Affordability Mortgage Calculator – updated 2018
Since 2000, the Singapore government has introduced a series of measures to cool the property market. While these measures are directed at speculative buying, it has also created some confusion for genuine home buyers. MoneyIQ has created this mortgage calculator to help home buyers create their own budget for property purchase. It includes the Total Debt Servicing Ratio (TDSR), reduced Loan to Valuation (LTV), Mortgage Servicing Ratio (MSR) and Stamp Duty calculation. While we have done our best to incorporate the measures into the calculator, buyers are strongly advised to seek a Approval In-Principle (AIP) before committing.
How to use
Example 1: Joe wants to buy a resale completed private property. This will be his second home as he has no intention to dispose away his current home. He is still servicing his current mortgage. With reference to the mortgage calculator, he will input – “Private Property (Condo/ Apartment/ Landed)” – “Completed” – “I have one existing home loan”
TDSR Calculation Joe draws a fixed monthly income of $8,000, services an existing home loan of $1,500, a car loan of $1,000 and credit card loan of $1,000 at the point of loan application. He is 40 years old. He likes to take a 20 years loan. With reference to the mortgage calculator, he will input
|Age||Monthly Income (Fixed)||Monthly Income (Variable)||Monthly Expenses|
Maximum Tenure Calculation The calculator automatically show that the maximum tenure is 25 years when the age is 40 years old. In this example, the loan tenure will be 20.
Maximum LTV Calculation Joe is likely to purchase the property at $800,000. Enter $800,000 for the price of property.
Results The calculator will automatically show that his maximum LTV is 28% of the purchase price. Since this is his 2nd home loan, the minimum cash downpayment will be 25%. Based on the purchase price of $800,000, the stamp duty is $18,600.
This Mortgage Calculator is a budgeting tool to help home buyers construct a buying plan when purchasing a Singapore property. It is not a substitute for credit approval. To ensure that you get the required credit facility, you should do a Approval In-Principle Approval (AIP). You can email us at firstname.lastname@example.org and we will link you up with a banker to assist you on the IPA. The service is free.
Use this mortgage calculator to compare your monthly payments from different banks in Singapore. See the breakdown and details like interest paid and balance principal.
MIQ affordability calculator helps you determine the maximum loan amount you can borrow under the regulations. The calculation will be based upon your income, age, Total Debt Servicing Ratio (TDSR) and Loan to Value (LTV) restriction.
Go to Affordability Calculator
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Use this refinance savings calculator to help you decide if you should refinance. The refinance calculator estimates the monthly payment and total interest.
Use this TDSR calculator to determine your maximum loan under the TDSR restriction. The calculation will be based upon your income, age and debt obligations.
Go to TDSR Calculator
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