Is single earner construction financing possible? Is equity available?

According to the online calculator of Sparkasse, the following result comes out with these details:



2 adults, 2 children

1 income €3,100 net

Child benefit €450 (no idea how high that is)

Warm rent including additional costs €1,100

Cost of living: Sparkasse flat rate

Car: flat rate for 1 car



Your monthly disposable income: €50



The following comes out:



Maximum financing amount



€13,333.33



– Safety buffer for unforeseen events (5.00%)



€18,166.67



– Notary and land registry fees (1.50%)



€4,563.68



– Property transfer tax (6.00%)



€18,254.74



– Broker fees



5.95



%







€18,102.61



– Modernization costs







+ Equity capital



€350,000.00



This is how much your property may cost



€304,245.63

Since we are looking in the Frankfurt area and surroundings, the prices (between 600-800k) are accordingly high. So far, I have not had any conversations with the banks.

It works comfortably with the equity. At your age, start with about 2% repayment (40 years term) and agree on repayment changes. That costs €300, only €800 monthly.

Child benefit is not income either!

Child benefit at the children's age is full income and is treated as such by every bank.

Maximum 250k financing

Child benefit is not income either!

Child benefit at the age of the children is full income and so it is with every bank.

I should have written: I would not include child benefit.
Although banks do it that way, the topic divides opinions here.
For me personally, I say: calculate without child benefit! If the financing works without child benefit, then it works. If it doesn’t work without child benefit, it won’t work with it either.

I should have said: I would not include child benefit in the calculation. Banks do it that way, but the topic divides opinions here. For me personally: calculate without child benefit! If the financing works without CB, then it works. If it doesn't work without CB, it won't work with it either.

Six of one, half a dozen of the other. The flat rate is higher than the child benefit. However, in my opinion, not high enough when I look at our expenses.