Mortgage Amortization Schedule & Bank Rate Comparison Guide
A mortgage amortization schedule is a detailed table showing how each monthly payment splits between principal and interest over your loan term, helping Singapore homebuyers track principal reduction and interest payment timeline until full payoff.
This cluster article dives into creating and reading these schedules while comparing rates from top banks like DBS, OCBC, and UOB. It connects to our pillar Ultimate Guide to Mortgage Amortization Schedule | Homejourney ">Ultimate Guide to Mortgage Amortization Schedule for comprehensive coverage. At Homejourney, we prioritize your safety with verified rates and transparent tools to build trust in every decision.
What is a Mortgage Amortization Schedule?
An amortization schedule, or mortgage repayment schedule, breaks down your fixed monthly payment into interest and principal portions. Early payments mostly cover interest, with principal reduction accelerating later, creating your unique loan payoff schedule.
For Singapore properties, schedules factor in SORA-based rates, TDSR limits, and HDB/ private property rules. Use Homejourney's calculator at https://www.homejourney.sg/bank-rates#calculator to generate yours instantly, ensuring accurate projections under MAS regulations.
How Amortization Works: A Singapore Example
Consider a S$500,000 HDB loan at 3.5% p.a. (3M SORA + 0.65% spread, common in 2026), 25-year tenure. Monthly payment: ~S$2,520. Year 1 interest dominates at ~80%, dropping to ~40% by year 15 as principal shrinks.
Formula: M = P [r(1+r)^n] / [(1+r)^n - 1], where P=principal, r=monthly rate, n=months[3]. Homejourney verifies these with real-time data, helping first-time buyers in areas like Punggol or Tengah plan confidently.
Current Singapore Bank Rates Comparison (2026)
Rates pegged to 3M SORA (~3.0% as of Feb 2026) plus spreads. DBS: 3.0% + 0.70% (effective 3.70%, 2-yr lock-in). OCBC: 3.0% + 0.65% (3.65%). UOB: 3.0% + 0.68% (3.68%). HSBC/Standard Chartered offer competitive fixed packages at ~3.8% for 3 years[4].
Maybank and CIMB suit investors with flexible refinancing, while RHB/Public Bank excel for HDB upgraders. Compare all instantly on Homejourney at https://www.homejourney.sg/bank-rates – real-time updates from our bank partners ensure trustworthiness.
The chart below shows recent interest rate trends in Singapore:
SORA has stabilized post-2025 hikes, but volatility persists – use this to time lock-ins via Homejourney's tools.
Bank-by-Bank Comparison: Key Products & Schedules
DBS Bank: Market leader with SORA PEA (3.70% effective). Pros: Top digital app; Cons: Higher penalties. Best for tech-savvy buyers. Schedule shows faster principal paydown post-lock-in.
- Lock-in: 2-3 years
- Refi timeline: 21 days
- Singpass integration via Homejourney
OCBC/ UOB: Similar SORA rates (3.65-3.68%). OCBC shines in offset accounts; UOB for HDB. Compare schedules: OCBC edges in interest savings for S$800k condos.
Foreign Banks (HSBC, SCB, Citibank): Fixed rates ~3.8%, ideal for risk-averse. Pros: Global backing; Cons: Stricter criteria. Homejourney's multi-bank apply lets them compete for you.
Others (Maybank, CIMB, RHB, Public, Hong Leong): Niche perks like cashback. All rates within 0.1% of leaders, but check penalties[5].
Sample Amortization Table: S$600k Loan, 3.7% Rate, 25 Years
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | S$3,020 | S$1,850 | S$1,170 | S$598,830 |
| 12 | S$3,020 | S$1,780 | S$1,240 | S$579,500 |
| 120 | S$3,020 | S$900 | S$2,120 | S$350,000 |
| 300 | S$3,020 | S$150 | S$2,870 | S$20,000 |
Generated via standard formula; export yours from DBS/ Homejourney calculators[1][5]. Early extra payments slash interest by 20%.
Actionable Steps: Optimize Your Schedule
- Generate Schedule: Input details at Homejourney calculator.
- Compare Rates: View DBS vs OCBC at bank-rates.
- Apply Multi-Bank: One Singpass form – banks bid best offers.
- Refinance Check: If rates drop 0.5%, save S$50k over tenure.
- Track Progress: Use schedule to monitor equity for upgrades via property search.
Disclaimer: Rates fluctuate; consult Homejourney brokers. Not financial advice.
FAQ
What affects my amortization schedule in Singapore?
SORA rates, tenure (max 30yrs HDB/35yrs private), TDSR (60% debt cap). Use Homejourney for TDSR checks[7].
How do I compare bank rates effectively?
Focus on effective rate (SORA+spread), lock-ins, fees. Homejourney aggregates all 11 banks live.
Can I change my loan payoff schedule?
Yes, via refinancing or prepayments (no penalty post-lock-in). Recast with lump sums[2].
Best bank for first-time HDB buyers?
DBS/OCBC for low spreads, fast approval. Apply via Homejourney for multi-offers.
How much extra to pay for faster payoff?
S$500/month extra on S$500k loan shaves 5 years, saves S$60k interest.
Master your Understanding Mortgage Amortization Schedule: Bank Rate Comparison Guide with Homejourney. Start comparing at https://www.homejourney.sg/bank-rates and link to our pillar for more: Ultimate Guide to Mortgage Amortization Schedule | Homejourney ">Ultimate Guide. Your trusted path to property ownership begins here.
