What is the interest for a $1.3 million house loan for 3 years on a normal completed unit?

To estimate the interest for a $1.3 million house loan in Singapore over a 3-year period, you need to consider the loan amount, interest rate, and loan tenure.

Loan Amount and Interest Rate

Assuming a 75% loan-to-value (LTV) ratio, the loan amount would be:

• $1.3 million * 0.75 = $975,000

Current interest rates for private property loans in Singapore can vary, but let's use an indicative rate of around 2.60% per annum.

Interest Calculation

For a simplified calculation, you can use the following approach:

- Annual Interest: $975,000 * 2.60% = $25,350 per year
- Total Interest for 3 Years: $25,350 * 3 = $76,050

However, this is a rough estimate and actual interest costs may vary based on the exact loan terms and any changes in interest rates during the period.

For a more precise calculation, you can use the Affordability Calculator available on EdgeProp.sg, which can provide a detailed breakdown of your loan and interest payments based on your specific financial situation and loan terms.