Quote:
Originally Posted by Unregistered
makes $150k pa in total, both combined
home is a three bedroom condominium unit, well renovated and furnished
owns a car
debt free
we plan to retire in ten years time at 55
we will retire in our current condominium home
our savings and passive income will fund our retirement from 55 to 65
our passive income from investments and CPF Life will fund our retirement from 65 onwards |
Another csb spotted.
1) 45 yo couple (assuming you and spouse are same age) HH income at 150kpa can finish 3br condo loan? Kidding who?
You go look At the SRPI. Assuming yours is 99LH 1200sf (in 2006, the size of 3 bedders is at 1200sf) condo on the outskirts 10 yo the purchase price would have been (in 2006 - I am being kind because 2006 was the bottom of the cycle) about $720k ($600 psf). Working backwards with an annual increment of 4%, your HH income would have been only $100k a year at 35 yo. If you took an 80% loan, your loan would have been $576k. If we use a tdsr benchmark of 60%, your total loan repayment for BOTH condo and car would have been capped at $60k a year.
The average car loan repayment quantum per month is about $1000 translating to $12k a year. That leaves you with $48k pa for your mortgage repayment. 10 years of $48k (WITHOUT even considering interest) is only $480k. You will still have at least $100k of loan left and that is without even considering interest!