The combined housing mortgage loan is different from the pure housing accumulation fund loan and the commercial housing mortgage loan because of the special requests of applicant, gage, term of loan and rate. To study the combined housing mortgage loan, we established a theory model for it. Through this model, we can work out the term of loan, the repayment of capital and interest every year. Then we suggested the current mode of repayment be changed from average repayment to increased repayment by degrees according to the increase of family income. The term of loan can be lessened by this repayment mode. At last, we established a combined housing mortgage loan model containing savings contract loan. Through it, the model out the term of loan, the repayment of capital and interest every year can be worked out including the savings contract loan.