Singapore Mortgage Rates (October 2026): Monthly Instalment on a S$2.95m 3-Bedroom Condo with 25% Downpayment

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With Singapore mortgage rates at about 1.43% to 1.90% a year in October 2026, a S$2.95 million 3-bedroom condo bought with a 25% downpayment costs roughly S$7,600 to S$8,000 a month on a 30-year loan. That is for a 1,055 sqft 3BR Premium at Thomson Reserve, priced at our estimate of S$2,800 psf: a S$738,500 downpayment and a S$2.22 million bank loan.

This guide shows where rates stand today, what the instalment looks like at different rates and loan tenures, and how the progressive payment scheme keeps payments low while the project is being built. If you are weighing the neighbourhood itself, start with why Upper Thomson is one of Singapore's most compelling addresses.

Rates for private property as compiled by PropertyNet, updated 6 October 2026. Packages change often; confirm with your bank or broker.

What are Singapore mortgage rates today?

Most Singapore home loans are priced in one of two ways. Floating packages track the three-month compounded Singapore Overnight Rate Average (SORA) plus a fixed spread. With 3M SORA at 1.23%, the most competitive floating packages are around 1.43%. Fixed packages lock in a rate for the first two or three years. The lowest two-year fixed rate for private property is currently about 1.70%, and several banks raised their fixed rates in October.

SORA bottomed out at around 1.05% in mid-2026 and has edged up since. For buyers that means today's low rates are not guaranteed for the life of the loan. Most packages revert to a higher floating rate after the lock-in period, which is why the stress test below matters.

Monthly instalment on a 3BR Premium with 25% downpayment

The numbers below assume a Thomson Reserve 3BR Premium (1,055 sqft) at an estimated S$2.95 million, a first home loan of 75% (S$2,215,500) and no other loans.

Two takeaways. Every 0.25 percentage points on the rate adds about S$270 a month to a 30-year loan of this size. And choosing 25 years instead of 30 raises the instalment by roughly S$1,200 a month but saves more than S$100,000 in interest at today’s rates.

How much do you pay upfront?

• Downpayment: S$738,500 (25%). At least S$147,700 (5%) must be cash; the other S$590,800 (20%) can come from cash or CPF Ordinary Account savings.
• Buyer's stamp duty: about S$117,300, due within 14 days of signing, under the residential rates published by IRAS.
• ABSD, if it applies: 20% for a Singapore Citizen's second property (about S$590,800 here), 5% for a Permanent Resident's first. See the IRAS ABSD rates.
• Plus legal fees and, for some packages, valuation fees.

Can you qualify? The income test

Banks do not assess you at today's 1.43% to 1.90%. Under MAS rules they must use a medium-term rate of at least 4% a year, and your total monthly debt repayments cannot exceed 55% of gross income (the Total Debt Servicing Ratio). For this loan, that means an instalment of about S$10,577 at the stress rate and a combined gross monthly income of roughly S$19,200 if you have no other debts. A car loan or other borrowing raises that figure. The full 75% loan also requires the tenure to end by age 65.

Why your instalment starts small with a new launch

Thomson Reserve is sold before completion, so you pay under the progressive payment scheme. Your 25% downpayment covers the first stages. The bank then pays the developer stage by stage, and you only pay instalments on the amount drawn so far. At a 1.70% rate over 30 years, the monthly instalment builds up like this:

Illustration only: assumes each drawdown is repaid over a 30-year schedule at 1.70%. Banks structure loans for uncompleted properties differently, often on floating SORA-based packages, and the timing of each stage depends on construction progress.

For HDB upgraders this is the key advantage of buying a new launch. You can keep living in your flat through most of the build while payments are modest, and plan the sale around the TOP date.

Fixed or floating for a new launch?

• Floating (SORA-linked) is usually cheaper today and is the common structure for uncompleted homes, but your instalment moves with SORA, which has been rising since mid-2026.
• Fixed gives certainty for two or three years. With completion years away, the lock-in may expire before your largest drawdowns at TOP, so compare how each package reprices afterwards.
• Check the fine print: lock-in periods, free conversion or repricing options, partial repayment penalties and whether the package applies to uncompleted properties.

Whichever you choose, get an in-principle approval before the October preview so you know your real borrowing limit. To compare the cost of other layouts, our Thomson Reserve price guide covers every unit type, and the floor plans page shows the 3BR Premium stacks (CP1 to CP7). The area's long-term story, from its history to the Thomson-East Coast Line, is what underpins the purchase.

General information only, not financial advice. Prices are estimates until the developer releases the official price list. Interest rates, MAS lending rules and stamp duty rates can change. Speak to your bank and advisers before committing.

Frequently asked questions

What are Singapore mortgage rates now?

As of early October 2026, 3-month compounded SORA is about 1.23%. The lowest floating packages for private property are around 1.43% (3M SORA + 0.20%) and the lowest 2-year fixed rates around 1.70%.

What is the monthly instalment on a S$2.95 million condo?

With a 25% downpayment the loan is S$2,215,500. Over 30 years that is about S$7,572 a month at 1.43%, S$7,861 at 1.70% and S$10,577 at the 4% stress-test rate.

How much income do I need for a S$2.2 million home loan?

Banks test the loan at a 4% medium-term rate and cap total debt repayments at 55% of gross income. For a S$2,215,500 loan over 30 years with no other debts, that is roughly S$19,200 a month in combined gross income.

Do I pay the full instalment while a new condo is being built?

No. Under the progressive payment scheme the bank disburses the loan in stages, and you pay instalments only on the amount drawn. For this example, payments start around S$520 a month and reach the full amount after completion.

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