Clarry vs Andy

HDB Asset Progression Comparison

Clarry Au PDF

Andy Excel

Source

Clarry PDF + Andy Worksheet • Mar 2026

Where does my money go?

Follow your sale proceeds step by step — from selling your flat, into two wallets (bank + CPF), then paying for the new flat. Updates live when you edit My Own below.

Live · My Own

Step 1

You sell your flat — the money gets split

The buyer pays one price. From that pot, you clear the loan, refund CPF, pay fees — then whatever's left lands in your bank.

Sale price 700,000

→ −211,000 Pay off bank loan — goes to the bank, not to you.

→ −157,430 Refund CPF — leaves the sale, but credits your CPF Ordinary Account (not your bank).

→ −2,000 Legal / conveyancing — paid from sale in cash.

→ 329,570 Lands in your bank account — this is your cash after the sale.

Why does CPF come back? You used CPF to buy this flat. On sale, Singapore rules require you to repay CPF (plus interest) from the proceeds. That money doesn't vanish — it moves into your CPF OA wallet, ready for your next flat. It's the same dollars, not a bonus.

Step 2

You now have two wallets for the next flat

Cash and CPF are separate. You can't pay everything from one pocket — HDB rules decide which costs come from where.

Bank (cash)

329,570

From sale, after loan + CPF refund + fees

CPF OA

157,430

Refunded from sale (Owner 1 + Owner 2 CPF)

Combined spending power: 487,000 (cash + CPF — not all cash!)

Step 3

Buying the new flat — each wallet pays its share

Some costs must be cash (e.g. part of down payment, stamp duty, fees). The rest can come from CPF OA, up to limits.

Paid from bank

−92,500

Cash required: 5% down payment, stamp duty, legal — amounts you typically cannot cover fully with CPF.

Paid from CPF OA

−384,100

CPF required: remaining down payment + CPF earmarked for the new flat purchase.

Step 4

What's left after you buy — your cushion

If either wallet goes negative, you don't have enough — you'd need more savings, a smaller flat, or different financing.

Cash left in bank

237,070

For renovations, emergency fund, living expenses

CPF OA left

24,185

Buffer in CPF for future installments / rules

What can I buy?

Play with property types — HDB 5-room, resale EC, condo. Includes Clarry PDF's 3 paths, monthly repayments, running costs, and rough appreciation guesses.

Scenarios · My Own

Your full wallet (beyond sale refund)

CPFIS must be liquidated back to OA before property use. Existing OA is what you already had before this sale's refund lands.

Owner 1 existing OA

Andy Excel: before refund

Owner 2 existing OA

CPFIS (liquidate → OA)

Stocks/gold/bonds in CPFIS

Extra cash savings

Beyond sale proceeds

Monthly OA contribution

Offsets installment from cash

Total cash available

329,570

Sale cash + extra savings

Total CPF OA available

451,285

Refund + existing OA + CPFIS

Clarry PDF — 3 purchase paths

From Clarry Au's PDF. These were static scenarios — now recalculated with your sale numbers.

Explore property types

Edit price & assumptions per card. Total monthly = mortgage + maintenance + property tax + insurance + cleaning.

Illustration only — not financial or tax advice. Appreciation % are rough historical-style guesses (HDB ~2.5%, EC ~3.5%, private ~3% p.a.) and will be wrong in real life. Loan amounts ignore MSR/TDSR income caps. ABSD defaults to 0% (sell-then-buy, SC first home). Verify with HDB, CPF, bank, and a licensed advisor.

Detailed line-by-line comparison

Net Cash Proceeds Breakdown

Edit My Own inputs (sale + Cash/CPF Required) — derived nets, totals & balances auto-update. Only sale-side + requirement fields are editable; other Andy/Clarry rows are either derived or outside this simple model.

Double-click any auto-calculated number in My Own to trace its formula — source cells light up in colour (like Google Sheets).

Category / Item	Clarry (PDF)	Andy (Excel)	My Own (EDIT + AUTO)	Formula / Logic / Note
Sale Proceeds & Deductions
Selling Price	700,000	700,000		PropNex / market analysis
Outstanding Loan	netted in pool	-211,000		Repay bank (Andy explicit)
Owner 1 CPF Use + Interest	-42,900	-36,112		Refund to CPF OA
Owner 2 CPF Use + Interest	-167,000	-121,318		Refund to CPF OA
Legal / Conveyancing (Private)	netted	-2,000		Andy private cash note (treated as legal)
Net Proceeds (Cash + CPF)
Net Cash Proceeds	314,360	329,570	329,570	Clarry pool / Andy = 700k -211k -36.1k -121.3k -2k
CPF Proceeds (Refund)	209,900	157,430	157,430	Clarry total pool / Andy = 36.1k +121.3k
Total Proceeds (Cash + CPF)	524,260	487,000	487,000	Clarry 314k+209k / Andy 329k+157k
Clarry Option Details (Balances after outlay)
Option 1 Sole - Cash Balance	65,270	-	-	157,180 - 91,910 (5% DP + top-up)
Option 2 Joint - Cash Balance	259,350	-	-	314,360 - 55,010 (recommended)
Option 2 Joint - CPF Balance	6,000	-	-	209,900 - 203,900
Option 3 Condo - Shortfall	-10,940	-	-	535,200 purchase - total proceeds
Andy Application & Monthly Cashflow
Owner 1 Total CPF (refund + existing)	-	243,035	-	36,112 + 206,923
Owner 2 Total CPF (refund + existing)	-	165,250	-	121,318 + 43,932
Total CPF Available	-	408,285	157,430
Total Cash Available	-	329,570	329,570	Net cash proceeds
GRAND TOTAL CPF + CASH	-	737,855	487,000
CPF Required (new purchase)	-	384,100
CPF Balance	-	24,185	24,185	my-cpf - my-cpf-req
Cash Required (new purchase)	-	92,500		5% + fees
Cash Balance	-	237,070	237,070	my-net-cash - my-cash-req
Monthly Installment	-	1,834.12	-	448k loan @1.2%, 25yr
Monthly O.A. Contribution	-	1,554.00	-
Nett Cash Payable (monthly)	-	-280.12	-	Installment - O.A. contrib
Loan Amount (75% LTV)	-	448,000	-
Loan Tenure / Rate	-	25yr / 1.2%	-	HDB fixed
Sole vs Joint Strategy (Clarry PDF)
CPF Usage	Con: Only owner can use CPF; occupier untouched	-	-	Pro: Both can use CPF for DP & monthly
Loan Quantum	Con: Smaller (single income, MSR 30%)	-	-	Pro: Higher from combined income
Future ABSD (Private)	Pro: No ABSD if first-time after MOP	-	-	Con: 20% ABSD if buy without selling HDB
Future Loan LTV (Private)	Pro: Up to 75% LTV as occupier	-	-	Con: Max 45% LTV with existing HDB
Legal Ownership / Inheritance	Con: Occupier zero rights; Per Intestate Act	-	-	Pro: Both have rights; Joint Tenancy survivorship
MOP	Neutral: Both fulfill 5yr	-	-	Neutral: Both fulfill 5yr

All numbers and logic consolidated from Clarry PDF and Andy Excel. Differences highlighted by structure.

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For illustration & educational purposes only. Always verify with HDB, CPF, your bank, and a licensed advisor.
Data: Clarry Au PDF + Andy Excel • Mar 2026

Singapore property vs markets

Long-run price indices rebased to 100 (Mar 2009). Drag on the chart to see % change for any period. Toggle lines on/off.

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10-year outlook (illustrative scenarios)

Base / bear / bull CAGR derived from long-run history (dampened). Index projections from today's level — not dollar prices. EC uses URA non-landed ×0.88 proxy.

Asset	Hist. CAGR	Forecast CAGR	5yr (base index)	10yr (base index)	Bear / Bull CAGR

Sources: HDB RPI & URA PSI via data.gov.sg; S&P 500 (^GSPC) & QQQ via Yahoo Finance (monthly adj. close). URA 2020–2026 bridged using HDB ratio. Past performance ≠ future results.