Henrik0817123
2016-05-15 00:10:51
- #1
Hello,
I have a question about a sample calculation of a financing through Postbank, which we received today without obligation from a prefabricated house provider. I think a careless mistake might have occurred since it was done only with a pen and calculator – on the other hand, the lady seemed very experienced, and I cannot imagine someone miscalculating.
The alternative to miscalculating would be "concealing" a later increase in the installments, which of course would be a bit sneaky.
I am asking here because I will earliest get feedback on Tuesday, and maybe I am overlooking something:
It is about financing 405k – which is divided according to the following blocks as follows:
I) KFW loan of 100k – 1.5% interest – for 20 years. After that, there is still an open sum of 33k with a currently unknown fixed interest rate. But you could still secure that. Calculated with a constant rate, a full repayment after another 10 years, so a total of 30 years – monthly installment 355 euros.
II) Special condition loan from the cooperation between BHW and house provider: 100k, 1.35% interest for 15 years, the following 15 years at 2.35% – monthly installment 265.
III) Remaining sum as loan – 205k – 1.9% interest for 15 years with 1.8% repayment, monthly 633 euros – after 15 years also 2.35% interest.
That is a total of 1,253 euros monthly with the statement that after 30 years you are completely done. From my point of view, that only applies to I) – for II and III that unfortunately does not fit at all. If I have not miscalculated, both last 37 years with a constant rate.
Even if the higher interests cause the installments to rise somewhat, it does not fit with 30 years...
The amount felt low to me when calculating, and I also asked twice if you are really done after 30 years, but I did not explicitly ask if the rates increase at any point – but that should have been communicated proactively? Unless it was to lure you in and you only get this info when it comes to the contract etc.
Just these 1,253 euros WITHOUT interest calculated over 30 years would be only 451k – even with low interest, that cannot be...
Maybe someone has an idea or tip about what I could have overlooked or how such a calculation typically comes about?
Thanks in advance...
I have a question about a sample calculation of a financing through Postbank, which we received today without obligation from a prefabricated house provider. I think a careless mistake might have occurred since it was done only with a pen and calculator – on the other hand, the lady seemed very experienced, and I cannot imagine someone miscalculating.
The alternative to miscalculating would be "concealing" a later increase in the installments, which of course would be a bit sneaky.
I am asking here because I will earliest get feedback on Tuesday, and maybe I am overlooking something:
It is about financing 405k – which is divided according to the following blocks as follows:
I) KFW loan of 100k – 1.5% interest – for 20 years. After that, there is still an open sum of 33k with a currently unknown fixed interest rate. But you could still secure that. Calculated with a constant rate, a full repayment after another 10 years, so a total of 30 years – monthly installment 355 euros.
II) Special condition loan from the cooperation between BHW and house provider: 100k, 1.35% interest for 15 years, the following 15 years at 2.35% – monthly installment 265.
III) Remaining sum as loan – 205k – 1.9% interest for 15 years with 1.8% repayment, monthly 633 euros – after 15 years also 2.35% interest.
That is a total of 1,253 euros monthly with the statement that after 30 years you are completely done. From my point of view, that only applies to I) – for II and III that unfortunately does not fit at all. If I have not miscalculated, both last 37 years with a constant rate.
Even if the higher interests cause the installments to rise somewhat, it does not fit with 30 years...
The amount felt low to me when calculating, and I also asked twice if you are really done after 30 years, but I did not explicitly ask if the rates increase at any point – but that should have been communicated proactively? Unless it was to lure you in and you only get this info when it comes to the contract etc.
Just these 1,253 euros WITHOUT interest calculated over 30 years would be only 451k – even with low interest, that cannot be...
Maybe someone has an idea or tip about what I could have overlooked or how such a calculation typically comes about?
Thanks in advance...