Financing offers for a new building

I would have thought that the lender wants a certain pacing of the repayment for "large amounts".

Free yourself from "large amounts". They are always to be viewed in relation to the value of the house. Who cares about half a million in debt if on the asset side there is a house worth three-quarters of a million? Where is the risk? You always only see the debts without considering the asset side ;-)
Of course the bank wants a certain repayment. Many banks calculate, for example, with a maximum term of 40 years (that is a repayment of a little over 2%).

So I could take out a 500K loan, service it with a payment of 1500 euros and only run it for 15 years and then just "see" what happens after 15 years?

Sure, if the value of the property is also approved as good by the bank. What should happen?
1. You can continue to service the payment in 15 years. Thanks to inflation, purchasing power development, salary development, the 1,500€ in 15 years must be considered very differently than today. So nothing really happens then.
2. You mess up your life and can no longer service the loan. Then the house is auctioned (or you sell it) and the remaining financing is paid off. Nothing more happens.

Is that smart (I also don’t have a crystal ball)?

At your 1,500€ payment, that’s about 2% repayment. So after 15 years a remaining debt of 350K or a little less. Payment still 1,500€ in the context of a refinancing. Start again with 2% repayment. Then you can already handle over 3% interest.
All just a calculation example. What are 30 years worth to you then? What are your future expectations? The answer to your question is a clear “YES AND NO, it depends”. LOL

And with the financing of a property, can the payment be adjusted regularly or must you stick to the bank’s financing plan?

There is the option of adjusting the payment. This must be agreed in advance (of course costs a markup on the conditions).

Free yourself from "large sums". They always have to be viewed in relation to the value of the house. Who cares about half a million in debt if on the asset side there is a house worth three-quarters of a million. Where is
[..]
Everything is a calculation example. What are 30 years worth to you then? What is your expectation for the future? The answer to your question is a clear "YES and NO, it depends". LOL

Well, that's how the bank sees it. Personally, you have to see which risk you want to choose and endure. With 20 or 30 years, you "buy" more security. The alternative is to gamble a bit more – on future valuations and interest rate developments. For that, you can then save.

What I find interesting is the flexibility in the structure – can you cancel everything after 10 years and possibly restructure? Then you have paid for 10 more years, but can then go for cheaper conditions again for another 10 or 15 years if the interest rate level remains low and the value has developed positively. If not – just let it run in peace.

I would find the flexibility in the structure interesting – can you cancel everything after 10 years and possibly refinance?

It is regulated by law. Everyone can cancel after 10 years. Section 489 of the German Civil Code. Or did I misunderstand you?

You can do it with the income. But if you want children in 2 years, I would think it over carefully.

Good morning!

I wanted to give you an update since we have now signed a financing agreement. After a small correction of the conditions, we decided on Bank 1.

Volume - fixed interest period - target interest rate

KFW 153 - €120,000 - 10 - 0.98 - will be redeemed after 10 years by an existing home savings contract, which still needs to be funded with €20,000 in 10 years. NRW.Bank - €70,000 - 20 - 1.12 - will be paid off after 20 years Bank1 - €320,000 - 30 - 1.80 - after 10 years, the rate will be adjusted here to be paid off in 30 years (2 x repayment change - 10% special repayment p.a. possible)

Monthly rate is €1699.

This means we are taking out a loan of €510,000 and are paying about €20,000 in ancillary construction costs from equity.

The entire house construction (including kitchen, etc.) will end up at about €560,000, according to current estimates.

In my first thread in the general section, I will soon write an update and take you a bit through the construction phase. There will certainly be some points where I would like to have your advice.

Construction start is January 2020, depending on the weather. Here in the Lower Rhine region we haven’t had a real winter for a long time, hopefully it stays that way this year as well.

Best regards!

Construction starts in January 2020

then moving in will surely be soon! ;)

With this, we are taking out a loan of €510,000 and paying approximately €20,000 in incidental construction costs from equity. The entire house construction (including kitchen etc.) will end up at around €560,000, according to current estimates.

Question: You have €30K equity, of which you put €20K into incidental construction costs. Where does the €30K come from that is currently missing in the calculation?