kinder0815
2024-12-01 11:56:53
- #1
The fixed interest period expired on 30.10.24, the contract now continues with variable conditions. Follow-up financing is not necessarily required, as the remaining amount can be fully repaid in a few months.
But – how is the interest rate calculated? The contract states:
3.2 Interest
The loan bears interest at 1.690% per year. This nominal interest rate is fixed until 30.10.2024 (fixed interest period). If no new interest agreement is made by the end of the fixed interest period, the loan continues under variable conditions. The current variable nominal interest rate is 2.020%. The adjustment of the nominal interest rate depends on a change in the following reference interest rate: 3-month EURIBOR commercial, rounded to 2 decimal places (designation of the reference interest rate according to § 6759 para. 3 sentence 2 of the Building Code). The decisive value is the reference interest rate determined on 24.09.2014. The development of the reference interest rate will be regularly checked by the Sparkasse on the 5th banking day before the end of the quarter. If the reference interest rate has changed by more than 0.1999 percentage points compared to its decisive value at contract conclusion (see above) or the last adjustment of the nominal interest rate, the nominal interest rate will decrease or increase by the same percentage points effective from the 1st of the following month.
After the expiry of the fixed interest period, the borrower will be informed at each interest adjustment (notification interval) about the nominal interest rate, the adjusted amount of the installment payments, and the number and due date of the installment payments, if these change. The information can be provided on the account statement for the account through which the loan is drawn or the ongoing installment amounts are debited.
The Sparkasse arrives at a new interest rate of 5.34%, whereas I calculate:
Variable base interest rate: 2.02% plus difference 3M-Euribor to 24.09.2014
3-month Euribor 24.09.2014: 0.083%, rounded 0.08%
3-month Euribor 01.11.2024: 3.085%, rounded 3.09% > Difference: 3.01%
Base interest rate 01.11.24: 3.01% + 2.02% = 5.03%
Where is my error in reasoning?
Thank you.
But – how is the interest rate calculated? The contract states:
3.2 Interest
The loan bears interest at 1.690% per year. This nominal interest rate is fixed until 30.10.2024 (fixed interest period). If no new interest agreement is made by the end of the fixed interest period, the loan continues under variable conditions. The current variable nominal interest rate is 2.020%. The adjustment of the nominal interest rate depends on a change in the following reference interest rate: 3-month EURIBOR commercial, rounded to 2 decimal places (designation of the reference interest rate according to § 6759 para. 3 sentence 2 of the Building Code). The decisive value is the reference interest rate determined on 24.09.2014. The development of the reference interest rate will be regularly checked by the Sparkasse on the 5th banking day before the end of the quarter. If the reference interest rate has changed by more than 0.1999 percentage points compared to its decisive value at contract conclusion (see above) or the last adjustment of the nominal interest rate, the nominal interest rate will decrease or increase by the same percentage points effective from the 1st of the following month.
After the expiry of the fixed interest period, the borrower will be informed at each interest adjustment (notification interval) about the nominal interest rate, the adjusted amount of the installment payments, and the number and due date of the installment payments, if these change. The information can be provided on the account statement for the account through which the loan is drawn or the ongoing installment amounts are debited.
The Sparkasse arrives at a new interest rate of 5.34%, whereas I calculate:
Variable base interest rate: 2.02% plus difference 3M-Euribor to 24.09.2014
3-month Euribor 24.09.2014: 0.083%, rounded 0.08%
3-month Euribor 01.11.2024: 3.085%, rounded 3.09% > Difference: 3.01%
Base interest rate 01.11.24: 3.01% + 2.02% = 5.03%
Where is my error in reasoning?
Thank you.