At a glance
- Loan limit
- 75% of the price, if the loan ends by age 65 and runs 30 years or less
- Income test
- Total debt repayments up to 55% of gross income (TDSR), tested at 4% interest
- Cash minimum
- 5% of the price in cash
- Stamp duty
- Buyer's stamp duty from 1% to 6% by tier; ABSD assumed nil because you sell first
Full breakdown
| Step | S$ |
|---|
Assumptions
- Total Debt Servicing Ratio 55%, tested at the MAS 4% medium-term rate over up to 30 years, ending by age 65.
- Loan-to-value 75% with 5% in cash for a first housing loan. If you buy first and still have a loan on the flat, 45% with 25% in cash.
- Buyer's Stamp Duty at 1% to 6% by tier. Additional Buyer's Stamp Duty: citizens 0% on a first home and 20% on a second, PRs 5% and 30%.
- Keeping the flat: no sale money or CPF refund, ABSD at the second-home rate with no refund, and 70% of the flat's rent counted as income. You can only buy private property after the flat's MOP.
- Legal fees about S$2,500 to sell and S$3,000 to buy. Commission is charged with 9% GST.
An estimate, not a loan approval. Banks, HDB and IRAS give the final figures.
What the calculator does
It runs the same two sums a bank and your conveyancing lawyer will run, in the same order. First, what your sale leaves you. Second, what that money, your other savings and a bank loan can buy.
The sale side takes the price and deducts your outstanding loan, the CPF refund, agent commission with GST and an estimate of legal fees. What remains is cash in hand. The CPF refund is not lost: it goes back into your Ordinary Account and can be used for the next home.
The purchase side finds the highest price at which three things all hold: the bank loan is no more than 75% of the price, your monthly repayment at the 4% stress-test rate stays within 55% of household income, and your cash and CPF cover the rest plus buyer’s stamp duty and legal fees, with at least 5% of the price paid in cash.
Why the limit is often income, not cash
Many HDB owners with a fully paid or nearly paid flat have more than enough for the 25% downpayment. The binding limit is then the TDSR test. At 4% over 25 years, every S$1,000 of monthly repayment supports a loan of about S$189,000. A household earning S$12,000 a month with no other debts can commit S$6,600, which supports a loan of roughly S$1.25 million over 25 years.
Age matters too. The loan has to end by 65 for the full 75% loan, so the calculator shortens the tenure as the older borrower’s age rises, which lowers the loan.
A worked example
A couple sells a 4-room flat for S$650,000 with S$150,000 of loan left and S$250,000 of CPF to refund. After 1% commission plus GST and legal fees, they have about S$240,000 in cash, and S$300,000 in CPF once the refund lands on top of their other OA savings. With S$80,000 of extra savings, S$12,000 a month in income and the older partner aged 38, the calculator puts their ceiling at about S$1.86 million: a loan of about S$1.31 million over 27 years, with S$62,650 of buyer’s stamp duty on top. Their income, not their cash, sets the limit. A smaller loan or a shorter tenure brings that number down quickly, which is why we run it with each couple’s real figures.
Sell first, buy first or keep the flat
The three buttons at the top run the same couple’s numbers three ways.
Sell first is the case above: the sale money and CPF refund go into the condo, and there’s no ABSD.
Buy first means paying 20% ABSD upfront (citizens) and taking the condo loan while the flat is still yours. If you still owe on the flat, the bank can lend only 45% of the condo’s price and you need 25% in cash. Married couples get the ABSD back if they sell the flat within six months.
Keep the flat is the investor route: you rent out the flat and buy the condo as a second home. The ABSD isn’t refunded, the sale money never arrives, and banks count only 70% of the rent as income. With S$80,000 in savings and S$50,000 in CPF, the same couple could buy only about S$167,000 this way, against S$1.86 million by selling first. Keeping the flat usually needs far more cash than people expect, or a flat with no loan left.
You can’t decouple an HDB flat to avoid the ABSD. Our decoupling guide explains what HDB allows.
Change any number above to see your own figures. When you’re ready, we can check the result against current bank packages and the condos that fit.
Common questions
Where do I find my CPF refund amount?
Log in to my cpf, go to your Ordinary Account and the property section. It shows the principal used for your flat and the accrued interest. Both go back to your own CPF account when you sell, not to you in cash.
Why does the calculator use 4% when bank rates are lower?
MAS requires banks to test whether you can afford the loan at a medium-term rate of at least 4% a year for private property. Your actual repayment at today's rates will be lower, but the loan size is set by the 4% test.
Can I buy the condo before I sell my flat?
Yes, after your flat's 5-year minimum occupation period. You pay ABSD on the condo upfront, 20% for a Singapore citizen buying a second home, and married couples can claim it back if they sell the flat within six months. The calculator assumes you sell first, so check the cash flow with your bank if you plan to buy first.
Does this work for an executive condo?
Mostly. New ECs have extra conditions: an income ceiling, and HDB owners must sell their flat within six months of completing the EC purchase. Ask us and we'll run the EC version for you.
Get a free valuation
Tell us your block and flat type. We'll send recent prices for your block and nearby blocks, and what a sale would leave you after your loan and CPF refund.
Sources
Facts on this page were checked against these sources on 12 October 2026.
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