Financing project single-family house in Central Hesse

Hello forum!

We have reserved a plot of land and are now in the planning phase of the house. This is relatively advanced, and we have basically already received the green light from the bank. Nevertheless, I would like to gather a few opinions here again, as it is simply a lot of money and we are having a hard time making the decision.

Thank you very, very much.

General information about us

[*
my wife is 34, I am 36
[*]1 child (1.5 years old)
[*]Another child is planned after the house is built
[*]Both project managers at very well-known, large companies
[*]Both employed; permanent contracts
[*]I work about 40 hours, my wife part-time about 20 hours per week



Income and asset situation


[*]together 4800 EUR net. When my wife works full-time again, about 5600 EUR net
[*]Annual bonus payments of about 10,000 EUR, but these cannot be relied upon
[*]Child benefit: 194 EUR
[*]Equity capital: 60,000 EUR
[*]Of which 40,000 go into the house project



Expense situation

Housing costs


[*]current rent including utilities: 1523 EUR
[*]electricity & heating: 64 EUR
[*]telephone, internet, mobile phone: approx. 80 EUR per month


Car


[*]financing: 225 EUR
[*]insurance: 61 EUR
[*]fuel: 250 EUR


Living expenses


[*]groceries: approx. 300 EUR
[*]restaurant costs: approx. 200 EUR
[*]personal care/drugstore: approx. 75 EUR
[*]daycare: 233 EUR


Savings


[*]currently we save 1000 EUR monthly



Total income and expenses


[*]total income: approx. 5000 EUR
[*]total expenses:
[LIST]
[*]fixed costs: 2200 EUR
[*]variable costs: approx. 1200 EUR

General information about the property

[*
Size of the plot: 649 m²
[*]New construction, solid, single-family house with 1.5 stories
[*]Size of the house? approx. 160 m²



Construction or purchase costs


[*]land costs: 115,000 EUR (fully developed)
[*]acquisition incidental costs: 9,300 EUR
[*]construction costs: 300,000 EUR
[*]additional construction costs (e.g., house connections, soil expert, construction power, etc.): 10,000 EUR



Cost summary


[*]total costs: 439,000 EUR
[*]deductible equity capital: 40,000 EUR
[*]financing amount: 399,000 EUR



Necessary loan details

Annuity loan Naspa


[*]loan amount: 349,000 EUR
[*]interest rate: 2.02% / 2.06% (nominal / effective)
[*]fixed interest period: 15 years
[*]remaining debt at the end of the fixed interest period: 226,825.93 EUR
[*]fictitious total term until full repayment: 2053
[*]initial repayment rate: 2%
[*]monthly installment: 1,169.15 EUR
[*]special repayments possible? 5.00%
[*]repayment rate change possible? "The repayment rate can be changed twice free of charge during the fixed interest period within a range of 2% to 4% based on the loan amount."



KfW loan


[*]loan amount: 50,000 EUR
[*]type: KfW program owner-occupied property (124)
[*]interest rate: 1.70% / 1.73% (nominal / effective)
[*]fixed interest period: 10 years
[*]remaining debt at the end of the fixed interest period: 33,590.81 EUR
[*]fictitious total term until full repayment: 2043
[*]initial repayment rate: 3.377%
[*]monthly installment:
[LIST]
[*]70.83 € during the repayment-free start-up phase
[*]211.55 € during the repayment phase


[*]special repayments possible? "A special repayment of the entire amount is possible. A prepayment penalty applies."

Summary
So we would have a monthly installment of 1,380.70 EUR for both loans. Of course, the usual additional costs will also apply, which are higher for a house than for our current apartment.
However, we currently pay more rent for that. Put simply, the monthly cost for housing will remain about the same. However, monthly gasoline costs will increase.
Since we currently save 1,000 EUR monthly, we assume we can handle the financial burden.

What are your opinions?

Hello, solid finances. Rent including utilities as high as the loan burden. So okay. Have you ever been to a broker? The Naspa conditions feel high. For 2,x you should also get a 20-year fixed rate elsewhere. With such amounts, you should break away from your home bank. Especially since almost everyone participates in KfW programs. For the house construction, it seems cheap to me... hopefully nothing comes up afterwards.

I also think, it can be done! Looks solid. Income is enough, there is some buffer. Frau could top up. So you have options to react in the worst case.

Hello, this is my first post here, but right away the first question for understanding or maybe also a suggestion for improvement: what speaks against the KFW 153 program in combination with the 124? Lower interest rate than at the house bank and a repayment grant of 15,000 EUR, or is there a catch related to the TE?

Furthermore: fictitious full repayment in 2053 – isn't that way too late? Then you are 71, your wife 69....

Construction costs too low. 300 -> 360k
Ancillary construction costs too low. 10 -> 40k
Garage?
Basement?
Earthworks?

With 40k equity, there won't be an 80% financing. That means interest over 2%.
And when I read [KfW]... another 20k added to the whole calculation.

Best regards

Why "20k on the entire invoice on top" when the KfW loan has a lower interest rate, a shorter term, and a repayment grant....?? And also, how you get from the amount of 300,000 EUR to 360,000 EUR doesn't really make sense to me right now.