My Mom is Really Annoying

She keep saying that I will have difficulty paying for my own flat but I did my sums and everything is fine! If I can't afford it, then plenty of people also can't afford it, and how in the world did my friend manage to get a 3-room BTO at Ghim Moh with his mom for $370K? He has to pay $1400+ per month! About $700+ of that in cash! By the way he is paying by himself. Let me show you my sums.

The unit I'm buying is valued at $260K, my agent is negotiating $250K and seems like he succeeded, tonight we will pay the option fee of $1K, probably another $4K next week to exercise the option and I have all the cash ready, in fact latest by Monday I would have about $10K cash at my disposal, more than enough for the deposit and agent fees. As for CPF OA, by Monday I would have about $75K because I sold my stocks recently. By the way we qualify for $15K singles housing grant.

Best Scenario
Buy at $250K, CPF OA $75K, singles grant $15K, pay $5K deposit, loan $155K from HDB, monthly repayment $704 based on 25 years.

Worst Scenario
Buy at $260K, CPF OA $75K, no singles grant, pay $5K deposit, loan $180K from HDB, monthly repayment $817 based on 25 years. But most likely we can get the singles loan.

As mentioned, I have $10K cash ready by Monday to pay for the deposit and agent fees, probably will have leftover of $2K+.

For that unit, we only intend to change the kitchen flooring and sink, and repaint the whole unit by ourselves, it's not a huge sum of money, probably can settle with less than $10K and we can take our time to do it so no need to take a loan. Furniture and etc, as mentioned we can take our time so we can slowly accumulate, again no need to loan. I foresee after paying for deposit and agent fees, I will still have about $10K left if I sell my Sheng Siong and Lippo Malls shares, every month we also have cash surplus of about $1K so we should have no difficulty working with it over a few months to do up the unit, so it's not as if once we get the keys we must move in immediately.

But one thing to take note if we buy this unit, it's an old unit with 52 years left so we can only use up to about $130K CPF, this includes the loan payments, my $75K CPF OA and $15K singles grant. Once we hit this limit, we must pay by cash. It will probably take us 4-5 years to hit that limit but let's look at my spending if I should live there now.

My take home salary: $2783
Give wife: $600
Myself: $500
Internet and mobile: $120
Electricity and water: $100
Conservancy fees: $28.50 for 2-room flat
Property tax: $0 for 2-room flat
Leftover: $1434.50

I'm not even counting my allowance, bonus, government subsidies and etc and let's say we have to pay in cash now for the housing loan, we are capable of doing it and we still have surplus to save be it  $704 or $817 per month in loan repayment. And during this 4-5 years, I intend to continue investing and aim to one day be able to collect enough dividends to cover my housing loan.

So what's the problem? Even if we have one child, I'm still confident of going through with it, in fact it will make me want to work harder. It's just a matter of time when we have to leave our parents and start our own family, of course there will be hurdles, not everyone is so lucky to have rich parents.