How to Use Homejourney Mortgage Calculator: Step-by-Step Guide
The Homejourney Mortgage Calculator is a free, Singpass-powered tool that instantly calculates your maximum borrowing capacity, monthly instalments, TDSR and MSR compliance, and stress-test scenarios using real-time SORA rates—all in under 5 minutes for Singapore property buyers.[1][2][3]
Access it at https://www.homejourney.sg/bank-rates#calculator. This cluster article dives into tactical steps for using the calculator, building on our pillar guide to Singapore home loans. Homejourney prioritizes your safety with verified data and transparent tools, helping you make confident decisions without financial surprises.[1][4]
Why Singapore Buyers Need the Homejourney Mortgage Calculator
Singapore's strict MAS regulations like TDSR (Total Debt Servicing Ratio at 55% of gross income) and MSR (Mortgage Servicing Ratio at 30% for HDB) demand precise calculations to avoid rejections.[1][2][3] The Homejourney tool acts as your TDSR calculator, MSR calculator, and borrowing capacity estimator, auto-applying LTV limits (up to 90% for first-time HDB buyers) and age-based tenure caps (loan not exceeding age 65 or 30 years).[1][4]
For example, a couple earning S$8,000 monthly might see a S$800,000 borrowing limit for a Bedok resale 4-room HDB flat around S$600,000, but stress-tested for SORA hikes.[2][3] Unlike manual estimates, it integrates live data from partner banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB Bank, Public Bank, Hong Leong Bank, and Citibank.[1][4]
Homejourney's focus on trust means all calculations use official MAS and HDB frameworks, ensuring accuracy for first-time buyers, upgraders from Punggol BTOs, or refinancers in Bukit Merah condos.[3][5]
Singpass Mortgage Benefits: MyInfo Auto-Fill for Faster Loan Approval
Singpass mortgage benefits include MyInfo auto-fill, which pulls your income, employment, CPF balance, and debts instantly for precise calculations.[1][2] This digital mortgage feature via Singpass verification skips manual entry errors, speeding up your process and boosting faster loan approval chances.[6]
Pro tip: Log in with Singpass at the calculator to auto-populate data—perfect for HDB upgraders checking eligibility for a S$520,000 Sengkang resale without paperwork hassles.[1][4] Read more in our Step by Step Singpass Loan Application Guide | Homejourney .
Step-by-Step: How to Use Homejourney Mortgage Calculator
Follow these actionable steps for quick results:
- Access the Tool: Visit https://www.homejourney.sg/bank-rates and click the calculator tab. Log in with Singpass for MyInfo auto-fill.[1][2]
- Select Calculation Type: Choose maximum loan, affordability, monthly instalment, or refinancing. First-timers pick 'maximum loan' to assess borrowing power.[1][2]
- Enter Property Details: Input price (e.g., S$600,000 Bedok 4-room resale), property type (HDB/private), downpayment (5-25% cash/CPF), and tenure (up to 30 years).[2]
- Choose Interest Rate Scenario: Select 3M/6M SORA floating, fixed packages, or specific bank rates from live data. The tool uses real-time SORA from MAS.[1][3]
- Calculate & Stress-Test: Hit calculate for instant results: loan amount, EMI (e.g., S$800K at 2.7% over 25 years = ~S$3,800/month, total interest ~S$340K), CPF/cash split, +4% stress test.[1][4]
- Review & Adjust: Toggle MSR for HDB or TDSR for private properties. Green flags mean you're eligible.[2][3]
- Apply Multi-Bank: Submit one application to DBS, OCBC, UOB, and more. Track offers side-by-side—no branches needed. See Multi-Bank Mortgage Applications in One Click: Homejourney's Guide .[1][4]
Common pitfalls: Forgetting existing debts (auto-included via Singpass) or ignoring age caps— the tool flags these automatically.[5]
Understanding SORA Rates and Interest Trends
SORA (Singapore Overnight Rate Average) is the benchmark for most floating-rate home loans in Singapore, replacing older fixed pegs for greater transparency per MAS guidelines.[1][3] Rates fluctuate based on market conditions, so stress-testing at +4% is crucial.
The chart below shows recent interest rate trends in Singapore:
As seen in the chart, 3M SORA has hovered around 2.7% recently, impacting EMIs for properties like Pasir Ris resale flats. Use this to time your application.[1][4] Compare live rates at https://www.homejourney.sg/bank-rates and explore How to Use Homejourney Bank Rate Comparison: 2026 Guide .
Pro Tips for Accurate Results and Next Steps
- Insider Tip: For HDB buyers, input exact CPF OA savings—Singpass pulls this, showing realistic cash needs for a S$520,000 Punggol flat (e.g., 5% min cash down).[2][3]
- Refinancing Hack: Enter current loan details to spot S$200+/month savings, ideal for Bukit Merah owners eyeing lower SORA.[1][5]
- Boost Approval: Keep TDSR under 55% by factoring car loans or credit cards—tool auto-checks.[4]
- Find Properties: Once calculated, search budgets via https://www.homejourney.sg/search or Projects Directory .[1]
Disclaimer: Calculations are estimates based on inputs; consult banks for final approval. Homejourney verifies data for trustworthiness but isn't financial advice.[1][3]
Documentation Checklist for Applications
After calculating, prepare for multi-bank submission:
- Singpass-ready ID (auto-verified).
- Latest payslips/income docs (MyInfo pulls most).
- CPF statements (auto-filled).
- Existing loan details if refinancing.
Skip hassles with Homejourney's one-click system—faster than individual bank visits.[6] Learn more: Why Apply for Mortgage via Singpass is Faster and Easier | Homejourney .
Frequently Asked Questions (FAQ)
How accurate is the Homejourney Mortgage Calculator?
It uses live SORA rates and Singpass data, applying exact MAS/HDB rules for 99% accuracy. Always confirm with banks.[1][3]
Can I use it for HDB vs private properties?
Yes, toggle MSR for HDB (30% cap) or TDSR for condos, with LTV auto-applied (90% first-time HDB).[2][4]
What's the benefit of Singpass for How to Use Homejourney Mortgage Calculator?
MyInfo auto-fills data for precise TDSR checks and faster loan approval, saving hours.[1][6]
Does it work for refinancing?
Absolutely—input current details to compare savings, e.g., S$200+/month on existing loans.[1][5]
How do I apply after calculating?
Click 'Apply Now' for multi-bank submission to DBS, OCBC, etc., tracking offers in one dashboard.[4]
Mastering How to Use Homejourney Mortgage Calculator empowers safe property decisions. Start at https://www.homejourney.sg/bank-rates#calculator, then explore properties on Property Search . For full Singapore mortgage insights, check our pillar guide. Homejourney: Your trusted partner for secure homeownership.
