Financing single-family house 1964, 145k equity, 582k loan, 6k equity

[*]Who are you? m 39 years, f 38 years, 1 child 4 years old
[*]What do you do for a living? both employed, m full-time, f part-time

Income and asset situation:

[*]What income do you have (gross/net)? m 3800€, f 2600€ without Christmas bonus and profit shares
[*]How much child benefit do you receive? 219€
[*]How much equity do you have? 220k€
[*]How much equity do you want to invest in the house project? 145k€

Housing costs:

[*]current cold rent 900
[*]current warm rent 1100
[*]electricity 55
[*]telephone, internet, mobile 60

Mobility costs:

[*]2 vehicles (1 year old, 5 years old)
[*]insurance 900 (both together per year)
[*]taxes 300 (both together per year)
[*]fuel 100 (both together per month)

Insurance costs:

[*]300 €/month (includes pension/life insurance, household contents, liability, accident, legal protection)

Living expenses:

[*]1550 €/month

Other expenses:

[*]loans? none
[*]other expenses 200€/month

Total income and expenses:

[*]total income approx. 6600€
[*]total expenses approx. 3400€
[*]balance 3200€

General information about the property:

[*]How large is the plot? 650 sqm
[*]What is the standard land value? approx. 350€/sqm
[*]New build, old building (year built), house type? detached single-family house built in 1964
[*]Garages? 1
[*]How large is the house? (living area / usable area) 150/200 sqm
[*]2005 core renovation (roof/insulation, facade insulation, windows, doors, balcony, installations (water, gas, electric), condensing boiler, terrace, garden, interiors (bathrooms, etc.))

Construction or purchase costs:

[*]Acquisition incidental costs (notary, court, property transfer tax, realtor) 48,000€

Cost summary:

[*]Total costs 727k€
[*]deductible equity 145k€
[*]financing amount 582k€

Necessary loan details:

[*]loan amount 582k€
[*]loan type annuity loan,
[*]interest rate 0.94%
[*]interest fixed period 15 years
[*]remaining debt at end of fixed interest period 285k€
[*]estimated total term until full repayment approx. 28 years
[*]initial repayment rate 3.18%
[*]monthly rate 2000€
[*]early repayments possible? (specify amount) 5%
[*]repayment rate change possible? (conditions such as number, repayment rate range specify) yes

What is your opinion on this? I would like to close for 20 years. Which bank can you recommend? Banks previously contacted locally only want to do 15 years.

Thank you for your assessment.

Put the question the other way around: Why do you want to "pay dearly" for the 20 years? Given your conditions, the shorter term absolutely makes sense; the remaining debt after 15 years is a joke for you.

285k remaining debt is a joke for you :oops::oops::oops:

285k outstanding debt is a joke to you :oops::oops::oops:

Best to read fully: "for you all". But I am happy to explain it more thoroughly: For normal/low earners whose house is only worth 400k today, the 285k outstanding debt is probably no small matter. For people who already earn 6.4k + special payments today and whose house is apparently already worth 680k today, 285k (- inflation) in 15 years is a joke, yes! Especially since the woman presumably will not spend her whole life working part-time.

Also with regard to the starting situation of the TE, I do not see the remaining debt as a 'joke'! That is still a hefty chunk of money even in 15 years!!!

For me, that is already a lot of money. However, my wife would only start working full-time again in a few years. We have not factored that in. Do you have any suggestions regarding banks that offer 20-year terms and provide on-site support? The area sought is the greater Mannheim region. Thank you for your comments. Best regards, Hank