1. What is a Property Loan Calculator Singapore?

Definition: This calculator computes the monthly mortgage payment for property loans in Singapore based on loan amount, interest rate, and loan term.

Purpose: It helps prospective homebuyers and property investors estimate their monthly mortgage obligations before committing to a loan.

2. How Does the Calculator Work?

The calculator uses the standard mortgage formula:

Where:

• \( M \) — Monthly payment (SGD)
• \( P \) — Loan principal amount (SGD)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Total number of payments (loan term in years × 12)

Explanation: The formula accounts for both principal repayment and interest charges over the loan term.

3. Importance of Mortgage Calculation

Details: Accurate mortgage calculations help borrowers assess affordability, compare loan options, and plan their finances effectively.

4. Using the Calculator

Tips: Enter the loan amount in SGD, annual interest rate (default 3.5%), and loan term in years (default 25). All values must be > 0.

5. Frequently Asked Questions (FAQ)

Q1: What's the typical loan term in Singapore?
A: Most HDB loans have 25-year terms, while private property loans may go up to 30-35 years.

Q2: How does the interest rate affect payments?
A: Higher rates increase monthly payments significantly. A 1% rate increase on a $500k loan adds ~$300/month to payments.

Q3: Are there other costs not included?
A: Yes, this excludes property taxes, insurance, maintenance fees, and possible additional bank charges.

Q4: What's the current interest rate environment?
A: As of 2023, Singapore mortgage rates range from 3.5-4.5% for fixed-rate packages.

Q5: Can I calculate total interest paid?
A: Yes, multiply monthly payment by loan term months, then subtract principal: (M × n) - P.