Mortgage Calculator Singapore

Yes, you can typically change the repayment period of your mortgage loan in Singapore. This is usually done through refinancing or repricing. Refinancing involves switching to a new loan package with a different lender, while repricing involves negotiating new terms with your existing lender.

Both options can allow you to adjust your loan tenure and potentially secure a more favourable interest rate. However, it's essential to consider any associated fees, penalties, and your current loan's lock-in period before making a decision.

How banks calculate interest on your home loan is based on the principle of amortisation. This means your monthly repayments consist of two components: a portion that reduces your principal amount and a portion that covers the accrued interest.

In the early years of your loan, a larger portion of your housing loan repayment goes towards interest. As you gradually pay down your principal, the interest portion decreases. For a more detailed explanation and to explore different scenarios, you can use our mortgage calculator.

Yes, with each mortgage payment, a portion goes towards reducing your principal, and a portion covers the interest. As you make repayments and reduce the principal, the outstanding loan balance decreases, leading to lower interest charges.

This is due to interest being calculated on the remaining principal. Making extra payments towards your principal can significantly reduce the total interest paid over the life of the loan. If you require strategies on how to manage your monthly bank loan repayments, we’ve got you covered.

The optimal amount to pay extra on your mortgage depends on factors like your loan amount, interest rate and remaining tenure. Even small, regular extra payments can significantly reduce your loan term and total interest paid.

To explore different scenarios and find the best strategy for your situation, use our mortgage calculator or consult with our mortgage advisors in Singapore. They can help you create a personalised repayment plan and explore options like refinancing to a shorter loan term, or utilising an offset account to accelerate your mortgage payoff.