Best Way To Pay Off Home Loan

Best Way To Pay Off Home Loan – . Are you really giving 10 hour presentations and writing crazy reports in your mid-50s, all because of that mortgage?

It is enough to wonder if it would be better to cut some rooms into two rooms.

Best Way To Pay Off Home Loan

Sure, we may have a term loan that lasts until retirement at age 65…but imagine if our home—apartment or condo—was paid off long before that. The good news is that it can’t just be a fantasy.

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Depending on your property and situation, estimate whether you can pay off this home mortgage for up to 50 years:

For simplicity, we did not include all subsidies for HDB housing in our sample (as they differ for different scenarios). For paired examples, let’s assume both are about 25 years old.

We assumed that all buyers use the maximum loan quantum (90 percent financing for HDB and 75 percent financing for EC and private houses). According to the statement, HDB flat buyers intend to use HDB loans. Note that the ideal income level can be significantly reduced if a large payment is made.

We also used the current interest rate on bank loans, which is historically low. A future rise in interest rates can change the calculations for bank loans (condo and EC examples). In addition, we have simplified the estimated payments by taking into account factors such as lower principal payments for progressive payment schemes, or schemes such as deferred payment schemes.

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As of September 2020, the average price of a 3-bedroom apartment in Singapore is 430 psf. The average size of a 3-bedroom apartment today is around 700 square meters. Based on this, we can estimate that the average quantum price of a 3-bedroom apartment is about $301,000.

To ensure sustainability, we limit monthly loan payments to 30 percent of the couple’s monthly income.

Therefore, with a monthly income of at least $4,097, it would be appropriate to afford a 3-bedroom apartment until the age of 50.

As of September 2020, the average price of a 4-bedroom apartment across Singapore is $437 psf. Today, the average size of a 4-bedroom apartment is about 970 square meters. Therefore, the average price of a 4-bedroom apartment is approximately $423,890.

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Therefore, a 4-bedroom apartment with a monthly income of at least $5,770 would be appropriate for a comfortable 50-year-old.

As of September 2020, the average price of a 5-bedroom apartment in Singapore is $428 psf. Today, the average size of a 5-bedroom apartment is 1,184 square meters. Therefore, the average price of a 5-bedroom apartment is approximately $506,752.

So, with a monthly income of at least $6,897, it would be reasonable to afford a 5-bedroom apartment comfortably in your 50s.

As of September 2020, the average price of a 2-bedroom apartment in Singapore is 476 psf. 2-bedroom apartments come in two sizes: 387 square meters, 484 square meters. In this example we will use a larger 2 bedroom apartment.

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At age 50, with a monthly income of at least $4,640, ideal for a comfortable down payment on a 2-bedroom apartment.

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At age 50, with a monthly income of at least $6,063, ideal for a comfortable down payment on a 3-bedroom apartment.

The average EC unit price is $962 psf across Singapore as of September 2020. The average size of an EU unit is about 1050 square meters. The average amount for such an EC unit is about $1.01 million.

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Accordingly, a monthly income of at least $9,863 should comfortably pay EU until age 50.

As of September 2020, the average price of a condo unit across Singapore is 1,554 psf. We compare this to an EC unit of the same size of 1050 square feet. A single-family home of the same size would average $1.63 million.

To ensure sustainability, we limit monthly loan repayments to 30 percent of the couple’s monthly income.

Therefore, a monthly income of at least $15,917 is ideal for an easy mortgage payment before age 50.

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The average price of a private house today is $1,554 psf (see above). Compact unit, by convention, totaling 510 square feet. or below. For this example we will use the largest compact units.

To ensure sustainability, we limit the monthly loan payment to 30 percent of the borrower’s monthly income.

Therefore, a monthly income of at least $7,740 is sufficient to comfortably support a fusion device until age 50.

If the numbers seem high, don’t be discouraged; Remember that there are ways to make things easier.

How To Pay Your Mortgage Off Faster

We did not look at benefits such as subsidies (for HDB flats) or renting out rooms or the whole unit (which can, for example, significantly speed up loan repayments).

If you are concerned about your specific situation, send us a message on Facebook. If we know the right information about your assets and liabilities, we can help you formulate an appropriate strategy.

Finally, even if you find that one of the above is in your hands, don’t forget to consult with a qualified financier.

Even if you can, 50 may not be the best move to pay off your mortgage quickly. There may be other reasons, such as the need to save more money, which should be addressed before applying for a home loan.

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You can follow us as we talk more about homeownership, debt, and ways to make your property affordable.

A content strategist with over 17 years of experience in real estate and financial journalism, Ryan has earned a reputation for translating complex industry jargon into knowledge. Having written and edited for leading financial platforms and publications, Ryan’s expertise has been recognized in a variety of media. As a content editor at 99.co and host of CNA’s 938 Open House program, her commitment to providing valuable information on the real estate market is demonstrated.

My name is Sean and our goal is to help home buyers and sellers in Singapore make the best decision for themselves. Have a question? Email: hello@

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