Most of us will dislike debt. It takes money from us every single month. For our home mortgage, it can be thousands of dollars a month which can be quite a significant sum of money. If mortgage is such a pain, should we use the extra savings we have to pay it down faster? Let's explore it in this article. In Singapore, we can use either cash or CPF in our OA to pay for mortgage. The cost on a mortgage is on the interest. Like credit card which charges an interest if we didn't pay on time, likewise mortgage loans charges an interest because it is a loan in nature.

Credit: https://pixabay.com/en/photos/debt/

Interest payment can be in 6 figures Most mortgages will start with around $250,000-$300,000 if you buy a 4 room HDB flat. The interest rate if you take up a HDB loan is 2.6% for 25 ......