Financing New Construction Condominium KfW 55

Good day,

I am in my mid-20s and currently still live under the same roof as my parents... with several rooms, separate areas, and my own bathroom, it has always been quite alright, but the desire for my own place is growing stronger.
Place of residence and also desired location for the new apartment: Gütersloh/Bielefeld – currently well known to everyone where that is...

I am permanently employed on a commission basis. My payout in bad months (which did not exist before Corona and especially before Tönnies) is around €2,500, and in good months sometimes €5,000-6,000. On average, and not naively, it is €3,000-4,000.
No costs for a car, as I have a company car.

I have an offer for a penthouse apartment with a large rooftop terrace, which should be ready to move into by mid-2021.
Size: 82 sqm
Price: €290,000
KfW55 standard
... it is exactly what I have been looking for for quite some time. Not too big, large rooftop terrace, penthouse in a good location. Something like this, if the wish for a family arises in 10 years, can also be well sold or rented out here in the area, which is very important to me for the future.

Equity: currently around €100,000

My plan is to pay the incidental purchase costs from the equity and take out a loan of €290,000.
A considerable amount will also go towards the kitchen, furnishings, etc.

You can get €120,000 from the KFW loan with an €18,000 repayment grant.
So I would still need €170,000 from the bank.

Now to my questions:

1.) The most important: what do you think of my plan? Feasible? Sensible?
2.) What interest rate fixed period should one choose currently? Rather 15-20 years to be safe or more like 10? Given the current situation, I think: better somewhat longer?
3.) What interest rates would probably be possible with the banks?

Looking forward to your help!

Thanks in advance and have a great rest of the weekend, everyone!

Watch out with the numbers! In which industry do you have such fluctuations?

... cars. Usually quieter in the summer, which you can also see on the payslip.

I would also appreciate answers to my remaining questions.

Have a nice Sunday

... cars. Usually quieter in summer, you can also notice that on the payslip

I would also be happy about answers to my other questions.

Have a nice Sunday

2 lock in for as long as possible! 3 There are tons of online calculators for that. As a car salesperson, you surely also have access to financing partners

Regarding your questions:
1. The project sounds absolutely feasible. However, concerning the loan amount, I would recommend using a bit more equity, as this will get you a better interest rate. Even if you only need a bank loan of 170,000 EUR, the bank providing the KfW loan for you will charge accordingly. Because strictly speaking, you are applying for 100% financing, regardless of whether half of it consists of subsidies.

2. I would recommend a fixed interest rate period of 15 to 20 years and an appropriate repayment rate depending on whether you want to keep the property long-term.

3. With 100% financing, the interest rate will be relatively high. Probably somewhere around 1.80%.

Thank you for your feedback!

I had thought of covering the additional costs (approx. €23,000) from the equity. That would leave me €70,000 for the kitchen, missing furnishings, painting work (probably a friend will do it, but not entirely for free either), furniture for the roof terrace, etc...
Are the €70,000 overdimensioned for that? I don’t need deluxe furniture, but maybe it shouldn’t be Ikea either... I just have little experience there.

What would be realistic here? Depending on that, of course, I could still put more equity into the financing.