S$1,150,000 Home Loan: Monthly Repayment and Total Interest
A S$1,150,000 home loan at 2.8% over 30 years costs S$4,725.29 a month. Over the full term you repay S$1,701,102.99, of which S$551,102.99 is interest.
Repayment by tenure
| Tenure | Monthly | Total interest |
|---|---|---|
| 20 years | S$6,263.35 | S$353,204.10 |
| 25 years | S$5,334.56 | S$450,367.02 |
| 30 years | S$4,725.29 | S$551,102.99 |
If rates change
| Rate | Monthly instalment |
|---|---|
| 2% | S$4,250.62 |
| 2.5% | S$4,543.89 |
| 3% | S$4,848.45 |
| 3.5% | S$5,164.01 |
| 4% | S$5,490.28 |
| 4.5% | S$5,826.88 |
Income needed
Under the 30% Mortgage Servicing Ratio for HDB flats, an instalment of S$4,725.29 needs a gross household income of at least S$15,750.95 a month. Under the 55% TDSR, it needs at least S$8,591.43 with no other debts. Banks test affordability at a higher stress-test rate, so the real requirement is higher for bank loans.
Things to check
- Using CPF for housing reduces what is left for retirement, and you must refund the amount used plus accrued interest when you sell.
- Seller's Stamp Duty can wipe out the gains on a quick resale, so check your holding period before selling.
- Banks test your TDSR at a stress-test rate, not the advertised rate, so your borrowing limit is lower than you might expect.
- Stamp duty must be paid within 14 days of signing, so have the cash ready before you exercise the option.
Background
CPF Ordinary Account savings can pay for the downpayment, stamp duties and monthly instalments, but using CPF reduces the money compounding for retirement, and the amount withdrawn plus accrued interest must be refunded to your CPF account when you sell.
Most Singaporeans live in HDB flats, which can be financed with an HDB concessionary loan at 0.1% above the CPF Ordinary Account rate or with a bank loan. Private property must be financed with a bank loan, and banks offer fixed, floating and SORA-pegged packages.
The Total Debt Servicing Ratio limits monthly debt repayments to 55% of gross monthly income for any property loan, and the Mortgage Servicing Ratio limits the housing instalment to 30% of income for HDB flats and new executive condominiums. Banks apply a medium-term interest rate in these tests rather than the rate you will actually pay.
Related calculations
- Additional Buyer's Stamp Duty (ABSD) Calculator: Calculates ABSD by buyer profile and the number of residential properties owned, using the rates in force since 27 April 2023.
- Total Property Stamp Duty Calculator: Adds BSD and ABSD together so you know the full stamp duty bill before you sign an option to purchase.
- Seller's Stamp Duty (SSD) Calculator: Calculates SSD for residential property bought on or after 4 July 2025 and sold within four years.
- HDB Loan Calculator: Calculates monthly repayments on an HDB concessionary loan, which is pegged at 0.1% above the CPF Ordinary Account rate (2.6% a year).
Model your own loan in the S$1,150,000 Home Loan Repayment Calculator.
Run your own numbers: S$1,150,000 Home Loan Repayment Calculator