Jiink-1887
2019-11-24 18:03:02
- #1
Hello,
I would like to give a little feedback on my financing offer.
We are planning a single-family house KFW 55 with a garage for approx. €425,500.
About us:
Man: 28 years old, approx. €2,450 net in public service, fixed until 2027.
additionally a monthly payment from insurances of €450 net lifelong.
Woman: 29 years old, approx. €2,050 net, permanent position in public service
Both not civil servants.
No children at the moment, but roughly planned in about 2 years.
Equity:
Land purchased for €75,000, notary and property transfer tax already paid.
Money: approx. €93,000 to be used
The car is 2 years old and was paid in cash.
Required loan: €335,000
Divided into 2 different loans:
KFW loan: €100,000, effective interest p.a. 0.33%, repayment: 4.04%, remaining debt after 10 years €59,242.26
Will be paid off completely after 10 years.
Bank loan: €235,000, effective interest p.a. 1.53%, repayment: 3.30%, fixed for 25 years.
This loan offers the possibility of 5% special repayment.
One consideration is to make the €235,000 loan only for 20 years with a remaining debt, with a monthly burden of
approx. €900-950. Since the KFW loan would expire after 10 years, we could use the "saved money" as special repayment and so
we should be done with the house after 20 years. However, we would only do this if the interest rate becomes noticeably better.
Is this consideration sensible or rather not particularly smart?
What do you think generally about the data, does it fit or is there a major flaw?
Thanks
I would like to give a little feedback on my financing offer.
We are planning a single-family house KFW 55 with a garage for approx. €425,500.
About us:
Man: 28 years old, approx. €2,450 net in public service, fixed until 2027.
additionally a monthly payment from insurances of €450 net lifelong.
Woman: 29 years old, approx. €2,050 net, permanent position in public service
Both not civil servants.
No children at the moment, but roughly planned in about 2 years.
Equity:
Land purchased for €75,000, notary and property transfer tax already paid.
Money: approx. €93,000 to be used
The car is 2 years old and was paid in cash.
Required loan: €335,000
Divided into 2 different loans:
KFW loan: €100,000, effective interest p.a. 0.33%, repayment: 4.04%, remaining debt after 10 years €59,242.26
Will be paid off completely after 10 years.
Bank loan: €235,000, effective interest p.a. 1.53%, repayment: 3.30%, fixed for 25 years.
This loan offers the possibility of 5% special repayment.
One consideration is to make the €235,000 loan only for 20 years with a remaining debt, with a monthly burden of
approx. €900-950. Since the KFW loan would expire after 10 years, we could use the "saved money" as special repayment and so
we should be done with the house after 20 years. However, we would only do this if the interest rate becomes noticeably better.
Is this consideration sensible or rather not particularly smart?
What do you think generally about the data, does it fit or is there a major flaw?
Thanks