To buy a $550,000 resale HDB with a $350,000 bank loan and $100,000 in your CPF OA account, you need to consider the following:
1. Initial Payment:
- 5% of $550,000 in cash = $27,500
- 20% of $550,000 can be covered by CPF OA = $110,000 (but you only have $100,000 in CPF OA, so you need an additional $10,000 in cash)
2. Total Cash Needed:
- Initial 5% cash payment: $27,500
- Additional cash to cover CPF shortfall: $10,000
Therefore, you need a total of $37,500 in cash.
