How to Use Homejourney Mortgage Calculator: Your 5-Minute Guide to Smarter Borrowing
The Homejourney Mortgage Calculator lets you determine your maximum borrowing capacity, calculate monthly instalments, and compare offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and more—all in under 5 minutes, without visiting a single bank branch[1][2]. By integrating real-time SORA rates, MAS regulations, and your actual CPF and income data via Singpass, this tool eliminates guesswork and ensures your calculations reflect your genuine financial situation[1].
For first-time buyers, upgraders, and investors in Singapore's competitive property market, accurate mortgage planning is non-negotiable. Yet many rely on outdated spreadsheets or rough estimates that either underestimate their budget or dangerously overcommit them financially. Homejourney's calculator solves this by automatically applying TDSR (Total Debt Servicing Ratio) limits, MSR (Mortgage Servicing Ratio) caps for HDB buyers, and current LTV (Loan-to-Value) rules—ensuring you stay within safe, regulatory-compliant limits before you even shortlist a property[2][3].
Why Homejourney's Mortgage Calculator Matters for Your Safety
Homejourney prioritizes your safety and trust above all else. Unlike manual estimates or competitor tools, the Homejourney Mortgage Calculator is Singpass-verified, meaning your income, employment, and CPF data auto-fill instantly and securely[2]. This eliminates data-entry errors and ensures your eligibility assessment complies with MAS frameworks—protecting you from overleveraging or missing out on opportunities due to miscalculation[3].
Consider this real example: A buyer eyeing a S$600,000 HDB resale flat in Tampines with a 25-year loan tenure at the current 2.6% SORA-based rate would see an estimated monthly instalment of approximately S$2,700[1]. However, if their gross monthly income is S$6,800, their TDSR limit caps their maximum loan at S$750,000—meaning the property is affordable, but only if they can cover the downpayment gap with CPF and cash[1]. Homejourney's calculator reveals this instantly, preventing costly surprises when you receive the Option to Purchase.
The calculator also factors in stress-test scenarios, showing how rate increases affect your repayment ability—critical knowledge in Singapore's floating-rate environment where 3M and 6M SORA fluctuate with market conditions[4].
Step 1: Access Homejourney's Mortgage Calculator
Begin your journey at Homejourney's Bank Rates page, where the mortgage calculator lives alongside real-time rate comparisons and eligibility tools[2]. You can access this via the Homejourney website at https://www.homejourney.sg/bank-rates#calculator or the Singpass-verified Homejourney app, which centralizes your entire home-buying journey—from property search to loan applications to tracking your offers[1][2].
No login is required to explore the calculator, but for Singpass-powered auto-fill and multi-bank applications, you'll authenticate securely. This two-step approach ensures your sensitive financial data remains protected while giving you the flexibility to explore scenarios anonymously first.
Step 2: Choose Your Calculation Type
The calculator supports four common scenarios, each answering a specific question:
- Maximum Loan / Eligibility: "How much can I borrow?" Start here if you're unsure of your budget. The calculator shows your TDSR-compliant borrowing limit based on income and existing debts[2].
- Monthly Instalment: "If I borrow $X over Y years at Z% interest, what will I pay monthly?" Use this to stress-test specific properties or loan amounts, understanding the principal, interest, and CPF/cash split[2].
- Affordability: "Given my income and age, what property price is realistic for me?" This reverses the calculation, starting with your financial capacity and working backward to property price[2].
- Refinancing Scenario: "If I refinance my existing loan, how much will I save?" Current homeowners in areas like Pasir Ris or Bukit Merah can use this to compare their existing rate against new market offers and potentially save S$200+ per month[1].
For first-time buyers, starting with maximum loan and monthly instalment gives a clear budget before you even shortlist units on Property Search .
Step 3: Enter Your Personal Financial Profile
To calculate safely under MAS rules, provide these core details:
- Age: Affects your maximum loan tenure (typically capped at age 65-70 at loan maturity, depending on the bank).
- Gross Monthly Income: Your base salary plus bonuses, commissions, or rental income. Homejourney uses this to calculate your 55% TDSR cap for private property loans[3].
- Existing Monthly Debts: Car loans, credit card balances, personal loans, or other obligations. These reduce your available borrowing capacity[3].
- CPF Balance: Your Ordinary Account (OA) balance, which can be used for downpayment and monthly instalments. Singpass auto-fills this for accuracy[2].
If you're using Singpass, these fields populate automatically in seconds, pulling verified data directly from CPF Board and IRAS. This eliminates manual entry errors and speeds up the process dramatically compared to traditional bank applications where you'd fill out forms at each institution separately.
Step 4: Specify Your Property Details
Next, fill in property-related fields so the calculator can estimate your loan-to-value (LTV) and cash/CPF requirements:
- Property Type: HDB resale, new HDB (BTO), private condo, EC (Executive Condominium), or landed property. Each has different LTV limits and rules[4].
- Property Price: The purchase price (e.g., S$600,000 for a Tampines 4-room flat or S$1.2M for an EC in Punggol).
- Downpayment Breakdown: How much you'll pay in cash vs. CPF OA. The calculator shows your minimum cash requirement (typically 5-10% for HDB, 20-25% for private properties)[4].
- Loan Tenure: 15, 20, 25, or 30 years (up to 35 years for some properties). Longer tenures lower monthly payments but increase total interest paid[2].
The calculator uses these details to apply prevailing LTV and minimum cash downpayment rules for HDB and private properties, based on official MAS and HDB frameworks[4]. For example, if you're buying a resale 4-room flat in Bedok around S$600,000, the calculator quickly shows the estimated loan amount, plus how much needs to be covered by CPF OA and cash—so you avoid surprises later.
Step 5: Select Your Interest Rate Scenario
In Singapore's current interest rate environment, most home loans are pegged to 3M or 6M SORA (Singapore Overnight Rate Average), published by MAS[4]. The Homejourney calculator offers two options:
- Floating Rate (SORA-based): Your rate adjusts quarterly or semi-annually based on the 3M or 6M SORA benchmark plus the bank's spread. Current rates hover around 2.6-2.8%, but rates can rise or fall with market conditions[4].
- Fixed Rate: Your rate remains locked for a set period (typically 1-3 years), then converts to floating. Fixed rates are slightly higher than floating rates but offer payment certainty during the fixed period.
Homejourney uses live rates for realism, ensuring your calculations reflect today's market, not outdated benchmarks. This is critical for stress-testing: if rates rise to 3.5%, how will your repayment ability hold up? The calculator shows this instantly.
Step 6: Review Your Results
Once you submit, the calculator displays a comprehensive breakdown:
- Maximum Loan Amount: Your TDSR-compliant borrowing limit.
- Monthly EMI (Equated Monthly Instalment): The total you'll pay monthly, broken down into principal, interest, and CPF/cash portions[2].
- Total Interest Paid: Over the loan tenure (e.g., S$800,000 loan at 2.7% over 25 years = ~S$3,800/month, with total interest around S$340,000)[2].
- Stress-Test Scenarios: How your repayment changes if rates rise 0.5%, 1%, or 1.5%—essential for understanding your risk tolerance.
- Affordability Summary: A clear "yes/no" on whether your target property fits your budget, with recommendations for adjustments if needed.
This transparency ensures you make informed decisions before committing to a property search or application process.
Step 7: Apply to Multiple Banks in One Click
Here's where Homejourney transforms the entire mortgage experience. Instead of visiting each bank's website separately and filling out repetitive forms, you can submit one application that reaches all partner banks simultaneously[1][2]. This includes DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank.
By using Singpass, your income, employment, and CPF data auto-fill instantly, eliminating manual data entry and reducing errors. Banks receive your application securely and begin competing for your business—often resulting in better rates and faster approvals than traditional single-bank applications[2]. You'll receive competing offers directly through the Homejourney platform, where you can compare terms side-by-side and choose the best fit for your situation.
This multi-bank approach is a game-changer for borrowers. Instead of waiting weeks for one bank's decision, you receive multiple offers within days, giving you genuine choice and negotiating power. Learn more about the benefits in our guide on Benefits of Multi-Bank Application in One Click | Homejourney .
Pro Tips for Using the Homejourney Mortgage Calculator
Tip 1: Test Multiple Scenarios Before Searching for Properties
Use the affordability calculator to determine your realistic budget range. If you're unsure between a S$600,000 and S$700,000 property, test both to see how monthly payments and TDSR ratios change. This prevents falling in love with an unaffordable property later.
Tip 2: Account for Future Rate Increases
Stress-test your scenario with rates 1-1.5% higher than current levels. If your monthly payment becomes unmanageable at 3.8% SORA, you're overleveraging. Homejourney's calculator shows this instantly, protecting your financial security.
Tip 3: Use CPF Wisely
The calculator shows how much CPF you'll need for downpayment vs. monthly instalments. Remember, CPF used for downpayment must be repaid when you sell or refinance. Balance CPF usage with cash reserves for emergencies.
Tip 4: Refinance When Rates Drop Significantly
If you're an existing homeowner and rates have dropped more than 0.5% since your original loan, use the refinancing scenario to calculate potential savings. Many Homejourney users save S$200-500 monthly by refinancing at the right time.
Tip 5: Apply via Homejourney for Personalized Guidance
When you're ready to apply, use the Homejourney platform to connect with mortgage brokers who provide personalized guidance. They can explain rate structures, help you negotiate better terms, and answer questions specific to your situation—all at no cost to you.
Common Mistakes to Avoid
Mistake 1: Ignoring Your TDSR Limit
Your TDSR cap is 55% of gross income for private property loans, 30% for HDB (MSR). Just because a bank approves a higher loan doesn't mean you can afford it. Homejourney's calculator enforces these limits automatically, keeping you safe.
Mistake 2: Assuming Rates Will Stay Flat
SORA rates fluctuate. If you borrow at 2.6% but rates rise to 3.5%, your monthly payment increases. Always stress-test with higher rates to ensure you can still afford repayments.
Mistake 3: Forgetting About Existing Debts
Car loans, credit card balances, and personal loans reduce your borrowing capacity. Homejourney's calculator factors these in, but many borrowers forget to disclose them, leading to inflated eligibility estimates.
Mistake 4: Applying to Banks One by One
Traditional applications are slow and repetitive. Each bank pulls a credit report, delaying approval. Homejourney's multi-bank submission eliminates this hassle, getting you competing offers faster.
What Happens After You Apply?
Once you submit your application via Homejourney, here's the typical timeline:
- Day 1-2: Banks receive your Singpass-verified application and begin initial screening.
- Day 3-5: You receive pre-approval letters from multiple banks, showing approved loan amounts and indicative rates.
- Day 5-7: Compare offers on the Homejourney platform. You can see rates, tenure options, and any special promotions side-by-side.
