Calculate monthly payments and interest for mixed HPF and commercial mortgages, complete with detailed amortization schedules.
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Not enough Housing Provident Fund (HPF) loan quota when buying a house? The Combination Mortgage Calculator is designed to solve the complex calculations of mixed HPF and commercial loan repayments. By calculating the HPF loan and commercial loan separately, it accurately outputs the total monthly payment, total interest expense, and a detailed month-by-month amortization schedule. A combination mortgage refers to a loan format where the borrower simultaneously uses an HPF loan (interest rate typically 3.1%-3.25%) and a commercial loan (interest rate typically 4% or higher) to purchase the same property.
Q: Should I enter the base LPR or the actual execution interest rate for the commercial loan?
A: Enter the actual execution interest rate provided by the bank. For example, for "LPR + 30 basis points," you should enter 4.1 (assuming the LPR is 3.8).
Q: Why is the first month's interest higher than subsequent months?
A: In the fixed-payment method, interest is calculated based on the remaining principal. Since the principal is highest in the first month, the interest is also the highest. It then decreases month by month, while the proportion of principal repayment gradually increases.
Actual repayments may vary slightly due to bank interest calculation rules (e.g., daily vs. monthly interest) and interest rate adjustments (adjusted annually in January or on the loan disbursement date). Early repayment requires separate calculations. These results are for reference only.
It is recommended to maximize your HPF loan quota first (typically up to 1.2 million), and use a commercial loan for the remainder. Example: For a 2 million loan, a combination of 800,000 HPF + 1.2 million commercial over 30 years can save approximately 280,000 in interest compared to a pure commercial loan (assuming an interest rate difference of 0.85%).
