Construction financing: too high a burden?

Hello,

I would be interested in your opinion on our financing model.

Total investment amount:
479,000

Sale of condominium (simultaneously equity)
65,000

Amount to be financed:
414,000

100,000 Kfw55 interest fixed for 20 years
Installment: approx. 350,-

314,000 Volksbank 10 years fixed interest at 1.5%
Installment: approx. 880,-

2 Riester home savings contracts with 25,000 each
Installments together 230 (can be suspended)

Installments: 1230,-
+ home savings contract: 230,-
Total: 1460,-

Income: net salary together 3900,- + 13th month salary

What do you say?

Thanks and best regards

We finance similarly, but have about 50% more net income. That would be a bit high for me, especially if a somewhat larger repair is due.

No one can answer that question for you. What does the household budget book from the last 2-3 years say? What else is planned for the future? Possible children, resulting loss of income, etc. Purely based on the numbers, it would be too tight for me. We have a net income that is 500 euros higher per month and pay 300 euros less monthly. We want to sleep well and, if possible, make extensive use of the special repayment option.

100,000 KfW55 fixed interest for 20 years
Installment: approx. 350,-

314,000 Volksbank 10 years fixed interest at 1.5%
Installment: approx. 880,-

What are the remaining debts after 10 and 20 years?

What does the calculation look like if, out of the 314,000€, 250,000€ are left after 10 years and the interest rate is then 3.5%?

2 Riester building savings contracts with 25,000 each
Installments total 230,- (can be suspended)

Are they already saved up? Or, when will they be ready for allocation? Before the 10 years of the bank loan expire?

100,000 KfW55 fixed interest for 20 years
Installment: approx. 350,-

314,000 Volksbank 10 years fixed interest at 1.5%
Installment: approx. 880,-

That leaves me with 250,000 outstanding balance :( (You only want to start with 1.86% initial repayment)?

100,000 KfW55 fixed interest for 20 years
Installment: approx. 350,-

Better check again. The lowest installment is 20 years fixed / 30 years term, and 1 year interest-only. And there we are already at 366 EUR. Or did you get a discount through the bank?

Have you already thought about higher additional costs + maintenance reserve? Otherwise, the obligatory question about offspring.

I find the amount to be financed and the monthly installment too high for the income. We have a similar family income for 3 people (with 1 company car already deducted) and in my opinion live rather cost-consciously. At the moment, we pay just over €1500 including the actually made special repayment. But nothing remains for house reserves.