Answer
How Much Cash Do You Need for a $2M Condo in Singapore
$2M is the new normal for a decent-sized condo in the CCR or a large unit in the OCR. Here's exactly how much cash needs to leave your bank account.
Answer: You need at least $169,600 in cash to buy a $2,000,000 condo — $100,000 for the mandatory 5% cash down payment + $69,600 for Buyer's Stamp Duty (BSD). With CPF covering the other 20% of the down payment, your total upfront is $569,600 ($100,000 cash + $400,000 CPF + $69,600 BSD). Monthly payment: roughly $8,980/mo at 3.5% over 25 years.
Cash Breakdown — $2,000,000 Condo
SC first property, 75% bank loan, 25-year tenure
| Item | Amount | Source |
|---|---|---|
| Down payment — cash (5%) | $100,000 | Cash only |
| Down payment — CPF (20%) | $400,000 | CPF OA |
| BSD | $69,600 | Cash or CPF OA |
| Legal fees (conveyancing) | ~$3,500 | Cash only |
| Valuation fee | ~$350 | Cash only |
| Fire insurance (1st year) | ~$250 | Cash only |
| Min cash needed (BSD from cash) | $173,700 | |
| Min cash needed (BSD from CPF) | $104,100 |
BSD of $69,600 can be paid from CPF OA if you have enough. Most people at $2M pay BSD in cash to keep CPF for monthly instalments.
Without CPF — All Cash Scenario
If you don't have sufficient CPF OA or choose not to use it, the full 25% down payment must come from cash.
| Item | Amount |
|---|---|
| Down payment — all cash (25%) | $500,000 |
| BSD | $69,600 |
| Total cash needed | $569,600 |
That's over half a million in cash before you even get the keys. CPF makes a massive difference at this price point.
BSD on $2,000,000 — Quick Breakdown
| Bracket | Rate | Tax |
|---|---|---|
| First $180K | 1% | $1,800 |
| Next $180K | 2% | $3,600 |
| Next $640K | 3% | $19,200 |
| Next $500K | 4% | $20,000 |
| Next $500K | 5% | $25,000 |
| Total BSD | $69,600 | |
First-time SC buyer. Second property? Add 20% ABSD ($400,000 in cash). See the full stamp duty breakdown.
Monthly Payment & Income Required
| Metric | Amount |
|---|---|
| Loan amount (75% LTV) | $1,500,000 |
| Monthly payment (3.5%, 25 years) | ~$8,980 |
| Monthly payment at stress test (4%, 25 years) | ~$9,490 |
| Min income needed (TDSR 55% at 4%) | ~$14,400/mo |
TDSR uses 4% stress test rate regardless of your actual rate. Min income assumes no other debt obligations. Combined household income if buying jointly.
Run the numbers with your actual situation
Your HDB equity, CPF balance, and income change everything. See what you can really afford.
FAQ
How much cash do I need to buy a $2M condo in Singapore?
At minimum, $169,600 in cash: $100,000 for the 5% cash down payment + $69,600 for Buyer's Stamp Duty (BSD). With legal fees (~$3,500), budget around $173,000. This assumes you use CPF for the remaining 20% of the down payment.
Can I use CPF for the down payment on a $2M condo?
Yes, but not all of it. For a bank loan at 75% LTV, you need 25% down ($500,000). The first 5% ($100,000) must be in cash. The remaining 20% ($400,000) can come from your CPF OA. If your CPF OA balance is insufficient, you need to top up with cash.
What salary do I need to buy a $2M condo?
At 75% LTV with a 25-year tenure, you need a monthly income of roughly $14,400 to pass TDSR at the 4% stress test rate. This is combined household income if buying jointly.
What if this is my second property?
Your cash requirement increases significantly. At 55% LTV (second property), your down payment is 45% ($900,000) with 25% ($500,000) in cash. Plus 20% ABSD ($400,000, cash only for SC). Total cash: roughly $969,600.
Can I pay BSD from CPF?
Yes. BSD ($69,600 on a $2M condo) can be paid from CPF OA. But if your CPF OA is already stretched for the $400K down payment portion, you may need to pay BSD in cash. Most people at this price point pay BSD in cash to preserve CPF for monthly instalments.
Related
Last updated Feb 2026. BSD rates effective 15 Feb 2023, LTV limits per MAS. This is a calculation, not financial advice.