How much cash do you really get when you sell your HDB flat? It depends on the year you bought
Sell a flat today and the price splits four ways: HDB loan, CPF refund, selling costs and your cash. We used median prices from 985,000 resale records, then ran the numbers for every town. In our model, flats in most towns bought in 2011 to 2013 leave owners with no cash.
Desmond Teng, founder of Reva · · 6 min read
Two families sell their 4-room flats in Tampines this month, both for $662,000, the town's median price. One bought in 2006 for $248,000 and walks away with $221,000 in cash. The other bought in 2013 for $477,000 and walks away with nothing ($17,000 for the agent and the lawyer comes out of their savings).
Same flat type, same town, and the exact same selling price. Yet their financial realities look completely different.
These two examples used identical financing but their ultimate gains came down to one single factor: the year they bought it and the price they originally paid.
Below, we break down why these financial differences happen. Using a data set of 985,000 HDB resale transactions, we look at what its like for 4-room and 5-room flats across every town based on a standardized set of loan and CPF assumptions.
What goes where when you sell
When a flat is sold, the money is paid out in a fixed order: the HDB loan is repaid first; then the CPF you used on the flat goes back into your Ordinary Account, with the interest it would have earned had it stayed there; then the agent and the lawyer. What is left is yours, in cash.
Two interests are at work: the loan's, paid to HDB inside each instalment, and CPF's, 2.5% a year on each withdrawal from the month it was made, running on after the loan is paid off.
The refund is not lost: it is yours to use on the next home. But it is CPF, not cash, and when you upgrade that is the difference that matters.
For any flat, cash = the sale price − the loan still owed − the CPF refund − the selling costs. In our examples, where every payment came from CPF, that is your price gain − the interest you paid HDB − the interest you owe CPF − the selling costs. If the gain is smaller than those three, there is no cash: CPF takes what is left after the loan, with no top-up as long as you sold at market value, and the costs come from savings.
CPF and HDB rules and rates as of 15 October 2026.
Where the money goes, by the year you bought
The chart follows a typical flat across the towns: a 4-room bought at its year's median price and sold today for $640,000, with a 90% HDB loan paid from CPF.
Where the 2011 and 2013 buyers' cash went
| Bought in 2011 | |
|---|---|
| Sale price | $640,000 |
| Outstanding HDB loan | −$179,076 |
| CPF refund due | −$467,257 |
| Shortfall, not topped up | +$6,333 |
| Left before selling costs | $0 |
| Assumed selling costs | −$16,952 |
| Final cash position | −$16,952 |
CPF takes what is left after the loan; the $6,333 shortfall does not have to be topped up in cash, as the flat is sold at market value. The negative figure means the sale proceeds cannot cover all the assumed costs. It does not mean the seller receives negative cash from the sale.
| Bought in 2013 | |
|---|---|
| Sale price | $640,000 |
| Outstanding HDB loan | −$235,194 |
| CPF refund due | −$450,882 |
| Shortfall, not topped up | +$46,076 |
| Left before selling costs | $0 |
| Assumed selling costs | −$16,952 |
| Final cash position | −$16,952 |
The loan and CPF refund due add up to $686,076, more than the $640,000 sale price: CPF takes the $404,806 left after the loan. There is nothing left for selling costs.
| Bought in 2011 | Bought in 2013 | |
|---|---|---|
| Purchase price | $428,000 | $477,444 |
| Sale price | $640,000 | $640,000 |
| Price gain | $212,000 | $162,556 |
| Outstanding loan | $179,076 | $235,194 |
| CPF refund due | $467,257 | $450,882 |
| Selling costs | $16,952 | $16,952 |
The crucial point is that the price gain is not the cash proceeds.
The CPF refund includes the principal withdrawn for the downpayment and mortgage instalments, plus accrued CPF interest. The outstanding loan must also be repaid. The sale price has to cover both before there can be cash left over.
The 2013 buyer paid more for the flat, has a larger outstanding loan in this model and has a smaller price gain. Together, the loan and CPF refund consume the entire sale price.
Your town: 4-room flats
Cash you could receive from selling your flat at median prices in your town today. The last column shows the upfront amount needed for a nearby 3-bedroom resale condo: a 5% cash downpayment of its median resale price, from our first post, plus the Buyer's Stamp Duty, paid upfront and claimable from CPF.
| Town | Today's price | Bought 2006 | Bought 2009 | Bought 2011 | Bought 2013 | Bought 2016 | Bought 2019 | Bought 2021 | Condo: 5% + BSD in cash |
|---|---|---|---|---|---|---|---|---|---|
| Ang Mo Kio | $615,000 | $180,000 | $45,000 | none | none | none | $100,000 | $74,000 | $159,100 |
| Bedok | $600,000 | $208,000 | $82,000 | none | none | $39,000 | $104,000 | $61,000 | $149,600 |
| Bishan | $788,000 | $289,000 | $134,000 | $30,000 | none | $8,000 | $89,000 | $99,000 | $214,600 |
| Bukit Batok | $630,000 | $224,000 | $73,000 | none | none | $76,000 | $168,000 | $110,000 | $135,400 |
| Bukit Merah | $933,000 | $372,000 | $187,000 | $47,000 | none | $85,000 | $69,000 | $28,000 | $208,000 |
| Bukit Panjang | $571,000 | $181,000 | $91,000 | none | none | $84,000 | $78,000 | $28,000 | $152,100 |
| Central Area | $1,020,000 | $487,000 | $320,000 | $262,000 | – | none | $166,000 | none | – |
| Choa Chu Kang | $555,000 | $161,000 | $53,000 | none | none | $75,000 | $128,000 | $7,000 | $102,585 |
| Clementi | $849,888 | $384,000 | $207,000 | $79,000 | $66,000 | $149,000 | $231,000 | $3,000 | $172,844 |
| Geylang | $730,000 | $313,000 | $140,000 | $10,000 | none | $75,000 | $128,000 | $7,000 | $165,600 |
| Hougang | $618,888 | $223,000 | $105,000 | none | none | $97,000 | $135,000 | $81,000 | $144,600 |
| Jurong East | $548,000 | $152,000 | $23,000 | none | none | none | $59,000 | $16,000 | $120,600 |
| Jurong West | $535,444 | $145,000 | $37,000 | none | none | $16,000 | $81,000 | $23,000 | $147,600 |
| Kallang/Whampoa | $905,000 | $424,000 | $255,000 | $157,000 | $101,000 | $122,000 | $219,000 | $130,000 | – |
| Marine Parade | $663,333 | $159,000 | $1,000 | none | – | – | – | $71,000 | $253,600 |
| Pasir Ris | $636,888 | $218,000 | $94,000 | none | none | $82,000 | $115,000 | $69,000 | $120,544 |
| Punggol | $681,444 | $231,000 | $133,000 | none | none | $71,000 | $96,000 | $83,000 | $145,600 |
| Queenstown | $1,025,500 | $427,000 | $249,000 | $78,000 | none | $86,000 | $100,000 | $77,000 | $186,100 |
| Sembawang | $601,250 | $195,000 | $87,000 | none | none | $103,000 | $164,000 | $102,000 | $121,600 |
| Sengkang | $640,000 | $221,000 | $100,000 | none | none | $76,000 | $105,000 | $75,000 | $142,600 |
| Serangoon | $660,000 | $256,000 | $115,000 | $8,000 | none | $44,000 | $103,000 | $85,000 | $175,850 |
| Tampines | $662,000 | $221,000 | $105,000 | none | none | $79,000 | $117,000 | $94,000 | $137,350 |
| Toa Payoh | $1,000,000 | $471,000 | $340,000 | $222,000 | $112,000 | $217,000 | $296,000 | $247,000 | $194,600 |
| Woodlands | $550,000 | $162,000 | $74,000 | none | none | $63,000 | $129,000 | $55,000 | $102,635 |
| Yishun | $555,000 | $216,000 | $112,000 | none | none | $51,000 | $97,000 | $36,000 | $100,700 |
"–" under a year: fewer than 30 sales in the town that year. "–" in the last column: no condo figure for the town.
Your town: 5-room flats
| Town | Today's price | Bought 2006 | Bought 2009 | Bought 2011 | Bought 2013 | Bought 2016 | Bought 2019 | Bought 2021 | Condo: 5% + BSD in cash |
|---|---|---|---|---|---|---|---|---|---|
| Ang Mo Kio | $988,000 | $374,000 | $194,000 | $44,000 | $19,000 | $76,000 | $187,000 | $202,000 | $159,100 |
| Bedok | $788,000 | $224,000 | $85,000 | none | none | $23,000 | $73,000 | $46,000 | $149,600 |
| Bishan | $986,500 | $338,000 | $147,000 | none | none | none | $60,000 | $45,000 | $214,600 |
| Bukit Batok | $810,000 | $230,000 | $74,000 | none | none | $52,000 | $152,000 | $109,000 | $135,400 |
| Bukit Merah | $1,080,000 | $380,000 | $149,000 | none | none | $65,000 | $73,000 | $89,000 | $208,000 |
| Bukit Panjang | $700,000 | $200,000 | $95,000 | none | none | $69,000 | $102,000 | $36,000 | $152,100 |
| Choa Chu Kang | $673,500 | $186,000 | $79,000 | none | none | $107,000 | $157,000 | $34,000 | $102,585 |
| Clementi | $1,135,000 | $481,000 | $328,000 | $165,000 | $63,000 | $156,000 | $284,000 | $285,000 | $172,844 |
| Geylang | $916,500 | $329,000 | $162,000 | none | none | $19,000 | $87,000 | $73,000 | $165,600 |
| Hougang | $778,000 | $267,000 | $155,000 | $25,000 | none | $95,000 | $156,000 | $79,000 | $144,600 |
| Jurong East | $710,000 | $204,000 | $9,000 | none | none | none | $52,000 | $11,000 | $120,600 |
| Jurong West | $635,000 | $140,000 | $23,000 | none | none | none | $78,000 | $26,000 | $147,600 |
| Kallang/Whampoa | $970,000 | $316,000 | $127,000 | $18,000 | none | none | $86,000 | $78,000 | – |
| Marine Parade | $990,000 | $239,000 | none | none | – | – | – | $25,000 | $253,600 |
| Pasir Ris | $732,000 | $229,000 | $102,000 | none | none | $87,000 | $117,000 | $62,000 | $120,544 |
| Punggol | $775,000 | $237,000 | $135,000 | none | none | $156,000 | $182,000 | $59,000 | $145,600 |
| Queenstown | $1,230,940 | $490,000 | $236,000 | $69,000 | $4,000 | $65,000 | $180,000 | $142,000 | $186,100 |
| Sembawang | $650,000 | $159,000 | $57,000 | none | none | $81,000 | $146,000 | $70,000 | $121,600 |
| Sengkang | $700,088 | $195,000 | $75,000 | none | none | $79,000 | $110,000 | $68,000 | $142,600 |
| Serangoon | $825,000 | $307,000 | $156,000 | $21,000 | none | $114,000 | $128,000 | $81,000 | $175,850 |
| Tampines | $811,000 | $286,000 | $163,000 | $36,000 | none | $87,000 | $142,000 | $110,000 | $137,350 |
| Toa Payoh | $1,060,000 | $367,000 | $196,000 | $30,000 | none | $99,000 | $61,000 | $81,000 | $194,600 |
| Woodlands | $655,000 | $168,000 | $92,000 | $1,000 | none | $72,000 | $145,000 | $63,000 | $102,635 |
| Yishun | $692,388 | $209,000 | $103,000 | none | none | $67,000 | $88,000 | $35,000 | $100,700 |
Does it cover the condo's cash part?
Our first post found that the flat covers the condo's down payment in every town. It does, but mostly as CPF: with a bank loan, 5% of the price must be cash, and the Buyer's Stamp Duty is paid upfront; CPF can pay the rest and reimburse the stamp duty later.
Set the flat's cash against that, town by town: only the 2006 buyers cover it from the flat alone in most towns, 21 of 23. Buyers of 2016 and 2021 cover it in one town, Toa Payoh; buyers of 2019 in six. Everyone else brings savings, or sells first and buys once the refund is back. That is the cash part only: whether the condo is within reach turns on the loan your income supports (our first post has the incomes) and on the order of the two deals (our last post).
How the CPF interest is worked out
Held 5 years, a withdrawal has earned about 13%; 20 years, 64%; after 28 years, more than itself. So the early money costs the most. The Tampines family from our last post, who bought from HDB in 2017, withdrawal by withdrawal:
| Withdrawal | When | Held | Interest at 2.5% |
|---|---|---|---|
| $38,000, the downpayment, stamp duty and fees | June 2017 | 9 years 4 months | $9,975 |
| $18,600, a year's instalments | June 2018 | 8 years 4 months | $4,303 |
| $18,600 | June 2019 | 7 years 4 months | $3,738 |
| $18,600 | June 2020 | 6 years 4 months | $3,187 |
| $18,600 | June 2021 | 5 years 4 months | $2,650 |
| $18,600 | June 2022 | 4 years 4 months | $2,126 |
| $18,600 | June 2023 | 3 years 4 months | $1,615 |
| $18,600 | June 2024 | 2 years 4 months | $1,116 |
| $18,600 | June 2025 | 1 year 4 months | $630 |
| $18,600 | June 2026 | 4 months | $155 |
| $205,400 in all | $29,496 |
Each line is rounded to the dollar; the total is exact.
If you are 55 or older
The refund first tops up your Retirement Account to the Full Retirement Sum, $220,400 for those turning 55 in 2026; the rest stays in your Ordinary Account. CPF Board explains the details.
What this means for you
Your town and year above is the ballpark for a flat bought at the going price and paid with CPF. Your own will differ: what you paid, how much came from CPF, any grants, what is left on the loan. Your exact refund is on your CPF Home ownership dashboard, under "What Happens If".
Reva's check takes your withdrawals with their dates, your loan and the condo you have in mind, and works out the cash and the CPF side by side, selling first or buying first, before you sign anything.
How we did it
The prices: HDB's resale records, 1990 to September 2026, 985,000 sales; a town's median price is the median of its 4-room (or 5-room) resales in that calendar year, and from September 2025 to August 2026 for today, shown only where the town had 30 or more sales. The flat: bought at the median price then, sold at today's on 11 October 2026; a 90% HDB loan over 25 years at 2.6%, the limit when these flats were bought; the downpayment, stamp duty, $1,500 of fees and every monthly instalment paid from CPF, counted on the day it was paid; the sums are Reva's sale check. CPF compounds its interest once a year, which on the Tampines family's $205,400 gives $29,163 against our $29,496, 1.1% less. Grants are not counted: they are refunded with interest too. With a bank loan at 80% and 2% instead, the 2013 buyers still end with no cash in 16 of 23 towns.
Every town, both flat types, all seven years, with the loan, the CPF principal and interest and the costs behind each figure: Download the data.
Sources: HDB resale records 1990–2026; URA resale records (condo prices); CPF Board (the refund on sale, how interest is computed and credited, interest rates, the 2026 retirement sums); IRAS (Buyer's Stamp Duty). Reva gives information, not advice, and is not a licensed estate agent or financial adviser.