How to Use Homejourney Mortgage Calculator: 5-Minute Guide

How to Use Homejourney Mortgage Calculator: Your 5-Minute Guide to Smarter Borrowing

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] Whether you're a first-time buyer assessing your HDB eligibility, an upgrader exploring private property options, or an investor comparing financing strategies, this calculator eliminates guesswork by automatically applying Singapore's strict MAS regulations and current interest rates to your actual financial situation.[1]

Unlike outdated spreadsheets or rough estimates that either underestimate your budget or dangerously overcommit you financially, Homejourney's calculator integrates live data from partner banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank.[2][4] This means your calculations reflect genuine market conditions and your real borrowing power—not theoretical numbers.

Why Accurate Mortgage Calculations Matter in Singapore

Singapore's regulatory environment is unforgiving. The Monetary Authority of Singapore (MAS) enforces strict lending rules: TDSR (Total Debt Servicing Ratio) limits your total monthly debt payments to 55% of your gross income, while MSR (Mortgage Servicing Ratio) caps your HDB mortgage payments at 30% of gross income.[1][2] Exceed these thresholds, and your loan application will be rejected—even if you have excellent credit and substantial savings.

Additionally, LTV (Loan-to-Value) limits vary by property type: first-time HDB buyers can borrow up to 90% of the property value, while private property buyers face a 75% LTV cap on resale properties.[1][4] Your age also matters—Singapore banks won't extend loans beyond age 65 or 30 years, whichever comes first.[1] These overlapping constraints make manual calculation nearly impossible without professional help.

This is where Homejourney's calculator becomes indispensable. It auto-applies all regulatory limits, stress-tests your affordability against rate increases, and shows you exactly what you can safely borrow before you even shortlist a property. For first-time buyers in competitive markets like Sengkang, Bedok, or Tampines, this clarity prevents costly surprises when the Option to Purchase arrives.

Step 1: Log In with Singpass for Instant Data Auto-Fill

The first step is the simplest—and most powerful. Open the Homejourney Mortgage Calculator and select "Log in with Singpass."[1] This single action unlocks your verified income, employment status, and CPF Ordinary Account balance directly from government databases, eliminating manual data entry and reducing calculation errors.[2]

Why does this matter? Singpass integration ensures your calculator results are based on your actual financial situation, not estimates. If you're self-employed, a contractor, or have variable income, you'll see how banks will assess your earnings—typically using the last 2 years of tax returns or 3 months of recent payslips. This transparency helps you understand exactly why you might qualify for a certain loan amount or face limitations.

The MyInfo system backing Singpass is Singapore's most secure digital identity verification, meaning your data is encrypted and never stored on Homejourney's servers without your explicit consent. This aligns with Homejourney's core commitment to user safety and trustworthiness—your financial information is protected at the highest level.[1]

Step 2: Select Your Calculation Type Based on Your Needs

Once logged in, you'll see four calculation options. Choose the one matching your situation:[1][4]

Maximum Loan: "What's the most I can borrow?" This is the starting point for first-timers. Input your age, income, and existing debts (car loans, credit cards, personal loans), and the calculator shows your maximum borrowing power, factoring in TDSR, MSR, LTV, and tenure constraints. For a 35-year-old earning S$5,000 monthly with no debts buying a first HDB, this might show a maximum loan of S$350,000–S$400,000 depending on property price and down payment.[2]
Affordability: "Given my income and age, what property price is realistic?" This reverses the calculation, working backward from your financial capacity to show the maximum property price you can safely afford. Ideal for buyers who want to know their budget ceiling before searching on Property Search .
Monthly Instalment: "What will my monthly payments be for this specific property?" Use this to stress-test specific properties or loan amounts, understanding the principal, interest, and CPF/cash split. For a S$550,000 HDB with a S$82,500 down payment (15%) and 25-year tenure at 3.5% SORA, you'll see your exact monthly payment and how much goes toward interest versus principal.[1]
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][2]

For first-time buyers, starting with "Maximum Loan" gives you a clear budget before you even shortlist units. This prevents the common mistake of falling in love with a property you can't actually afford.

Step 3: Enter Property Details with Precision

Now input your property information. Accuracy here is critical—even small errors cascade through the calculation:[1][2][3]

Property Price: Enter the exact purchase price. For example, if you're buying a resale 4-room flat in Bedok around S$600,000, input S$600,000, not S$600k or "around 600k."
Property Type: Select HDB flat or private property. This determines whether MSR (30% for HDB) or TDSR (55% for all) applies as your primary constraint. HDB buyers typically face tighter MSR limits, while private property buyers are constrained by TDSR.
Down Payment: Specify your cash and CPF split. HDB rules require a minimum 5% cash down payment on resale flats, with the remainder financed through CPF Ordinary Account and bank loan.[3] For a S$600,000 property with 90% LTV, you'd need S$60,000 cash (10%) and could finance S$540,000. Private property buyers typically need 25% down (S$150,000 for a S$600,000 property) with stricter requirements.
Loan Tenure: Choose your preferred loan period, up to 30 years, but capped by your age (loan can't extend beyond age 65).[1] A 35-year-old can take a maximum 30-year loan, while a 50-year-old is capped at 15 years.

The calculator auto-applies LTV and minimum cash downpayment rules based on official MAS and HDB frameworks, so you avoid surprises later when the bank formally assesses your application.[4]

Step 4: Choose Your Interest Rate Scenario

This step is where real-world conditions come into play. The calculator offers three rate options:[1]

3M SORA Floating: Your rate adjusts quarterly based on Singapore Overnight Rate Average. Currently around 3.5%, this offers flexibility but exposes you to rate increases.
6M SORA Floating: Your rate adjusts semi-annually, offering slightly more stability than 3M SORA while remaining cheaper than fixed rates.
Fixed Rate Packages: Select specific bank offers (DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank) to see fixed-rate packages, which lock your rate for 1–3 years before reverting to floating. These are typically 0.3–0.5% higher than current SORA but provide budget certainty.

The chart below shows recent SORA trends to help you understand how rates have moved:

The calculator also applies a +4% stress test to show how your repayment ability holds up if rates spike—critical knowledge in Singapore's floating-rate environment.[2] For example, if current 6M SORA is 3.5%, the stress test shows your monthly payment if rates jump to 7.5%, helping you assess whether you can comfortably afford the loan even in a rising-rate scenario.

Step 5: Review Your Results and Understand the Breakdown

Once you calculate, Homejourney displays a comprehensive results dashboard showing:[1][2]

Maximum Loan Amount: The largest amount you can borrow while staying within TDSR/MSR limits.
Monthly Instalment: Your exact monthly payment, broken down into principal, interest, and CPF contributions.
Principal-Interest Split: In early years, typically ~70% of your payment goes toward interest, with the balance toward principal. This shifts over time, but early payments are heavily weighted toward interest.[2]
TDSR and MSR Compliance: Green checkmarks confirm you're within regulatory limits. Red flags indicate you've exceeded thresholds and need to adjust your loan amount, down payment, or tenure.
Stress Test Results: Shows your monthly payment if rates increase by 4%, helping you assess worst-case scenarios.

For a concrete example: a 35-year-old earning S$5,500 monthly buying a S$550,000 Sengkang 4-room resale with S$82,500 down (15%) and 25-year tenure at 6M SORA (3.5%) would see approximately S$3,200–S$3,400 monthly instalment, with TDSR at ~50% (well within the 55% limit) and MSR at ~28% (within HDB's 30% cap).[1]

Step 6: Compare Bank Offers and Apply via Singpass

Here's where Homejourney's multi-bank advantage shines. Rather than visiting DBS, then OCBC, then UOB separately—a process that takes hours and requires multiple applications—you can compare rates from all major banks side-by-side on the How to Use Homejourney Bank Rate Comparison: 2026 Guide .

Once you've identified your borrowing capacity and monthly payment, click "Apply Now" to submit your details to multiple banks simultaneously via Singpass. Your income, employment, and CPF data auto-fill from MyInfo, eliminating repetitive form-filling.[2] One application reaches DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank—all within seconds.

Banks then compete for your business, often offering rate discounts or waived fees to win your application. You'll receive competing offers within 2–5 business days, allowing you to choose the best package. This competitive dynamic typically saves borrowers S$200–S$500 annually compared to applying to a single bank.[1][2]

For detailed guidance on this process, read our step-by-step guide on Apply for Home Loan via Singpass: Homejourney Step-by-Step Guide .

Pro Tips for Maximum Accuracy and Better Loan Outcomes

Account for All Debts: When calculating maximum loan, include every monthly obligation—car loans, credit card minimums, personal loans, and even hire-purchase agreements. Each S$100 in monthly debt reduces your borrowing capacity by roughly S$20,000–S$25,000 (depending on your income).[1]

Use Your Full CPF Ordinary Account Balance: Many first-timers leave CPF unused, thinking they need to preserve it. However, HDB rules allow you to use your entire CPF OA balance (up to the property price) for down payment and monthly instalments. Using more CPF reduces your bank loan and monthly cash payment, improving your debt servicing ratios.[3]

Test Multiple Tenure Scenarios: A 30-year loan has lower monthly payments but costs more in total interest. A 20-year loan has higher monthly payments but saves significantly on interest. Run both scenarios through the calculator to find your comfort zone between affordability and total interest cost.

Monitor SORA Rates: If you're choosing between 3M and 6M SORA, track live rates on Homejourney's How to Use Homejourney Bank Rate Comparison: 2026 Guide to time your application. Applying when rates are at cycle lows (relative to recent trends) can save thousands over your loan tenure.

Don't Max Out Your Borrowing Power: Just because you can borrow S$400,000 doesn't mean you should. Leave a 10–15% buffer for unexpected expenses, property maintenance, or income fluctuations. A property you're comfortable affording is far better than one that stretches your finances to the breaking point.

Real-World Example: First-Time Buyer in Sengkang

Let's walk through a practical scenario. Sarah, 32 years old, earns S$5,200 monthly and has S$45,000 in CPF Ordinary Account. She wants to buy a resale 4-room flat in Sengkang priced at S$520,000.

Her steps: