schnizzel
2019-04-04 09:45:51
- #1
Hello everyone,
we (both 30, still childless) are now shortly before the start of construction (the first installment of over €15,000 to the developer has already been paid) and have now decided on a loan.
About the financial situation:
A loan of €260,000 is needed, equity >€100k is available.
We calculate with a simple salary of €3,000, which is currently over €3,300. We do not include my spouse’s salary in the calculation.
Our loan plan is now ready and provides the following:
€200,000 over 30 years with 1.7% effective annual interest at the Münchener Hypothekenbank
€60,000 over 10 years with 1.4% effective annual interest at the house bank
Repayment rates at the Hyp are €750, at the house bank we pay back €450. This makes a fairly decent total repayment sum of €1,200.
The contract with Münchener Hypothekenbank also offers us the possibility of up to 3 repayment rate changes, 10% special repayment per year, and full repayment after 10 years.
It also has a clause that allows us to reverse special repayments.
The special repayments are practically like a savings account. I can use all available money to repay the loan and thereby reduce my interest payments.
If I ever need a larger sum, I can withdraw an amount starting at €5,000 up to 3 times. Of course, I can only withdraw up to the amount of special repayments previously paid in.
What do you think of the financing?
Is there anything that I might have forgotten to consider?
we (both 30, still childless) are now shortly before the start of construction (the first installment of over €15,000 to the developer has already been paid) and have now decided on a loan.
About the financial situation:
A loan of €260,000 is needed, equity >€100k is available.
We calculate with a simple salary of €3,000, which is currently over €3,300. We do not include my spouse’s salary in the calculation.
Our loan plan is now ready and provides the following:
€200,000 over 30 years with 1.7% effective annual interest at the Münchener Hypothekenbank
€60,000 over 10 years with 1.4% effective annual interest at the house bank
Repayment rates at the Hyp are €750, at the house bank we pay back €450. This makes a fairly decent total repayment sum of €1,200.
The contract with Münchener Hypothekenbank also offers us the possibility of up to 3 repayment rate changes, 10% special repayment per year, and full repayment after 10 years.
It also has a clause that allows us to reverse special repayments.
The special repayments are practically like a savings account. I can use all available money to repay the loan and thereby reduce my interest payments.
If I ever need a larger sum, I can withdraw an amount starting at €5,000 up to 3 times. Of course, I can only withdraw up to the amount of special repayments previously paid in.
What do you think of the financing?
Is there anything that I might have forgotten to consider?