Construction costs are currently skyrocketing

I think the special repayment is a placebo. ... Until you wake up after 30 years, just before retirement... oh... 30% remaining debt still? But I wanted to retire early... hmm...

I agree with you, even our mortgage advisor said he has never exercised the special repayment in his financing. We do as much as possible annually, but do not forgo vacations etc. This is the compromise between "Life happens today" and "no nasty surprise in the future." But I always keep an eye on how the remaining debt develops in Excel, and so far we have increased the regular repayment twice, plus the additional special repayments. A quick repayment also has the advantage that you can use the house as collateral for the purchase of further properties. If purchase prices really fall slightly, you could buy an additional building block for your early retirement this way ;-)

But you really pay a high premium for that. Friends financed the same amount shortly after us (we in January 2021, they in August 2021). We 15 years 0.9%, they 30 years 2.1%...

We repay 3.5%... they, with a similar rate, under 2...

That means that in the follow-up financing in 15 years, I'm actually in a good position because the place will definitely be worth 25% more, I will certainly earn 10-15% more... and due to the repaid loan and appreciation of the house, I have 60, rather 70% equity, not 25% like at the beginning...

Even at 5% interest rate, I'm hardly worse off...

As I said, 20 years would have been 2.15%, 33 years exactly 2.27%. I'm happy to pay the premium. If the difference had been bigger, I probably would have taken more risk.

PS:
It's like the stock market or just life in general. To win something, you always have to risk something.

I have already won. My gain is that I don't have to worry about the follow-up financing.

What is also interesting: the higher the repayment, the higher the interest rate, so better to take less and possibly make special repayments

But that's not always the case – "in the past", in the "old" times there were also lower interest rates with higher repayments. Since you usually have repayment changes in the contract, it doesn't matter that much – if you can repay 3%, you might also start with 2% + special repayment, and then simply adjust it.

I see it exactly the same way, that was also my thought. Over the long term, the effect of a higher regular repayment should not be underestimated. I have to decide, do I want to repay 0.25 or even 0.5% p.a. more of my loan or rather pay as a price (interest) for the security of a long term? Over 15 years that is quite a chunk. I can always make special repayments additionally. But as long as inflation is much higher than my construction financing interest and construction prices keep rising, you can only walk through life with a permanent grin after completion. That is exactly the effect you describe with rising prices/wages at a constant construction financing interest over 15 years...

But when the difference between 15 and 20 years is often only 0.1-0.2% nowadays, the effect is far less – it remains a good insurance. After 10 years, everything is reshuffled anyway and the joker is played if low interest rates appear again.

By the way, inflation is really bad for everyone. The belief that you thereby pay off a house is perhaps just wishful thinking – much more, it drives the entire economy into the abyss. And while the state has long used up its powder, the economy may still have some this year, meaning – there were still wage increases. What it looks like next year when the recession officially hits remains to be seen.

The bricklayer was here yesterday and will start with the garage on Monday. KS stones were ordered from Bauking, delivered within a week. At BK, they apparently have as little work at the moment as they have had in the last 30 years, the same applies to a local sawmill. Our bricklayer is in a relationship with the daughter of a roofer, through whom we are doing the garage roof. He said we should wait, material prices are falling rapidly. Apparently many customers have dropped out due to the current interest rate developments. A requested custom-made plywood sheet for the trailer cost 750€ two months ago, now already under 500€. On a certain homepage, a price adjustment was threatened for 01.08. Yeah, that came - but downwards! The 'you-had-inquired-with-us-before-calls' are also increasing. All a very exciting development.

Roofing material for approximately 180 m² of roof area complete (roof tiles, underlayment, wood, sheets, gutters, etc.) ordered for under 9k. Clay roof tiles in black glazed. Everything available

We had postponed the commissioning of the electrical work as long as possible because in February, during the first tender, only one single, quite expensive offer was received. Now, 6 offers have come in, and the cheapest is 10% below the one from February. Moreover, it is from a renowned local company.