How to Use Homejourney Mortgage Calculator: Your 5-Minute 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]
This cluster article dives into 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 .[1][2]
Why Singapore Buyers Need Homejourney Mortgage Calculator Before Buying
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][4] 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][2][4]
Whether you're a first-time buyer eyeing a S$520,000 4-room resale in Sengkang, an upgrader in Bedok considering private condos, or an investor checking refinancing for Tampines properties, this calculator shows your pre-purchase eligibility and helps you know your budget instantly.[1][3]
Homejourney's Singpass integration auto-fills income, employment, and CPF details securely, reducing errors. Use it to check loan eligibility before committing to viewings on Property Search .[2][5]
Step-by-Step: How to Use Homejourney Mortgage Calculator
Access the calculator at Homejourney Bank Rates. Follow these numbered steps for accurate results.[1][2]
- Log in with Singpass: Tap Singpass for instant auto-fill of income, CPF Ordinary Account balance, age, and existing debts. This ensures TDSR/MSR accuracy without manual entry errors.[1][2]
- Select Calculation Type: Choose from maximum loan (for borrowing power), affordability (property price from income), monthly instalment, or refinancing. First-timers select 'maximum loan' to assess HDB eligibility.[1][3]
- Enter Property Details: Input price (e.g., S$520,000 Sengkang 4-room resale), property type (HDB/private), downpayment (5-25% cash/CPF per HDB rules), and tenure (up to 30 years or age 65).[2][3]
- Choose Interest Rate: Select fixed or floating (e.g., 6M SORA at ~3.5%). The tool pulls live rates from MAS.[1][4]
- Calculate and Review: Get instant breakdown: max loan, EMI (e.g., S$800K at 3.5% over 25 years = ~S$4,000/month), total interest (~S$400K), CPF/cash split, and +4% stress tests.[1][2][5]
Pro tip: For HDB in competitive areas like Sengkang, run scenarios with 5% cash downpayment to match first-timer rules. Always stress-test for rate hikes.[3]
Understanding SORA and Interest Rate Trends
SORA (Singapore Overnight Rate Average) is the benchmark for most floating-rate home loans in Singapore, replacing older fixed pegs. Homejourney's calculator uses live 3M/6M SORA data from MAS for precise projections.[1][2]
The chart below shows recent interest rate trends in Singapore:
As seen in the chart, SORA has fluctuated around 3-3.5% recently. The calculator applies a +4% stress test (e.g., 3.5% to 7.5%) to ensure affordability if rates rise, per MAS guidelines.[1][2]
Key Outputs: What the Calculator Tells You
- Maximum Loan Amount: E.g., S$600K for S$8,000/month income under TDSR, factoring existing debts.[1][4]
- Estimated Monthly EMI: Principal + interest split (early years ~70% interest).[2]
- Total Interest Payable: Lifetime cost, helping compare fixed vs floating.[1]
- CPF/Cash Split: How much from Ordinary Account vs cash, per HDB rules.[3]
- Stress Test Results: Confirms if payments stay under 55% TDSR at higher rates.[4]
These outputs help you know your budget and avoid overextending. For example, a Bedok resale at S$600K might show S$2,800/month EMI, with S$150K CPF usage.[2][3]
Pro Tips to Maximize Your Home Buying Budget
- Run multiple scenarios: Test HDB vs private to see MSR (30%) vs TDSR (55%) impact.[1]
- Factor CPF top-ups: Insider tip—use upcoming bonuses to boost Ordinary Account before calculating.[2]
- Avoid pitfalls: Don't ignore existing credit card debt; it counts in TDSR.[4]
- Refinancing check: Input current DBS/OCBC loan to see S$200+/month savings.[5]
- Multi-bank apply: After calculating, submit one app via Homejourney to DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, Citibank. Track offers side-by-side at Homejourney Bank Rates.[1][5]
Read more in Homejourney: Benefits of Multi-Bank Application in One Click ">Homejourney: Benefits of Multi-Bank Application and Homejourney Singpass Loan Application: Step-by-Step Guide ">Singpass Loan Guide.[5]
Next Steps After Using the Calculator
1. Confirm eligibility and search budget-friendly properties on Property Search .[2]
2. Compare rates from partner banks at Bank Rates .[1]
3. Apply via Singpass for multi-bank offers—skip branch visits.[5]
4. Connect with Homejourney Mortgage Brokers for personalized advice.
5. Explore projects in Projects Directory matching your budget.
Disclaimer: Calculations are estimates based on MAS/HDB rules. Consult banks for final approval. Homejourney ensures transparency but is not financial advice.[1][4]
Frequently Asked Questions (FAQ)
How accurate is the Homejourney Mortgage Calculator for check loan eligibility?
It uses live SORA rates and Singpass data, applying exact MAS/HDB rules for 99% accuracy. Always confirm with banks.[1][2]
Can I use it to know my home buying budget for HDB resale?
Yes, select HDB type and input prices like S$550K Tampines—see max loan and MSR compliance instantly.[3][4]
Does it work for refinancing or private property?
Absolutely. Input current loan details for savings estimates, or private condos under TDSR.[1][5]
How does Singpass integration help with pre-purchase eligibility?
Auto-fills verified data for precise TDSR/MSR, saving time and errors. Learn more in our How to Use Homejourney Bank Rate Comparison: 2026 Guide ">Bank Rate Guide.[2]
What if rates change after I calculate?
Stress tests show +4% scenarios. Re-run anytime with live SORA for updates.[1]
Master the Homejourney Mortgage Calculator today at https://www.homejourney.sg/bank-rates#calculator to confidently check loan eligibility and build your home buying budget. For full details, visit our pillar guide on Singapore Home Loans. Homejourney: Your trusted partner for safe property decisions.
