A buyer can have enough cash and CPF in total and still miss an OTP payment. The useful test is whether each payment can be made from the right account on its due date. This worksheet separates the purchase-price contribution from stamp duty, and separates money available now from reimbursement later.
The example is a hypothetical completed private resale condo, not a current listing or valuation. It assumes one Singapore citizen buying a first residential property, with no outstanding housing loan, no ABSD and an approved loan at 75% of the lower of price and valuation. Checked on 18 September 2026.
Write down the contract amounts first
Read the main OTP guide for the differences between HDB, private resale and developer contracts. Here we assume a negotiated 1% option payment and a further 4% on exercise. Those are example terms, not compulsory figures for every private purchase.
At a S$1.6 million price, that means S$16,000 followed by S$64,000. The combined S$80,000 is part of the price. Do not add it to the full downpayment again when calculating the overall cost.
Equal valuation and lower valuation compared
| Item | Value S$1.6m | Value S$1.55m |
|---|---|---|
| Assumed 75% loan | S$1,200,000 | S$1,162,500 |
| Price funded by buyer | S$400,000 | S$437,500 |
| Less deposit already paid | S$80,000 | S$80,000 |
| Buyer balance at completion | S$320,000 | S$357,500 |
| BSD | S$49,600 | S$49,600 |
| Total buyer funds, price plus BSD | S$449,600 | S$487,100 |
The lower valuation reduces this assumed loan by S$37,500. That is the increase in total buyer funding. It does not mean the S$50,000 price-over-value gap can be paid with CPF: that gap must be cash. The distinction matters because a smaller loan and a cash-only component are related but different constraints.
For the S$1.55 million valuation, the minimum cash contribution towards the price in this 75% lending scenario is S$77,500 (5% of value) plus the S$50,000 excess, or S$127,500. If the S$80,000 deposit has already been paid in cash, at least another S$47,500 of price funding must be cash. The remaining S$310,000 may be funded with eligible CPF or cash, subject to your available CPF and usage limits.
Do not add another S$50,000 to the S$357,500 completion balance. It is already included. Our low-valuation funding guide discusses this risk in more detail.
Recalculate BSD, not a rounded percentage
Using IRAS’s residential BSD bands, the example is S$1,800 + S$3,600 + S$19,200 + S$20,000 + S$5,000 = S$49,600. The duty base is the higher of consideration and market value. Both columns assume that base remains S$1.6 million.
If ABSD applies, add it separately using the buyers’ actual profiles and ownership position. The first-property Singapore citizen assumption here is not a shortcut for mixed-nationality joint purchases, trusts or buyers who still own another home. A hoped-for refund does not fund today’s payment.
The early cash requirement is a separate number
For this completed resale purchase, budget S$80,000 cash for the example deposit plus S$49,600 for BSD: S$129,600 before legal completion, excluding other bills. This is not the full equity contribution and does not include fees. In the lower-value column, the later S$357,500 price balance still has to be funded.
CPF’s current fee guidance says completed-property stamp-duty reimbursement is processed on the completion date, with an application made before completion alongside the lump-sum drawdown. A CPF balance on screen is therefore not cash available to pay earlier duty. Have your lawyer confirm the application, eligibility and amount. Do not count reimbursement both as reducing the early cash requirement and as fresh money for a later bill.
Keep a dated record with four columns: amount, payee, due date, and confirmed funding source. Put legal and bank fees on their actual requested payment dates. Add moving costs, temporary accommodation, necessary repairs and an emergency reserve using your own quotes and household needs.
Stress-test the loan instead of assuming the maximum
The 75% assumption is a ceiling scenario, not a promise. MoneySense’s bank-loan table shows lower limits when borrowers have outstanding housing loans or where loan tenure and age conditions apply. Income assessment and the bank’s own credit decision can reduce the amount further.
If the written offer were S$1.1 million instead, the price contribution would be S$500,000. After the same S$80,000 deposit, S$420,000 remains from the buyer at completion. Ask the bank and lawyer to recalculate the cash and CPF split for that offer. Do not apply the earlier minimum-cash illustration mechanically to a different lending arrangement.
Decide using the money left after completion
A couple moving in should compare the remaining monthly mortgage, maintenance, tax, insurance and commuting costs against reliable income. Include childcare, support for parents and spending that will continue after moving. If the purchase only works by postponing essential repairs or emptying every cash account, reconsider the price or size of home before exercise.
An investor should also run a period with no rent and allow for repairs between tenants. A rental advertisement is not evidence of rent you will receive. An upgrader should list when the old sale completes and when sale proceeds and CPF refunds become usable, rather than treating gross sale price as available savings.
Keep the worksheet with your actual contract and written funding confirmations. After exercise, use the resale completion checklist to track documents and payment instructions. This is an illustration, not an assessment of your loan or CPF eligibility.