HDB Loan Calculator — Monthly Instalment & Total Interest
A S$400,000 HDB concessionary loan at 2.6% p.a. over 25 years costs S$1,815 a month, and S$144,403 in total interest. A bank package at 1.93% costs S$1,682 a month — S$39,858 less interest over the tenure. The HDB rate is pegged to the CPF-OA rate and has not moved in years; a bank rate reprices with its package.
Your loan
The amount you borrow, after your downpayment and any CPF housing grant.
Up to 25 years on an HDB loan, 30 on a bank loan. A bank loan over 25 years on an HDB flat, or one running past age 65, drops the loan-to-value limit from 75% to 55% and raises the minimum cash downpayment to 10%.
Published by HDB and pegged at 0.1% above the CPF Ordinary Account rate — not a figure you set. HDB reviews it quarterly. Rate verified 15 July 2026.
Sets the bank column in the comparison below — your HDB instalment above uses the 2.6% concessionary rate. An assumption, not a quote; enter your own package's rate.
Bank packages are priced off 3-month compounded SORA plus a spread. SORA was 1.13% p.a. as of 15 July 2026 and MAS publishes it every business day — check today’s figure. Our default adds a 0.8% spread; your package may differ.
Advanced — age, income & other debt
Optional. Age suggests a tenure; income adds the HDB-loan availability check and the MSR cap your instalment has to fit inside.
Monthly instalment
S$1,815/mo
S$400,000 over 25 years at 2.6% p.a. (HDB concessionary rate).
These are estimates worked out from the details you enter, not a promise of cost. The bank rate is an assumption you can change, and a bank package resets — the figures above hold only while the rate does.
What this calculator assumes, and what it does not model
- Interest accrues monthly, on the balance still outstanding (monthly rest).
- The instalment is level — the same amount every month for the whole tenure.
- The rate you enter is held constant for the full tenure.
- No fees, mortgage insurance, prepayment or refinancing are modelled.
- A bank rate resetting at each repricing, or after a fixed-rate lock-in ends.
- CPF Ordinary Account rate changes, which move the HDB concessionary rate with them.
- Policy changes to the loan-to-value limit, MSR, TDSR or the HDB income ceilings.
- A valuation shortfall (cash-over-valuation), which is payable in cash.
Rules as of 15 July 2026 · rates verified 15 July 2026 · sources: HDB / CPF / MAS. General guidance only, not financial advice.
HDB loan vs bank loan
The same S$400,000 over 25 years, at each rate. Ranked by total interest over the tenure — the rate you enter for the bank drives its column.
HDB concessionary
2.6% p.a. · pegged to CPF-OA
S$1,815/mo
Total interest
S$144,403
Bank loan
1.93% p.a. · floats by package
S$1,682/mo
Total interest
S$104,546
Less interest
At these rates the bank loan costs S$133/mo less and S$39,858 less in total interest over 25 years. That holds only while the bank keeps that rate: a bank package reprices with the market, and the HDB rate does not — see what a rise does below.
Rate is not the only difference. The HDB rate is pegged to the CPF Ordinary Account rate and does not move with the market, and its downpayment can be funded entirely from CPF — but it has income ceilings (S$14,000 for most families, S$7,000 for a single buying alone, and S$21,000 for extended or multi-generation families only). A bank loan has no income ceiling and can price below the HDB rate, but it resets with its package and needs at least 5% of the price in cash. You can switch from an HDB loan to a bank loan later, but not back again.
If the bank rate rises
A bank loan at 1.93% today is not a bank loan at 1.93% for 25 years — the rate resets with its package. The HDB concessionary rate is pegged to the CPF Ordinary Account rate instead, so it does not move with the market. This is what a rise would cost on the same S$400,000.
| Bank rate | Monthly | vs your rate | Total interest |
|---|---|---|---|
| 1.93%Your rate | S$1,682 | — | S$104,546 |
| 2.93% | S$1,882 | +S$200/mo | S$164,694 |
| 3.93% | S$2,096 | +S$414/mo | S$228,775 |
| 4%MAS stress rate | S$2,111 | +S$430/mo | S$233,404 |
The 4% row is the medium-term rate MAS requires banks to size a housing loan against, so a lender already assumes you could face it. Most floating packages are priced at 3-month compounded SORA plus a spread: SORA was 1.13% p.a. as of 15 July 2026 — MAS publishes it every business day and it changes daily, so treat that as a dated reference, not the rate you will be offered.
Before you commit to a flat
The instalment is one number of four. Size the loan your income supports, check the grants that cut the price, and budget the stamp duty you pay in cash.
How an HDB loan repayment is worked out
A home loan repays on a fixed schedule: each month, interest accrues on what you still owe, and the rest of the instalment retires the loan. Three inputs set the instalment — the amount you borrow, the rate, and the tenure. The calculator above works out all three effects, then shows the same loan at the HDB concessionary rate and at a bank rate side by side.
| Rule | Figure |
|---|---|
| HDB concessionary loan rate | 2.6% p.a. (CPF-OA rate + 0.1%), reviewed quarterly by HDB |
| Maximum tenure — HDB loan | 25 years, or 65 minus the average applicant age, or the remaining lease minus 20 years — whichever is shortest |
| Maximum tenure — bank loan | 30 years (over 25 years on an HDB flat, the 55% limit below applies) |
| Loan-to-value limit (first loan) | 75% of the lower of price or valuation — 55% if a bank loan runs over 25 years or past age 65 |
| Downpayment | 25% (bank loan: min 5% cash) — 45% and min 10% cash at the 55% limit |
| Mortgage Servicing Ratio (MSR) — MAS | 30% of gross monthly income |
| Total Debt Servicing Ratio (TDSR) — MAS | 55% of gross income (bank loans) |
| Stress-test rate — bank loan sizing (MAS) | 4% p.a. floor |
| Stress-test rate — HDB loan sizing (HDB) | higher of 3% p.a. or the prevailing concessionary rate — set by HDB, not MAS |
| HDB loan income ceiling | S$14,000 (families) · S$7,000 (singles) · S$21,000 (extended families) |
HDB monthly instalment on common loan amounts
Over a 25-year tenure, at the HDB concessionary rate of 2.6% per annum, against a bank loan at an assumed 1.93% — 3-month compounded SORA (1.13% as of 15 July 2026) plus a 0.8% spread. That bank figure is an assumption, not a quote: rates float by package and reset, so enter your own above. Total interest is what the loan costs on top of the amount borrowed, over the full tenure.
| Loan amount | HDB 2.6% — monthly | Total interest | Bank 1.93% — monthly | Total interest |
|---|---|---|---|---|
| S$300,000 | S$1,361/mo | S$108,303 | S$1,261/mo | S$78,409 |
| S$400,000 | S$1,815/mo | S$144,403 | S$1,682/mo | S$104,546 |
| S$500,000 | S$2,268/mo | S$180,504 | S$2,102/mo | S$130,682 |
| S$600,000 | S$2,722/mo | S$216,605 | S$2,523/mo | S$156,819 |
HDB loan vs bank loan: which costs less over the tenure
On rate alone, at rates as of 15 July 2026, a bank package priced off SORA costs less over the tenure than the HDB concessionary loan. The HDB rate is 2.6% per annum; 3-month compounded SORA was 1.13% at that date, so a floating package at a spread of around 0.8% prices near 1.93% per annum. On a S$400,000 loan over 25 years that is roughly S$133 a month and S$39,858 less interest for the bank loan. That is a real difference — and it is also the least durable part of the comparison, because the HDB rate does not move with market rates and a bank rate does. The two loans differ in ways the arithmetic does not capture:
- Stability. The HDB rate is a pegged floating rate, not a fixed one: it is 0.1% above the CPF Ordinary Account rate, reviewed each January, April, July and October, and would rise if the CPF-OA rate did. It has held at 2.6% for many years only because the CPF-OA rate has sat at its 2.5% legislated floor. A bank rate is tied to its package instead: a floating package tracks a benchmark such as SORA and reprices with it, and a fixed package reverts to a floating rate once its lock-in ends. A bank package that is cheaper today can be dearer later; the HDB rate does not move with the market that way, and the 2.5% CPF-OA floor caps how far it could fall.
- Cash upfront. The 25% downpayment on an HDB loan can come entirely from your CPF Ordinary Account, with no cash floor. A bank loan needs at least 5% of the price in cash — rising to 10% if the loan runs over 25 years on an HDB flat or past age 65.
- Eligibility. An HDB concessionary loan has income ceilings: S$14,000 gross monthly household income for families, S$7,000 for a single buying alone, and S$21,000 for extended or multi-generation families only. A bank loan has no income ceiling.
- Switching later. You can move from an HDB loan to a bank loan, but not back again. A bank loan can usually be refinanced or repriced when its lock-in ends.
The calculator ranks the two by total interest at the rates you enter, and nothing else. Which loan fits your situation depends on things a calculator cannot see — how much cash you hold, how stable your income is, and how much rate movement you are willing to carry for the next 25 years. Confirm the terms with HDB and with your bank. See HDB — housing loan from HDB.
What the amortisation breakdown shows
Every instalment is the same size, but its split is not. Interest each month is the balance you still owe multiplied by one twelfth of the annual rate, so it is largest at the start, when the balance is largest. In year one of a S$400,000 HDB loan over 25 years, just under half of what you pay is interest (about S$10,263 of S$21,776, or 47%), while by the final year almost all of it retires the loan, and the closing balance reaches zero. That is why paying down a loan early cuts more interest than the same payment made near the end, and why a longer tenure, which lowers the monthly instalment, raises the total interest.
What happens if rates rise
A bank home loan is usually priced at a benchmark plus a spread. The most common benchmark is 3-month compounded SORA, published by MAS every business day — it was 1.13% per annum as of 2026-07-15, but it changes daily, so treat that as a dated reference and not as the rate you would be offered: MAS — SORA. When the benchmark moves, your instalment moves at the next reset. On a S$400,000 loan over 25 years, going from 1.93% to 4% (the medium-term rate MAS requires banks to stress-test a housing loan against) takes the instalment from S$1,682 to S$2,111 a month. That is the risk a floating rate carries and the HDB concessionary rate does not; the rate-rise table above shows it on your own figures. MSR, TDSR and the 4% medium-term stress rate are MAS rules (MAS — MSR and TDSR rules); the 3% floor used to size an HDB concessionary loan is HDB’s own, not MAS’s.
How much you can borrow, and what else you pay
This page prices a loan you specify. Two separate limits decide how large that loan is allowed to be: the 75% loan-to-value cap on the lower of the price or the valuation (which falls to 55%, with a minimum 10% of the price in cash, if a bank loan runs over 25 years on an HDB flat or past age 65), and the 30% Mortgage Servicing Ratio on your income (plus the 55% Total Debt Servicing Ratio on a bank loan). The HDB affordability calculator sizes that loan from your income and savings. Before you commit, also check your CPF housing grants, which cut the price you finance, and your Buyer’s Stamp Duty, which you pay upfront. If you are buying a new flat, confirm you are within the BTO income ceiling first.
Frequently asked questions
How much is the monthly instalment on an HDB loan?
It depends on the loan amount, the tenure and the rate. At the HDB concessionary rate of 2.6% per annum, a S$400,000 loan over 25 years works out to about S$1,815 a month, and S$144,403 in total interest over the full tenure — S$544,403 repaid in all. A shorter tenure raises the monthly instalment but cuts the total interest, because you are borrowing the money for fewer years. Enter your own loan amount, tenure and rate in the calculator above for your figures.
HDB loan vs bank loan: which one costs less over the tenure?
On rate alone, as of 15 July 2026, a bank loan currently costs less. The HDB concessionary rate is 2.6% per annum, while bank packages are priced off 3-month compounded SORA (1.13% at that date) plus a spread — around 1.93% per annum on the assumption used here. On a S$400,000 loan over 25 years that is roughly S$133 a month and S$39,858 less interest for the bank loan. Rate is not the whole picture, though, and the two differ in ways the arithmetic does not capture. The HDB rate is pegged at 0.1% above the CPF Ordinary Account rate and has sat at 2.6% for years, so the instalment has been stable — the HDB rate does not move with market rates, only with the CPF-OA rate it tracks, which has held at its 2.5% floor for years, and it is reviewed only each January, April, July and October; a bank rate reprices when its package resets, which is why the calculator also shows the bank instalment at higher rates. An HDB loan can be funded entirely from CPF with no cash floor, while a bank loan needs at least 5% of the price in cash. An HDB loan also has income ceilings (S$14,000 for most families); a bank loan has none. And you can switch from an HDB loan to a bank loan later, but not back. The calculator shows the numbers on both sides at the rates you enter; which loan suits your situation is your call, and worth discussing with HDB or your bank.
What is the HDB concessionary loan interest rate in 2026?
The HDB concessionary housing-loan rate is 2.6% per annum. It is pegged at 0.1% above the CPF Ordinary Account interest rate (currently 2.5% per annum), and has stayed at 2.6% for many years because the CPF-OA rate has. It is not fixed by contract: HDB reviews it quarterly, in January, April, July and October, in line with CPF interest-rate revisions, so if the CPF-OA rate changes the concessionary rate follows it. Rates on this page were verified on 15 July 2026; confirm the current quarter's rate with HDB before you commit.
What happens to my bank loan instalment if interest rates rise?
A bank home loan is priced off a floating benchmark, most often 3-month compounded SORA plus the bank's spread, or a fixed rate for the first two or three years that then reverts to a floating rate. When the rate resets upward, the instalment rises with it. On a S$400,000 loan over 25 years, moving from 1.93% to 4% (the medium-term rate MAS requires banks to stress-test against) takes the instalment from about S$1,682 to S$2,111 a month, roughly S$430 more. This is the trade at the heart of the choice: a bank package can price below the HDB concessionary rate today and above it later, while the HDB rate does not move with the market. The calculator shows your own instalment at your rate, at +1%, at +2% and at the 4% stress rate.
Can I take an HDB loan if my household income is above S$14,000?
Generally no. There is no single HDB loan income ceiling — it depends on the household. The gross monthly household income ceiling is S$14,000 for families (including the fiancé/fiancée scheme, and two or more singles buying together), S$7,000 for a single buying alone under the 2-room Flexi scheme, and S$21,000 for extended or multi-generation families only. Above S$21,000 no household of any type qualifies, and a bank loan is the only route. Other conditions apply too, including not having taken two or more HDB loans before. Check your eligibility with HDB, or use our BTO income ceiling checker to see which ceiling applies to your household.
How long can an HDB loan run, and does a longer tenure cost more?
An HDB concessionary loan runs for up to 25 years — or, if shorter, 65 minus the average age of the applicants, or the flat's remaining lease minus 20 years, whichever is shortest of the three. A bank loan on an HDB flat runs for up to 30 years, but a bank loan that runs over 25 years on an HDB flat, or past age 65, drops the loan-to-value limit from 75% to 55% and raises the minimum cash downpayment to 10% of the price — so the longer tenure costs more cash upfront. A longer tenure lowers the monthly instalment but raises the total interest, because the balance is outstanding for longer. The amortisation breakdown shows exactly how much of each year's payments goes to interest and how much retires the loan.
Will the bank lend me the full amount I entered?
Not necessarily. Two limits apply on top of the arithmetic. The loan-to-value limit caps a first housing loan at 75% of the lower of the price or the valuation, so the remaining 25% is your downpayment — and that limit falls to 55% (with a minimum 10% of the price in cash) if a bank loan runs over 25 years on an HDB flat or past age 65. Separately, the Mortgage Servicing Ratio caps your monthly housing repayment at 30% of gross monthly income, and a bank loan is also capped by the 55% Total Debt Servicing Ratio across all your debts. MSR, TDSR and the 4% medium-term stress rate banks must size a loan against are MAS rules; the 3% floor HDB sizes a concessionary loan at is HDB's own. Either way, a low rate today cannot inflate how much you borrow. The HDB affordability calculator sizes the loan your income supports.
Sources:HDB — loan interest rate·HDB — housing loan·MAS — MSR & TDSR·MAS — SORA·Rules as of 15 July 2026 · rates verified 15 July 2026. General guidance only, not financial advice.
These figures are estimates worked out from the details you enter, using current HDB, CPF and IRAS rules (as of 15 July 2026). They are for general guidance and education only, and are not financial, tax, or legal advice.
Eligibility, grant amounts, loan limits and stamp duty are determined by HDB, the CPF Board and IRAS (not by SGfi), and the rules can change. Confirm your figures with the official HDB, CPF and IRAS sources before you commit. SGfi is independently owned and operated and is not affiliated with HDB, the CPF Board, IRAS or MAS; calculations run in your browser and your inputs are not stored.