How can I finance a house?

Hello everyone,

I have already looked around your forum and I think it is simply great. I ask for your help. I am thinking about owning a house. I am 36 years old, married, and we have 2 children. At the moment we pay ~ 500€ rent. Income is 2500 € including child benefit. Own capital is 15000 €.

The house should have a basement. So I believe 180000 €. The reason I am considering buying a new house is because if I want to look for a new rental now, I would also pay between 700 – 800 € for the rent.

How can I finance a house?

I also closed the Wohne – Riester this year and still do not know if that was the right choice.

Thanks in advance

A happy new year 2011

Hello hfb,

the financing could look as follows (all mentioned terms subject to change):

180,000 EUR assumed purchase price
3,060 EUR notary & court costs (approx. 1.7%)
6,300 EUR real estate transfer tax (3.5% - WARNING! can be higher in some federal states!)
189,360 EUR total

15,360 EUR equity
57,000 EUR KFW 124, 3.80%, 3.85% effective, 100% disbursement, repayment 1.45%, fixed for 10 years = 249.38 EUR monthly
117,000 EUR construction loan, 4.13%, 4.21% effective, 100% disbursement, repayment 1%, fixed for 10 years = 500.18 EUR monthly
189,360 EUR total = 749.56 EUR monthly

For a more precise plan or a concrete offer, please use the online construction financing inquiry on my website.

Best regards

M. Thiemann