Summary total interest for 3 years.

To estimate the total interest for a $1.4 million new launch condo in Singapore over a 3-year period, you need to consider the progressive payment scheme and the interest rates applicable during this time.

Loan Amount and Interest Rates

Assuming a 75% loan-to-value (LTV) ratio, the loan amount would be $1.05 million.

Current interest rates for private property loans in Singapore can vary, but here are some indicative rates:
- Fixed rates for the first 3 years could be around 2.60% per annum.

Interest Calculation

Given the progressive payment scheme, the interest accrues only on the disbursed amount at each construction stage.

Here’s a simplified approach:
- Year 1: Interest on the initial disbursed amount (e.g., $140,000) at 2.60% = approximately $3,640.
- Year 2: Interest on the cumulative disbursed amount (e.g., $280,000) at 2.60% = approximately $7,280.
- Year 3: Interest on the further cumulative disbursed amount (e.g., $350,000) at 2.60% = approximately $9,100.

Total Interest

Adding these amounts together gives you an approximate total interest for the 3-year period:

• $3,640 + $7,280 + $9,100 = $19,920

This is a rough estimate and actual interest costs may vary based on the exact loan terms, disbursement schedule, and any changes in interest rates during the period.

For a more precise calculation, you can use the Affordability Calculator or Property Calculators available on EdgeProp.sg to get a detailed breakdown of your loan and interest payments.