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How can you afford your first home after working for 3 years?

31 Aug 2016 
SOURCE: CPF Board

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.

How to afford your first home in Singapore without any cash.png 

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. 

OA Contribution

(From Self & Employer)

Interest Earned 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.

 

Find out how your CPF savings have grown over the years by logging in to my CPF Online Services with your SingPass now!

 

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