How to Use Homejourney Mortgage Calculator: Step-by-Step Guide

The Homejourney Mortgage Calculator helps Singapore property buyers estimate loan eligibility, monthly instalments, and total costs instantly, using real-time SORA rates and MAS regulations for safe planning.

Access it at Homejourney Bank Rates to check affordability before searching properties on Homejourney Property Search. This cluster guide builds on our pillar content, Singapore Home Loans Complete Guide, providing tactical steps for first-time buyers, upgraders, and investors.

Why Use Homejourney Mortgage Calculator?

Homejourney prioritizes user safety with Singpass-verified tools, ensuring accurate calculations under TDSR (55% debt cap) and MSR rules for HDB buyers. Unlike manual estimates, it factors in current bank rates from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank.

For example, a $650,000 4-room HDB resale in Sengkang: enter your $8,000 monthly income, age 35, no debts—the tool shows max loan ~$520,000 at 2.6% SORA-pegged rate, with $2,800 monthly EMI.

This transparency builds trust, letting you avoid overcommitment in competitive areas like Bedok or Bishan. Learn bank rate comparisons next.

Step-by-Step: How to Use Homejourney Mortgage Calculator

Follow these actionable steps for precise results. The process takes under 5 minutes and integrates with multi-bank applications for no-queue mortgage convenience.

1. Navigate to the Calculator
   Visit https://www.homejourney.sg/bank-rates#calculator or the Homejourney app (Singpass-verified). This page combines calculator, eligibility checks, and online home loan applications.
2. Select Calculation Type
   Choose from maximum loan ("How much can I borrow?"), monthly instalment, affordability, or refinancing. First-timers start with affordability to match budgets to Homejourney Projects Directory.
3. Input Personal Details
   Enter age, gross monthly income, existing debts, and CPF balance. Singpass auto-fills for accuracy—key for TDSR compliance per MAS guidelines.
4. Add Property Details
   Specify type (HDB resale, condo), price (e.g., $1.2M EC in Punggol), downpayment (cash + CPF), and tenure (up to 30/35 years). Tool applies LTV limits: 75% for first HDB, 55% for private over $1M.
5. Choose Rate Scenario
   Select SORA-based floating (3M/6M) or fixed. Homejourney uses live rates for realism.
6. Calculate and Review
   View EMI breakdown (principal, interest, CPF/cash split), total interest, and stress tests. Example: $800,000 loan, 25 years, 2.7% = ~$3,800/month.
7. Apply Multi-Bank
   One click sends details to all partner banks via Singpass for competing offers—benefits of multi-bank application.

Understanding Interest Rates and SORA

SORA (Singapore Overnight Rate Average) is the MAS benchmark for most floating loans, replacing outdated fixed rates. Current 3M SORA averages ~2.5-2.8% (2026 trends), affecting EMIs.

The chart below shows recent interest rate trends in Singapore:

As seen, rates have stabilized post-2025 hikes, favoring refinancing. Use this with the calculator for scenarios like DBS (3M SORA +0.70%) vs. OCBC fixed options.

Documentation Checklist for Applications

After calculating, prepare for digital bank applications. Homejourney's Singpass guide simplifies this:

• Income Proof: Latest payslips (3 months), tax assessment (IRAS e-Service).
• Employment: Confirmation letter or Singpass-linked MyCareersFuture data.
• CPF Statement: Auto-pulls via Singpass; download from CPF portal if needed.
• ID: NRIC/FIN (Singpass verifies).
• Property Docs: Option to Purchase, valuation report (for resale).

Pro tip: Upload via Homejourney for one submission to multiple banks, skipping branches. Insider: Apply mid-month when CPF tops up OA for better affordability ratios.

Pro Tips to Maximize Approval Chances

- Stress-test at +1% rate to buffer hikes.
- Minimize debts pre-application (pay off cards).
- Time for low SORA: Track via Homejourney.
- HDB buyers: Check MSR (30% income cap) first.
- Refinancers: Calculate break costs (3 months interest) vs. savings—e.g., drop from 3.5% to 2.6% saves $144,000 over 20 years.

Common pitfall: Ignoring age limits (tenure to 65/70). Homejourney flags these automatically.

What to expect: Banks assess in 1-3 days; offers in 7 days. Track status on platform. Post-approval, connect properties via Property Search and plan maintenance with Aircon Services.

FAQ: How to Use Homejourney Mortgage Calculator

How accurate is the Homejourney Mortgage Calculator?
Highly accurate using real-time SORA, MAS TDSR/MSR, and partner bank data. Results are indicative; final offers vary by credit profile. Disclaimer: Not financial advice—consult Homejourney Mortgage Brokers.

Can I use it for HDB BTO or resale?
Yes, select HDB type for concessionary rates (2.6% locked 2026) and LTV rules.

What's the benefit of multi-bank apply online?
One convenient loan application via Singpass reaches 10+ banks, comparing offers side-by-side—no queue mortgage needed. See Bank Rates.

Does it work for refinancing?
Absolutely—input current loan details to project savings. Link to full pillar for details.

Is Singpass required?
For applications yes, but calculator works without. Auto-fills for speed and security.

Ready to calculate? Visit Homejourney Mortgage Calculator now for your personalized estimate. For comprehensive guidance, read our pillar Singapore Home Loans Complete Guide. Homejourney ensures a safe, trusted journey—start today!