when a banker tell u the interest rate is 8 percent per
annum...I found out it's not. let's say you buy a $100k house make
a down payment of $20k and borrow the remaining $80k at 8 percent
interest with a 30-year term from your bank. In five years you will
pay a total of $35,220 to the bank: $31.276 for interest, and only
$3944 for dept reduction. If you take the loan to term. or 30 years
you will have to paid $211.323 total principal and interest, less
what you originally borrowed- $80k. The total interest you will
have paid $131.323. By the way that $211.323 does not
included insurance on the loan. Funny $131.323 seems to be a little
bit more than 8 percent of $80k It's more like 160% in interest for
30-year IF MOST OF THE SINGAPOREAN
STILL THINK HOUSE IS THEIR ASSETS BY USING CPF TO PAY THEN THEY
WILL BECOME PAP WORKING SLAVE FOR THEIR WHOLE LIFE BTW HDB IS A
RENTAL FOR 99-YEAR NOT BELONG TO U :D