3]
- Enter Property Details: Input type (HDB resale, condo, EC), price (e.g., S$1.2M Punggol EC), downpayment (cash + CPF, 5-25%), and tenure (up to 30 years).[2][4]
- Pick Interest Rate Scenario: Select 3M/6M SORA floating, fixed packages, or DBS OCBC UOB rates. Add +1% stress test buffer.[1][5]
- Calculate and Review: Get instant results: e.g., S$800K loan at 2.7% over 25 years = ~S$3,800/month EMI, ~S$340K total interest, CPF/cash split. Green check means eligible.[3][4]
- Compare and Apply: Use the bank rate comparison tool for side-by-side offers, then submit one multi-bank application via Singpass to all partners. Track status on Homejourney.[1][2]
Time required: 5 minutes. Common pitfall: Forgetting existing debts—always double-check inputs.[3]
Practical Examples for Singapore Buyers
For a S$520,000 Sengkang 4-room HDB resale: With S$6,000 income, age 30, S$50,000 CPF OA, the calculator shows max loan ~S$450K at 3.2% SORA (0.5% margin), EMI ~S$2,200/month—well under MSR.[2][4]
Refinancing a Bedok condo? Input current loan details to compare against new best mortgage rates from UOB or HSBC, potentially saving S$200+/month.[1][3]
Insider tip: HDB upgraders in Pasir Ris—use the affordability mode to reverse-calculate max property price from your finances before checking Projects .[5]
Pro Tips to Maximize Homejourney Mortgage Calculator
- Stress-test with 4% rates to prepare for hikes, as per MAS.[1]
- Compare packages: DBS fixed vs OCBC SORA—Homejourney shows side-by-side.[2]
- Refinancers: Read our How to Calculate If Refinancing is Worth It: Homejourney Guide ">How to Calculate If Refinancing is Worth It: Homejourney Guide for details.[3]
- Boost eligibility: Pay down debts first; use full CPF OA.[4]
- After calculating, search budget-matched properties on Property Search .[5]
Disclaimer: Calculations are estimates. Consult Homejourney Mortgage Brokers or banks for binding quotes. Homejourney verifies data for trust but is not financial advice.[1][2]
What Happens After Using the Calculator
One-click multi-bank submission sends your Singpass-verified details to 10+ banks. Expect offers within 1-3 days, trackable on Homejourney dashboard. Compare and select the best, like lowest effective rates from Maybank or CIMB.[1][3]
Approved? Proceed to property viewings. Need help? Connect with brokers via the platform. For full process, see our pillar Singapore Home Loans Complete Guide.[2]
Frequently Asked Questions (FAQ)
Q: Is the Homejourney Mortgage Calculator free?
A: Yes, fully free with no obligations. Uses live data for accurate compare bank rates Singapore.[1][2]
Q: Does it work for refinancing?
A: Absolutely—input existing loan details to see savings. Pair with Best Bank Refinancing Rates Comparison 2026 | Homejourney ">Best Bank Refinancing Rates Comparison 2026 | Homejourney .[3][5]
Q: What if I don't have Singpass?
A: Manual entry available, but Singpass ensures precision and speeds multi-bank apps.[4]
Q: Which banks does it compare?
A: DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and more via our mortgage rate comparison app.[1][2]
Q: How accurate are the results?
A: Based on MAS/HDB rules and live SORA; banks may adjust slightly during formal assessment.[3]
Ready to calculate? Head to Homejourney bank rates now for the best mortgage rates and safe, trusted financing. Explore related reads like How to Use Homejourney Bank Rate Comparison: Step-by-Step Guide ">How to Use Homejourney Bank Rate Comparison: Step-by-Step Guide .
