Biker91
2021-04-03 11:00:52
- #1
Hello everyone,
we are currently planning to build a house in 2022 and would like to draw on the forum's experience regarding financing. We are particularly interested in whether we have forgotten anything in our calculation or if our assumptions are completely off.
We are relatively confident about the construction costs – as we have just completed a very similar project within the family.
Total costs for construction + land: 600k
Current joint net income: 6600€ – for financing, however, I would like to base it on 5400€, since with a planned child my wife will go part-time and I do not want to include my variable salary component. Better safe than sorry. I also do not want to factor in a probably soon upcoming new position with correspondingly higher salary.
We have saved 300k in equity, of which we would like to keep 70k aside as security. Ergo, we want to take out a loan of 370k.
We have simply approached the matter from the direction of gathering our current expenses and then seeing what remains for repayment. We currently live in a condominium, which is basically provided to us for use.
Car 1: 800€
Car 2: 500€
Child: 500€ (planned for in 2-3 years)
Groceries and drugstore: 400€
Vacation: 500€
Going out: 300€
Clothing and miscellaneous: 300€
Mobile phone: 60€
Internet: 30€
Spotify: 15€
Liability insurance: 20€
House maintenance later: 500€
So about 1500€ remain for repayment. At an interest rate of 2%, we would thus be debt-free in about 25 years.
What do you think – have we forgotten anything or are we completely wrong somewhere? Please no tips now like 800€ for a car is way too little or too much – I think we have calculated that relatively well based on past experience.
Many thanks in advance for your answers :-)
we are currently planning to build a house in 2022 and would like to draw on the forum's experience regarding financing. We are particularly interested in whether we have forgotten anything in our calculation or if our assumptions are completely off.
We are relatively confident about the construction costs – as we have just completed a very similar project within the family.
Total costs for construction + land: 600k
Current joint net income: 6600€ – for financing, however, I would like to base it on 5400€, since with a planned child my wife will go part-time and I do not want to include my variable salary component. Better safe than sorry. I also do not want to factor in a probably soon upcoming new position with correspondingly higher salary.
We have saved 300k in equity, of which we would like to keep 70k aside as security. Ergo, we want to take out a loan of 370k.
We have simply approached the matter from the direction of gathering our current expenses and then seeing what remains for repayment. We currently live in a condominium, which is basically provided to us for use.
Car 1: 800€
Car 2: 500€
Child: 500€ (planned for in 2-3 years)
Groceries and drugstore: 400€
Vacation: 500€
Going out: 300€
Clothing and miscellaneous: 300€
Mobile phone: 60€
Internet: 30€
Spotify: 15€
Liability insurance: 20€
House maintenance later: 500€
So about 1500€ remain for repayment. At an interest rate of 2%, we would thus be debt-free in about 25 years.
What do you think – have we forgotten anything or are we completely wrong somewhere? Please no tips now like 800€ for a car is way too little or too much – I think we have calculated that relatively well based on past experience.
Many thanks in advance for your answers :-)