Do you find our construction financing realistic?

Hello!

I need your help:

Do you find this construction financing realistic?

Equity 80,000€
[Wohnraumförderprogramm] 80,000€, 0.5% interest, 1% repayment, 15 years, then adjustment, monthly 100 €
Annuity loan 240,000, 4.44% interest, 1.25% repayment, 30 years, remaining approx. 40,000€, monthly 1,176 €

Total monthly payment is 1,276 €

Monthly income of 2,664 €

Overall a family with one child, we wish to have a second child next year.

This is roughly how our financing would look. We meet all criteria to receive the money from the state. Only the approval is still pending. The assumed 80,000 funding is an estimate by the bank.

What do you think of the "overall concept"???
We are very grateful for any help and suggestions!

Just don't forget that after the 15 years, Kfw still has about 60k left! And to finance 3-4 people with 1400€ plus additional costs of the home and reserves. I would consider that a bit tight.

That's right! Thank you for the hint! Our current income consists of my salary, child benefit, and my wife's mini-job. My wife is still studying until next year and when our second child goes to kindergarten, she will, at least that's the plan, be able to re-enter the workforce. But counting on that money already today would be fatal. That is also one reason why I am turning to the forum here. Basically, we could afford it this way, but many users here simply have much more experience than we do!