Feedback on financing requested

Hello everyone,

I have been a silent reader so far and wanted to ask for your opinion on our financing.

Here are a few parameters:

- Both 30
- Child planned within the next 3 years
- both permanently employed as project managers (> 7 years)
- salary all in together 6200 € per month, from 2018 6500€
- current warm rent 1300 €

About the construction project:

- equity 60,000€
- solid house including land, incidental costs, development, contingency buffer amounts to 450,000€
- 135 sqm living space
- kitchen is extra (estimated 10,000 to 12,000 €) (0% financing over 36 months)
- personal contributions planned but not considered (trades initially included in the financing)
- 300€ monthly for incidental costs budgeted

Financing:

- 390,000€ after deducting equity
- 20 years fixed interest period 3% repayment and 1.8% interest
- residual debt: approx. 110,000€
- results in a monthly installment of 1570 €

Are there any missing information?
What do you say?

Regards
Christian

Hello, 1.8% with a 20-year fixed interest period are, in my opinion, great conditions considering the loan amount and equity.

Where can you get 1.8% on 20 years for the loan? At the moment, I would have estimated more around 2-2.1. The rate is a piece of cake with that income, unless you drive luxury cars twice. But then the people will come again who think that 1-2 years of parental leave seems to threaten their livelihood.

Hello 1.8% I also consider unrealistic, rather 2.2% - 2.5%. In addition, the outdoor area is still missing in your planning. Nevertheless, with your income a financing is feasible, just not at the calculated rate. Regards

I will also take the 1.8%. If you do not get any special company conditions, your interest rate will be between 2.2-2.5%, as has already mentioned.

With this great salary, there should have been more equity easily? You should be able to save 40-50k per year?