Upgrade Financial Clarity Report
To compare 3 possible upgrade routes — resale private condo, private new launch, and EC new launch — by looking at cash required, CPF usage, loan comfort, monthly repayment, rental/renovation buffer, and transition timing before making a commitment.
Prepared by Connie Tan | ERA Realty Network P/L | CEA Reg. R059037E | HP 9272 5986
What This Report Is Meant To Clarify
1. Can the purchase be funded?
We start with HDB sale proceeds, CPF refund, cash available, stamp duty, legal cost and likely downpayment gap.
2. Can the monthly payment feel safe?
We compare TDSR, MSR, car loan impact, interest-rate sensitivity and expected mortgage.
3. Can the family handle the timeline?
We compare resale private, private new launch and EC new launch timing, including rental and renovation buffers.
Working Figures (CAA 14 May 2026)
Will review prior to marketing it.
Existing HDB loan.
Eric + Trislyn CPF refund.
To consider other expenses and fees.
Sale Proceeds Calculation
| Sale Proceeds Calculation | Amount |
|---|---|
| Assumed HDB selling price | $740,000 |
| Less outstanding HDB loan | ($355,000) |
| Less CPF refund — Trislyn Includes accrued interest of $14,372. | ($136,288) |
| Less CPF refund — Eric Includes accrued interest of $17,507. | ($159,675) |
| Estimated gross cash proceeds Working total CPF refund used: $296,023. | $88,977 |
| Less selling agent fee, 2% | ($14,800) |
| Less GST on agent fee, 9% | ($1,332) |
| Less estimated legal fee | ($3,000) |
| Estimated net cash proceeds after sale costs | $69,845 |
| Add CPF returned to OA | $296,023 |
| Total usable CPF + cash | $365,868 |
Note: Individual CPF refund lines are based on the working figures shared. The report uses the meeting working total of $296,023 for calculation and should be reconciled against the final CPF statement.
Key Sale Proceeds Summary
Can potentially be used for next purchase, subject to CPF rules and property type.
Before setting aside moving, renovation, rental and emergency buffer.
This is the key working number before any EC resale levy.
Income and Loan Capacity Snapshot
| Income / Commitment | Gross | Haircut | Assessable |
|---|---|---|---|
| Eric fixed income | $7,900.00 | 0% | $7,900.00 |
| Eric variable income | $2,304.00 | 30% | $1,612.80 |
| Eric assessable income | — | — | $9,512.80 |
| Trislyn fixed income | $7,000.00 | 0% | $7,000.00 |
| Trislyn variable income | $1,375.00 | 30% | $962.50 |
| Trislyn assessable income | — | — | $7,962.50 |
| Total assessable income before car loan | — | — | $17,475.30 |
| Existing car loan under Eric | ($1,000.00) | Debt | Deducted under TDSR |
Temporary rental if waiting for TOP is estimated at $4,000/month x 36 months = $144,000.
Private Condo TDSR Capacity
Eric
55% of assessable income, less $1,000 car loan.
Trislyn
55% of assessable income.
Combined Private Condo TDSR Capacity
Estimated after 30% haircut on variable income and less Eric’s $1,000 car loan. Bank IPA required.
EC MSR Capacity
Eric
30% of assessable income.
Trislyn
30% of assessable income.
Combined EC MSR Capacity
Estimated 30% of assessable income. This is likely the tighter test for EC.
Planning Tenure
Age affects loan tenure and approval conditions.
Final tenure subject to bank assessment.
Used for mortgage comparison in this report.
3-Route Timeline Comparison
| Timing | Resale Private Condo | Private New Launch | EC New Launch |
|---|---|---|---|
| Purchase Price | $2,400,000 | $2,400,000 | $1,800,000 |
| Week 1 | 1% option fee: $24,000 Ensure option is exercised for existing property. | 5% cash booking fee: $120,000 | 5% cash booking fee: $90,000 |
| Week 2 | 4% exercise fee: $96,000 Prepare BSD. | Ensure option is exercised for existing property. | Ensure option is exercised for existing property. |
| Week 3 | — | Sign S&P. Prepare BSD. | Sign S&P. Prepare BSD. |
| Week 4 | Pay BSD: $89,600 | — | — |
| Week 5 | — | Pay BSD: $89,600 | Pay BSD: $59,600 |
| Week 8 | — | Prepare 15% downpayment: $360,000 | Prepare 15% downpayment: $270,000 |
| Week 12 | Completion planning. Loan + CPF must be ready. | Progressive payment planning continues. | Progressive payment planning continues. |
| Week 13 / Until TOP | Monthly mortgage starts after completion. | Progressive payment by stage. Mortgage starts lower and increases by stage. | Progressive payment by stage, unless deferred payment applies. |
| At / Near TOP | Already completed route. | Loan drawdown may reach about 60% by TOP. Remaining 15% is usually payable later. | Similar under progressive payment. Deferred payment generally starts instalments from TOP. |
| Remarks | Reno / furnishing: est. $100,000, subject to condition. | Rental while waiting for TOP: $4,000 x 36 months = $144,000. | Same rental assumption applies. Deferred payment may defer mortgage until TOP. |
Final cash required may be higher if approved loan is below 75% or if CPF usage is lower than expected.
Estimated Monthly Mortgage
| Rate / Loan | Resale | Private NL | EC Prog. | EC Deferred |
|---|---|---|---|---|
| Est. Loan | $1.8M | $1.8M | $1.35M | $1.3905M |
| 2% | $7,000.76 | $7,000.76 | $5,250.57 | $5,408.09 |
| 3% | $7,924.81 | $7,924.81 | $5,943.61 | $6,121.92 |
| 4% Stress | $8,913.82 | $8,913.82 | $6,685.37 | $6,885.93 |
Clean comparison uses 75% loan assumption. Actual loan may be lower if more CPF/cash is used, or if bank/MSR assessment restricts loan.
3 Purchase Routes — Cash, CPF and Risk View
| Item | Resale Private Condo | Private New Launch | EC New Launch |
|---|---|---|---|
| Purchase price | $2,400,000 | $2,400,000 | $1,800,000 |
| 5% cash | $120,000 | $120,000 | $90,000 |
| 20% CPF / Cash | $480,000 | $480,000 | $360,000 |
| BSD | $89,600 | $89,600 | $59,600 |
| Legal | $3,000 | $3,000 | $3,000 |
| EC resale levy | — | — | $40,000 assumed for 4-room HDB |
| Rental / Reno | Reno / furnishing: $100,000 est. | Rental: $144,000 est. | Rental: $144,000 est. |
| Total before rental / reno | $692,600 | $692,600 | $552,600 |
| Available CPF + cash from sale | $365,868 | $365,868 | $365,868 before resale levy |
| Est. gap before savings | $326,732 before reno | $326,732 before rental | $186,732 before rental |
| Main issue | Large completion funding + reno buffer. | Large downpayment, but payment is staged. | Lower price, but MSR / eligibility / resale levy may restrict. |
EC Deferred Payment Illustration
| EC Payment Option | Purchase Price | 75% Loan Estimate | Comment |
|---|---|---|---|
| Progressive payment | $1,800,000 | $1,350,000 | Mortgage increases progressively as construction stages are completed. |
| Deferred payment, est. 3% premium | $1,854,000 | $1,390,500 | Mortgage instalments are generally deferred until TOP, subject to project and bank terms. |
Route Scorecard
| Decision Factor | Resale Private Condo | Private New Launch | EC New Launch |
|---|---|---|---|
| Cash pressure | High and faster | High, but staged | Lower price, resale levy applies |
| Monthly pressure | Starts after completion. | Starts lower, increases progressively. | MSR may restrict loan. |
| Timeline ease | Fastest move-in. | Need rental while waiting. | Need rental while waiting. |
| Eligibility risk | Lowest. | Lower. | Highest due to EC rules, MSR and income ceiling. |
| Flexibility | Higher. | Medium. | Lower due to EC conditions / MOP. |
| Current fit | Possible only if IPA and cash gap are comfortable. | Possible if downpayment gap and rental period are managed. | Attractive only if eligibility and MSR work. |
Connie’s Working View
The decision should not be based on purchase price alone. The key question is whether the route gives enough space for cash-flow, CPF usage, monthly repayment, rental/renovation buffer and transition timing. At this stage, the next move is to verify bank IPA, CPF balances, EC eligibility and the final HDB sale position.
What To Confirm Before Deciding
Confirm max loan, monthly instalment and loan tenure.
Verify final CPF refund, accrued interest and usable OA.
Review $740,000 assumption before marketing.
Confirm income ceiling, ownership status and buyer profile.
Check whether EC loan is restricted below the required amount.
Budget $4,000/month for 36 months if waiting for TOP.
For resale private, set aside an estimated $100,000 buffer.
Keep sufficient cash after downpayment, BSD and moving costs.