I was doing some HDB loan calculations and was wondering about monthly repayment amounts.
I thought I would share a quick figure for anyone, who might be like me, needing a quick estimation of loan repayment amounts.
Generally, for every $100k of loan borrowed over a 25 year tenor, at a 2% interest rate, the monthly repayment amount is approximately $400.
Like I’ve said this is a quick guide. I took a mortgage loan as an example. A shorter loan tenor or a higher interest rate would push this estimated monthly repayment amount up.
In my next post, I will share how to interpret this $400 in slightly more details for the purpose of financial planning.
