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

The Homejourney Mortgage Calculator is a free, Singpass-powered tool that instantly calculates your borrowing capacity, monthly instalments, and TDSR/MSR compliance for Singapore property purchases.

It helps you check loan eligibility, know your budget, and perform pre-purchase eligibility checks before viewing HDB flats or condos, ensuring you stay within MAS regulations like 55% TDSR and 30% MSR for HDB.

Why Use Homejourney Mortgage Calculator Before Buying Property

In Singapore's competitive property market, using a mortgage calculator before buying prevents overextending your finances. Homejourney's calculator integrates real-time SORA rates from MAS and bank packages from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank.

For example, a S$600,000 HDB resale in Tampines at 2.6% interest over 25 years shows about S$2,700 monthly EMI, but TDSR caps total debt at 55% of your income. This tool auto-applies LTV limits (up to 75% for HDB, 80% for private) and connects to our bank-rates page for multi-bank applications.

This cluster article provides tactical steps on how to use Homejourney Mortgage Calculator, linking back to our pillar guide on Singapore Mortgage Financing for comprehensive coverage. Homejourney prioritizes your safety with verified data and transparent tools.

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

Access the calculator at Homejourney Mortgage Calculator or via our app. Here's the exact process:

1. Log in with Singpass: Instantly pulls your income, CPF balance, age, and existing debts for precise TDSR calculator results. No manual entry errors.
2. Enter Property Details: Input price (e.g., S$520,000 for a Sengkang 4-room resale), downpayment (5-25% cash/CPF), and tenure (up to 30 years).
3. Select Rate Type: Choose SORA (3M/6M + margin like 0.40%), fixed rates, or packages from partner banks.
4. Calculate & Review: See monthly EMI, total interest, principal-interest split (early payments are 70% interest), and eligibility (green if under limits).
5. Adjust & Compare: Tweak downpayment or tenure; compare bank offers side-by-side.
6. Apply Multi-Bank: Submit one application to all partners via Singpass for the best rates.

Pro tip: For Bedok resale flats, test 90% LTV with grants to maximize home buying budget. Read our full guide in How to Use Mortgage Eligibility Calculator Before Buying.

Understanding Key Metrics: TDSR, MSR, and SORA

TDSR (Total Debt Servicing Ratio) limits total debt to 55% of gross income per MAS rules. MSR (Mortgage Servicing Ratio) caps HDB housing debt at 30%. SORA (Singapore Overnight Rate Average) is the benchmark for most floating loans.

The chart below shows recent interest rate trends in Singapore:

As seen in the chart, 3M SORA has fluctuated, impacting EMIs—Homejourney tracks this live for accurate pre-purchase eligibility. Stress-test at +1% to prepare for hikes.

Documentation Checklist for Accurate Results

• Latest 3 months' payslips or IRAS tax assessment.
• CPF statements from cpf.gov.sg via Singpass.
• Existing loan/credit card statements (under S$30k exempt from TDSR).
• Employment Pass for foreigners (60% TDSR cap).
• HDB Letter of Offer for MSR verification.

Insider tip: Download CPF e-statements before Bukit Merah showflats—peak hours are chaotic. Prepare these for Singpass auto-fill to speed up by days. See Step by Step Singpass Loan Application Guide.

Pro Tips to Maximize Your Home Buying Budget

• Pay off cards first: Boosts TDSR headroom by 5-10%.
• Refinance test: Pasir Ris owners can save S$200/month on Maybank SORA packages.
• Multi-bank advantage: One click sends to DBS- Citibank; compare offers. Details in Benefits of Multi-Bank Application.
• Shorten tenure: Cuts total interest by thousands, e.g., 25 vs 30 years on S$800k loan.
• Grants check: HDB upgraders, factor ABSD exemptions.

Homejourney's tools verify data for trust—skip bank queues with our multi-bank system at bank-rates.

What to Expect After Calculation

Green eligibility? Search properties in budget at property search. Banks assess in 1-3 days; track status on Homejourney. Offers from partners arrive side-by-side—pick the best.

Disclaimer: Estimates only; not financial advice. Consult professionals for binding quotes. Homejourney ensures safety through verified integrations.

Frequently Asked Questions (FAQ)

1. Is the Homejourney Mortgage Calculator free?

Yes, fully free with no obligations. Use Singpass for instant, accurate results.

2. How accurate is it for HDB vs private properties?

Highly accurate, applying HDB MSR/90% LTV and private TDSR/80% LTV per official rules.

3. Can I use it for refinancing?

Yes, input current loan details to compare new packages and savings.

4. What if I have existing debts?

Singpass pulls them automatically for true TDSR compliance.

5. How do I apply after calculating?

Click 'Apply Now' for one submission to all banks. Learn more at How to Use Homejourney Bank Rate Comparison.

Ready to know your budget? Visit Homejourney Mortgage Calculator now, then explore projects at projects-directory. For full Singapore mortgage guidance, return to our pillar content. Homejourney builds trust one safe step at a time.