Is the financing amount for land and house realistic?

Hello everyone,

my girlfriend (27) and I (30) are planning to build a house next year.
The planned financing amount is €350,000. (Only house and incidental construction costs)
Now I wanted to know from your experience whether this is realistic.

Income

Me: €2400 net (without Christmas bonus etc.)
Girlfriend: €1900 net (€900 when we have a child)

I calculate with an income of €3300, as a child is expected in 2-3 years.

We currently have no loans, only the usual insurances like disability insurance, pension insurance, household insurance etc., approx. €400.
Two paid-off cars (2-3 years old) require approx. 100 liters of fuel per month.
Two building savings contracts into which we pay €200.
Spending behavior is "normal", eating out once or twice a month, vacation approx. €1500 per year etc.
Current cold rent €730.
Additional costs (incl. electricity): €200.

Part of our equity has already been spent on the plot (€80,000), but it is already in our possession and already developed.
The plot is relatively flat, as there was already a building on it before.
Because of the location where we are building, we also save on sewer charges.

So equity remaining €20,000 (buffer already deducted for kitchen and reserves approx. €25,000).

Overview
Total project sum (house + plot): €430,000
Equity (incl. plot): €100,000
Loan amount: €330,000

The goal is for the house to be paid off by the time I reach 55 years of age.

Do you see it as realistic to get a loan here? Or the goal to have the house paid off within 25 years?

You can calculate that yourself with a mortgage calculator.

I assumed fictitious numbers for a 25-year full repayment loan:

The required regular payment is: 1,480.44 euros (monthly)
The initial repayment rate is: 2.88% p.a.
Total term: 25 years (or 300 months)
Total interest and fees: 114,130.57 euros
Total cost: 444,130.57 euros
Effective annual interest rate: 2.53% p.a. (internal rate of return, IRR)

That already gives you an idea of the minimum burden you can calculate. Just replace the annual interest rate with your offers and you’ll know what you have to pay.

Roughly speaking, I wouldn’t spend more than 30% of net income on the payment.

Based on your situation, this will be a very tight squeeze. Or rather, I have the feeling that the loan might be a bit too big for your circumstances.