How much can I afford when upgrading from an HDB flat to a condominium?

The answer is the lower of two ceilings: 75% loan-to-value on a first housing loan, and the maximum loan your income supports under the 55% Total Debt Servicing Ratio when stress-tested at a 4% medium-term rate. Whichever is lower decides the loan, and your equity after the CPF refund decides whether you can cover the downpayment and stamp duty.

Why is my cash from selling my HDB flat lower than the sale price?

From the sale price, the outstanding housing loan is redeemed, the CPF principal you withdrew is refunded to your CPF Ordinary Account, and the accrued interest on that principal — 2.5% a year compounded for the whole period of ownership — is refunded alongside it. Only what remains after selling costs reaches your bank account.

Calculator

What can you actually afford to upgrade to?

Most upgrade calculators show you 75% of a price you picked. This one works backwards from your real constraints — the CPF that goes back to CPF rather than to you, the TDSR ceiling stress-tested at 4%, the loan-to-value cap, and the stamp duty — and tells you the highest price all four permit at once.

Your situation

Expected sale price of your flat

What a realistic buyer pays, not the highest listing on the block.

Outstanding housing loan

The balance to be redeemed on completion.

CPF principal withdrawn for the flat

From your CPF statement — the amount, not the interest.

CPF accrued interest

Also on your CPF statement. This is refunded to your CPF OA, not to your bank.

Current CPF Ordinary Account balance

Before the sale refund lands.

Cash available for this purchase

Savings you are willing to deploy.

Combined gross monthly income

Before CPF and tax. Variable income is discounted 30% by the bank.

Other monthly debt repayments

Car loan, personal loans, other mortgages.

Loan tenure

Past 30 years, or past age 65, the LTV limit drops 20 points.

Buyer profile

Drives the ABSD rate applied to the purchase.

Your realistic ceiling

$2,001,000

Capped by TDSR — your income, not your equity, is the binding constraint.

Where the sale price goes$680,000 total

Cash to you$241,40036%
Back to CPF$245,00036%
Loan redemption$180,00026%
Selling costs$13,6002%

The CPF slice returns to your CPF Ordinary Account, not your bank account. It can fund the next purchase; it cannot fund renovation or the minimum cash downpayment.

Monthly repayment against your TDSR allowance$6,900 of $6,900

Close to the limit — stress-tested at 4%

Upfront cash and CPF required against equity available$625,367 of $626,400

Close to the limit

Cash proceeds from the sale: $241,400
Refunded to your CPF OA: $245,000
Total equity available: $626,400
Loan: $1,445,283
Downpayment: $555,717
Buyer’s Stamp Duty: $69,650
Cash and CPF needed upfront: $625,367
Monthly repayment at 2.8%: $5,939/mo
Stress-tested at 4%: $6,900/mo

Sanity-check this with Renee

Indicative only. Uses current IRAS stamp duty bands, the 75% LTV limit, the 55% TDSR threshold and the 4% medium-term stress rate, verified 1 August 2026. It does not model variable-income haircuts, pledged assets, the 20-point LTV reduction on long tenures, or your bank’s own credit assessment. Not financial advice.

What this models — and what it does not

It applies the current IRAS stamp duty bands, the 75% loan-to-value limit for a first housing loan, the 55% TDSR threshold and the 4% medium-term stress rate, all verified on 1 August 2026.

It does not model the 30% haircut your bank applies to commission and bonus income, the 20-percentage-point loan-to-value reduction on tenures past 30 years or age 65, pledged financial assets, or your bank’s own credit assessment. Those move the answer, sometimes considerably. That is what the conversation is for.

What can you actually afford to upgrade to?

What this models — and what it does not

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