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Construct a loan amortization schedule

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Question -

a) You have recently purchased a 5-room resale HDB flat in Bishan at a transaction price of $700,000. The combined balance of CPF Ordinary Account for both you and your spouse is $200,000. You intend to use this CPF balance for the upfront payment, and use a bank loan for the remaining $500,000 with monthly installment for the next 20 years of tenureship. With so many loan packages offered by different banks in the market, you prefer to adopt a more 'conservative' approach in your future assessment and decided to take up a fixed-rate package of 2.0% p.a. compounded monthly. Construct a loan amortization schedule, showing first and last 6 months of payment schedule.

b) You have an existing housing loan with an outstanding amount of $500,000. You would like to refinance this loan for a term of 20 years. Make a study of the offers from DBS and OCBC (consider both fixed and floating rates). Show clearly how you would compare the offers and decide on the best package.

Reference no: EM132593519

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