Change repayment rate - bank now requires new documents

Your surprise probably relates to this?!

About 40€ more repayment per month… as a result, we are not done with the financing in 10 years, but already in 4-5 years.

I don’t quite understand the calculation. That would be no more than 2,500€ repaid in 5 years, and you save 5 years with that? What kind of remaining debt do you have? It should now at most still be four figures, right?

We are also facing this question (also ING credit). We are considering going with 1% repayment. This would free up €416 every month. The 1% is enough to cover the interest as well as an additional €70 repayment.

We have 0.84% nominal interest; 0.87% effective. We still have 13 years left until the end of the fixed interest period. Thus, the following calculation results assuming 4.1% fixed interest (current interest of a fixed deposit with German deposit insurance). Also worst-case: full taxes.

That is €11,000 more than if you put the money into the loan. You can definitely say that it is worth it. This is our current repayment in almost 2 years for this loan!

We are also facing this question (also ING loan). We are considering going for 1% repayment. That would free up €416 every month. The 1% is enough to cover the interest as well as an additional €70 repayment.

Do you mean 1% annuity instead of 1% repayment? I suspect no bank will agree to that.

Do you mean 1% annuity instead of 1% repayment?
I suspect no bank will agree to that.

You are right. The annuity. ING offers a calculator. Apparently, the new installment is then €299 instead of the previous €624. Then it is €8,600 after taxes.

You are right. The annuity. ING offers a calculator. Apparently, the new installment is then €299 instead of the former €624. Then it is €8600 after taxes.

You currently have a repayment of €624 and 13 years fixed interest period? How much residual debt will you have after the 13 years? If you really want to do it with 1% repayment (I would have concerns), then hopefully not too high anymore? Otherwise, you need an investment form where you can absolutely securely access the money when your fixed interest period expires, because with currently about 4%, otherwise it will break your neck if there is still a lot left on the clock.

My average interest rate is 1.64% and I do it so that the special repayment is accumulated in the [Tagesgeld], where currently 3.7% interest is paid out every month, and at the end of the year the special repayment of the loan is made. That means I always take a little interest from the [Tagesgeld] and have a good feeling because my loan is getting smaller and smaller alongside the monthly 6.4% repayment.