Answer
Monthly Mortgage Payment for a $1M Condo — 2026
The purchase price is $1M, but what matters month-to-month is the instalment. Here's exactly what you'll pay depending on your rate and tenure.
Answer: About $3,300–$3,700/month with 25% down payment ($250,000), loan of $750,000, 25–30 year tenure at 3.5% interest. At current floating rates (~2.7%), monthly drops to about $3,050. TDSR requires a minimum gross income of $7,600 with no other debts.
Monthly Payment — $750K Loan (75% of $1M)
25% down payment ($250,000), varying interest rates and tenure
| Interest Rate | 20 Years | 25 Years | 30 Years |
|---|---|---|---|
| 2.5% | $3,977 | $3,365 | $2,963 |
| 3.0% | $4,160 | $3,556 | $3,162 |
| 3.5% (market rate) | $4,349 | $3,753 | $3,368 |
| 4.0% (stress test) | $4,543 | $3,956 | $3,580 |
3.5% is the typical display rate. Banks use 4% for TDSR stress testing. Current floating rates are around 2.5–3.0%.
Interest vs Principal — Where Your Money Goes
$750K loan at 3.5%, 25-year tenure, monthly payment: $3,753
| Year | Monthly Interest | Monthly Principal | Remaining Loan |
|---|---|---|---|
| Year 1 | $2,188 | $1,565 | $731,220 |
| Year 5 | $1,960 | $1,793 | $643,690 |
| Year 10 | $1,630 | $2,123 | $509,360 |
| Year 15 | $1,220 | $2,533 | $346,700 |
| Year 20 | $708 | $3,045 | $150,100 |
| Year 25 | $11 | $3,742 | $0 |
In Year 1, 58% of your payment goes to interest. By Year 15, it flips — more goes to principal. This is why the early years feel slow for equity building.
Total Interest Over the Loan Life
$750K loan at 3.5%
| Tenure | Monthly | Total Paid | Total Interest | Interest % |
|---|---|---|---|---|
| 20 years | $4,349 | $1,043,760 | $293,760 | 39% |
| 25 years | $3,753 | $1,125,900 | $375,900 | 50% |
| 30 years | $3,368 | $1,212,480 | $462,480 | 62% |
Going from 25 to 30 years saves $385/month but costs an extra $86,580 in total interest. Going from 20 to 25 years saves $596/month but adds $82,140 in interest. Choose based on your cash flow needs.
What Salary You Need (TDSR)
Based on 55% TDSR at 4% stress test, $750K loan
| Scenario | Monthly Debt | Min Gross Income |
|---|---|---|
| No other debts | $0 | $7,600 |
| $500 credit card | $500 | $8,510 |
| $1,000 car loan | $1,000 | $9,420 |
| $1,500 car + cards | $1,500 | $10,330 |
TDSR = (all monthly debt obligations) / gross monthly income ≤ 55%. Banks stress-test mortgages at 4%, not the actual rate.
Cash vs CPF — Monthly Payment Split
You can use CPF OA to cover part of your monthly mortgage. Here's a typical split for different income levels:
| Gross Income | CPF OA/month (23%) | Mortgage | Cash Top-up |
|---|---|---|---|
| $8,000 | $1,840 | $3,753 | $1,913 |
| $10,000 | $2,300 | $3,753 | $1,453 |
| $12,000 | $2,760 | $3,753 | $993 |
| $14,000 | $3,220 | $3,753 | $533 |
CPF OA contribution = 23% of gross salary (employee portion, age ≤55). Actual amount depends on your CPF OA balance and the CPF Valuation Limit. CPF used for property accrues 2.5% interest which you repay when selling.
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FAQ
What is the monthly mortgage payment on a $1M condo in Singapore?
Approximately $3,300–$3,700 per month with a 25% down payment ($250K), $750K loan, 25-30 year tenure at 3.5%. At current floating rates around 2.7%, the monthly payment drops to about $3,050.
Can I use CPF to pay my monthly mortgage?
Yes. You can use CPF OA to pay monthly mortgage instalments on private property. Most people use a mix: CPF OA covers part of the instalment, and cash covers the rest. Note that CPF used for property must be refunded with 2.5% accrued interest when you sell.
How much of my mortgage payment goes to interest?
In the early years, about 55-65% of each payment goes to interest. On a $750K loan at 3.5% over 25 years, your first monthly payment of $3,753 splits roughly $2,188 interest and $1,565 principal. By year 15, it flips — more goes to principal.
What salary do I need for a $1M condo mortgage?
At least $7,600 gross monthly income with no other debts, based on TDSR (55% cap) at the MAS 4% stress test rate. With a $1,000 car loan, you would need about $9,400.
Should I take a 25-year or 30-year loan for a $1M condo?
30 years gives lower monthly payments ($3,368 vs $3,753 at 3.5%) but costs $86,000 more in total interest. If your cash flow is tight, go 30 years — you can always pay extra to shorten it. If you can handle the higher payment, 25 years saves you real money.
Related
Last updated Feb 2026. Rates are estimates based on current market conditions. TDSR: 55% at 4% stress test (MAS). This is a calculation, not financial advice.