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Renovation Loan Calculator (Singapore)

Updated 25 Oct 2026 Reno Cost SG Editorial Team
Short answer

Enter your loan amount, tenure and rate to see the monthly instalment, total interest and total repayable. Add your income to check the cap — the lower of 6× monthly income or S$30,000 that banks apply.

On this page3 sections · tap to jump
  1. 01How it is calculated
  2. 02A worked example (illustrative)
  3. 03Limits of this estimate

Enter the amount, tenure and interest rate to see what a renovation loan would cost each month — and switch between the advertised flat rate and the effective rate to see the honest difference.

Tool

Renovation loan calculator

Tenure (years)
Rate type

Monthly instalment

—

  • Total interest—
  • Total repayable—

Estimate only — the cap (lower of 6× income or S$30,000) and 1–5 year tenure are the banks’ product terms; the rate is yours to enter. Confirm the MAS TDSR rule and the bank’s actual rate.

Based on MAS TDSR framework and bank product terms. As of October 2026.

How it is calculated

Two methods, because banks advertise one but charge the other:

  • Flat rate (advertised): interest = amount × rate × years, spread evenly. Monthly instalment = (amount + interest) ÷ months. This matches the headline rate banks quote.
  • Effective / reducing-balance (EIR): the standard amortising formula, M = P·r·(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where r is the monthly rate and n the number of months. This reflects the true cost of money and is why a quoted “4.5% flat” carries a higher EIR.

The optional eligibility check applies the banks’ cap — the lower of 6× your gross monthly income or S$30,000 — to flag any shortfall. This cap, the 1–5 year tenure, direct disbursement to your contractor and the no-CPF rule are lender product terms, not regulations; the MAS TDSR limit of 55% of gross income is the applicable rule and can further reduce what you are approved for.

A worked example (illustrative)

Borrowing the full S$30,000 over 5 years at a flat 4.5% p.a. (an illustrative rate, not a quote):

  • Interest = S$30,000 × 4.5% × 5 = S$6,750
  • Total repayable = S$36,750
  • Monthly = S$36,750 ÷ 60 ≈ S$613

The same loan on an effective (EIR) basis of 4.5% works out to about S$559 a month — the figure moves because the two methods treat the outstanding balance differently. Always compare the EIR when you shop.

Limits of this estimate

  • The interest rate is whatever you enter — the default is illustrative, not a quoted rate. Confirm the bank’s actual flat rate and EIR, plus any handling or insurance fees.
  • It does not run your full TDSR: existing debts (a car loan, a mortgage) reduce your headroom even if the 6× / S$30,000 maths allows the amount.
  • Promotional rates, processing fees and early-redemption terms vary by bank and are not modelled here.
  • See the renovation loan guide for the rules behind the numbers.

Sources

  1. Total Debt Servicing Ratio (TDSR) framework — Monetary Authority of Singapore (MAS) (as of October 2026)
  2. Guide: How Does a Renovation Loan Work — DBS Bank (as of October 2026)