Calculate monthly home costs

You saved for the down payment, settled the paperwork, and finally got your keys — cool. But wait, owning a home doesn’t just stop there. It’s time to face the real monthly costs that come with it.

What are the ongoing home expenses?

1. Monthly loan repayment:
   • For HDB concessionary loan, the interest is 2.6% p.a.
   • For bank loans, rates vary. It’s currently around 2–4% p.a.
   • You can opt to tap on your CPF OA to service your housing loan.
2. Utilities:
   • Expect $120–$200/month for water, electricity, and gas for a 4-room flat.
   • Aircon habits and working-from-home increase bills.
3. Town Council Service & Conservancy Charges (S&CC):
   • Typically $50–$110/month depending on flat size and location.
   • These cover estate maintenance and upkeep services, such as cleaning and lift maintenance.
4. Home insurance premiums:
   • HDB Fire Insurance is compulsory if you have an HDB loan. The amounts payable vary according to flat type. Visit HDB Fire Insurance webpage to find out more.
   • Home Protection Scheme—a mortgage reducing insurance —is required if you are using CPF to pay for your loan. Calculate your premiums using CPF’s HPS Premium Calculator.
   • Optional home content insurance costs about $100–$250/year.
5. Property tax:
   • As a homeowner, you’ll be expected to pay property tax regardless of whether you’re staying there, renting it out, or leaving it vacant.
6. Internet & other bills:
   • Fibre broadband: $30–$50/month.
   • Streaming subscriptions, security systems, etc.
7. Potential home repairs:
   • Leaky pipes, mouldy ceilings, pest extermination could easily cost hundreds of dollars a year.

Why it matters:

Many new homeowners focus only on the monthly loan repayment. But overlooking invisible costs like conservancy charges, Wi-Fi, insurance, or higher utility bills can throw off your budget, especially when several bills hit around the same time. For example, if your loan, utility bill, and SP Group bill are all due at month-end, it can feel a little draining on your budget.

Budgeting pro tip:

Follow the 30% rule: try to keep your total monthly housing expenses within 30% of your net income. This includes not just your mortgage, but also recurring costs like insurance and maintenance fees. If you earn $3,500/month, that means aiming to spend no more than $1,050/month on your home.