Is financing a condominium possible with my salary?

Hello,

I would like to hear your advice. Whether I will actually do it is uncertain, but I would be grateful for an assessment from you as professionals, or some advice.

I am 28 years old, no children, single, earning 2800 € net (no Christmas/holiday bonus or other bonuses included), 40,000 € equity (50k is available, but I want to keep some buffer and the kitchen still needs to be paid for), and I have been looking for property for quite some time. Now, once again, a multi-family house with 5 residential units is being built nearby. Two interesting apartments are available for 259,000 € and 269,000 € respectively.

Scout ID: 101751442

What I definitely need for living expenses is 1300 € per month. This covers everything including quarterly and other occasional costs. Adding a 200 € buffer, the monthly costs would amount to 1500 €. So, 1300 € would be available. I would still have to deduct the service charges, and it wouldn't be bad to have some money set aside as reserves for the apartment, so I am calculating with an amount of 1000 € for repayment.

When I enter everything with a 15-year fixed interest period, an interest rate of 1.8%, and a repayment rate of 2.75% for the construction financing, I get the following:

Special repayment of 1500 € per year is included.

Calculation basics
Loan amount: 247,000.00 EUR
Value/Purchase price of the property: 269,000.00 EUR
Loan-to-value ratio: 91.82%
Nominal interest rate p.a.: 1.80%
Repayment rate p.a. in the first year: 2.75%
Duration of fixed interest period: 15 years
Term of the loan until full repayment: 23 years, 10 months
Result of the calculation
Monthly loan installment: 936.54 EUR
- thereof interest (39.56% of the rate): 370.50 EUR
- thereof repayment (60.44% of the rate): 566.04 EUR
At the end of the fixed interest period of 15 years
Interest (16.82% of the rate): 157.51 EUR
Repayment (83.18% of the rate): 779.03 EUR
Outstanding debt: 104,226.63 EUR
Amount repaid: 142,773.37 EUR
Total interest paid: 48,304.13 EUR

Still, all this gives me a stomach ache; I would prefer to buy cheaper, but my current living situation also doesn’t make it easy to wait forever (I have been searching for a long time, unfortunately the housing market in my search area is like picked clean). Could you give me a few words of advice, does it look quite good, or did I forget this or that?

When we bought it, my wife and I almost threw up after the notary contract. So much for the pressure ;) In terms of the raw numbers, it fits. You should just consider whether the etw. will be sufficient if partners and/or children are added in the future.

It would definitely make sense, for the purpose of interest optimization, to come close to the loan-to-value ratio just under 90%.

HilfeHilfe is right, consider family planning ... financially and also in terms of apartment layout.

Surprisingly, despite concerns beforehand, I have actually not felt the "pressure" so far. I just pay the monthly installment to the bank and no longer to the landlord :)

Thank you very much for your answers. They help me further =)