Ever wondered how you can afford your first home if you've only been working for a few years?
Previously, we showed you how
Calvin and his fiancée can afford to pay the monthly housing instalments for their 4-room BTO.
In today's example, we'll show you how Calvin & his fiancée can afford to buy his first home after working for 3 years.
Calvin started his first job when he was 23, with a monthly salary of $2,100. Here's a look at how much he would have accumulated in his OA, with the help of compound interest, after working for 3 years.
(From Self & Employer)
Accumulated OA Savings|
|At 23 years old||$5,796||$66.42||$5,862.42|
|At 24 years old||$5,796||$212.97||$11,871.39|
|At 25 years old||$5,796||$363.19||$18,030.58|
Let's assume that Calvin's fiancée earns the same amount as him. They would have a total of $36,061.16, which is more than enough to pay for the 10% downpayment of their 4-room BTO which costs $300,000.
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