The Fifth C

Can I Actually Afford This Condo?

Condos run on different rules from HDB flats — no MSR, no HDB loan, and an LTV limit that depends on how many home loans you already have. Enter your numbers below to see your maximum loan, monthly payment, BSD/ABSD, and exactly how much cash and CPF you need on day one.

Condo Affordability Calculator

TDSR · LTV by loan count · BSD/ABSD · cash vs CPF

Combined income if buying jointly

Car loan, other mortgages, personal loans, etc.

Max 35 years for private property

This is your Nth bank loan, not necessarily your Nth property — they can differ.

Cash on hand falls short of the upfront outlay

Shortfall

Cash needed upfront: $319,600 vs. cash savings: $150,000

TDSR cap

$6,600/mo

55% of income − debts. No MSR for condos.

Max LTV

75%

1st outstanding home loan

Min. income needed

$9,531/mo

for this price, at this LTV/tenure

Loan

Loan Amount
$1,125,000

capped by lower of TDSR and 75% LTV

Monthly Payment
$5,242/mo
Total Interest
$762,120

over 30 years at 3.8%

Stamp Duty

BSD
$44,600
ABSD
$0

0% rate — must be paid in cash

Total Stamp Duty
$44,600

Upfront Cash + CPF Needed

Downpayment (price − loan)
$375,000
Minimum Cash (5% of price)
$75,000
CPF OA Can Cover (rest of downpayment)
$100,000
BSD paid from remaining CPF OA
$0
ABSD + any remaining BSD (cash only)
$44,600
Total Cash Needed
$319,600

⚠ Exceeds cash savings entered above

Total Upfront Outlay (cash + CPF + stamp duty)
$419,600

TDSR = 55% of gross income for all property loans (no MSR for private property). LTV depends on how many outstanding housing loans you have, and drops further if tenure exceeds 30 years or the loan extends past age 65. ABSD must be paid in cash; BSD can be paid from CPF OA. This calculator does not model the CPF Withdrawal Limit (120% of valuation) — that only becomes binding after years of using CPF for instalments, not at the point of purchase. All figures are estimates — confirm with your bank, IRAS, and CPF Board before transacting. Not financial advice.

LTV/TDSR framework · Source: MAS · IRAS (stamp duty)

Why Condo Math Isn't HDB Math

TDSR only (55%)

There's no MSR for private property. Your borrowing limit is purely a function of TDSR — 55% of gross income minus any existing debt obligations.

LTV by loan count

75% / 45% / 35% depending on whether this is your 1st, 2nd, or 3rd+ outstanding home loan — drops further if tenure runs past 30 years or age 65.

Estimates only — not financial advice. Confirm your exact figures with your bank, IRAS, and CPF Board before transacting.

Related Calculators

HDB Affordability MSR/TDSR for HDB flats Stamp Duty Calculator BSD + ABSD, any property Home Loan Rates Fixed vs floating comparison FIRE Calculator Is a big mortgage worth it?

Condo Affordability — Frequently Asked Questions

Can I use my HDB loan or CPF the same way for a condo?
No HDB loan — private property (including condos) can only be financed with a bank loan. CPF Ordinary Account savings can still be used for the downpayment (above the minimum cash portion), monthly instalments, and BSD, but ABSD must always be paid in cash. There is also a CPF Withdrawal Limit (120% of the property’s valuation) that caps how much CPF you can use over the life of the loan — this usually only matters after years of paying instalments from CPF, not at the point of purchase.
Does MSR apply to condos?
No. The Mortgage Servicing Ratio (MSR, 30% of income) only applies to HDB flats and Executive Condominiums bought from a developer. For a condo or other private property, only the Total Debt Servicing Ratio (TDSR, 55% of gross monthly income, including all other debts) applies — which usually means a higher borrowing limit relative to income than an HDB purchase would allow.
How does the loan-to-value (LTV) limit work for a condo?
LTV depends on how many outstanding housing loans you already have, not on how many properties you own: 75% for a 1st outstanding loan, 45% for a 2nd, and 35% for a 3rd or subsequent loan. The limit drops further (55% / 25% / 15% respectively) if your loan tenure exceeds 30 years or extends past age 65. A shorter tenure and being on your first loan gets you the highest LTV.
How much cash do I need upfront for a condo?
At minimum, 5% of the price in cash if it’s your first home loan at standard LTV (rising to 25% cash if it’s your 2nd+ loan, or if LTV is reduced for tenure/age reasons). On top of that, ABSD (0% to 65% depending on your buyer profile) must be paid entirely in cash within 14 days of the Option to Purchase. BSD can usually be paid from CPF OA if there is balance left after the downpayment.
What income do I need for a $1.5 million condo?
It depends on your loan tenure, interest rate, and how many outstanding home loans you have (which sets your LTV). Enter a price into the calculator above to see the minimum gross monthly income needed to service the LTV-capped loan within the 55% TDSR limit — it reverse-engineers the income figure directly from the price, tenure, and rate you enter.