S$300,000 Hdb Loan: Monthly Repayment and Total Interest
A S$300,000 HDB loan at 2.6% over 25 years costs S$1,361.01 a month. Over the full term you repay S$408,302.56, of which S$108,302.56 is interest.
Repayment by tenure
| Tenure | Monthly | Total interest |
|---|---|---|
| 10 years | S$2,841.76 | S$41,011.16 |
| 15 years | S$2,014.52 | S$62,613.70 |
| 20 years | S$1,604.36 | S$85,047.40 |
| 25 years | S$1,361.01 | S$108,302.56 |
If rates change
| Rate | Monthly instalment |
|---|---|
| 2% | S$1,271.56 |
| 2.5% | S$1,345.85 |
| 3% | S$1,422.63 |
| 3.5% | S$1,501.87 |
| 4% | S$1,583.51 |
| 4.5% | S$1,667.50 |
Income needed
Under the 30% Mortgage Servicing Ratio for HDB flats, an instalment of S$1,361.01 needs a gross household income of at least S$4,536.70 a month. Under the 55% TDSR, it needs at least S$2,474.56 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
- HDB loans are capped at 25 years and must be fully repaid by age 65.
- Stamp duty is based on the purchase price or market value, whichever is higher.
- Using CPF for housing reduces what is left for retirement, and you must refund the amount used plus accrued interest when you sell.
- A second housing loan drops the LTV limit sharply and raises the minimum cash downpayment to 25%.
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stamp duties and monthly instalments, but using CPF reduces the money compounding for retirement, and the amount withdrawn plus accrued interest must be refunded to your CPF account when you sell.
Stamp duties are paid upfront. Buyer's Stamp Duty applies to every purchase at tiered rates up to 6%, while ABSD depends on the buyer's residency status and how many residential properties they already own. Sellers who dispose of a property within the holding period pay Seller's Stamp Duty.
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
- Loan-to-Value (LTV) Calculator: Shows the maximum bank loan and the minimum downpayment under MAS loan-to-value limits for loans up to 30 years (25 years for HDB flats).
- Property Affordability Calculator: Estimates the biggest loan and property price your income supports under TDSR, using the stress-test rate banks apply.
- Rental Yield Calculator: Measures the return from rent before and after costs such as property tax, maintenance fees and agent fees.
- Home Loan Refinancing Calculator: Compares your current mortgage with a new rate to show the monthly saving and how long switching costs take to recover.
Model your own loan in the S$300,000 HDB Loan Repayment Calculator.
Run your own numbers: S$300,000 HDB Loan Repayment Calculator