Is the financing so realistic? What is the amount of the financing?

Hello Rico&Nancy,

Your loan will be paid off in November. In my opinion, an early repayment makes little sense. You would pay prepayment interest – which can be saved.
Moreover, a paid-off loan has a positive effect on the Schufa rating (however, I don’t know when the reporting and updating takes place).

Since a planning phase takes quite a long time (with us > 1 year), I will include the freed-up monthly installment:
From November you will have monthly free capital available:
600 euros (free loan installment)
600 euros cold rent (I assume 184 euros ancillary costs)
500 euros monthly savings rate

Thus, you would have 1,700 euros per month available for your financing. You should budget ancillary costs for the house of 1.50 - 2.00 euros per square meter. That means a flat rate of, e.g., 150 m² would be 225 - 300 euros. You subtract these from the 1,700 euros (but you can offset your ancillary rental costs here).

1,700 € - 150 € = 1,550 euros

This would be your maximum savings/loan installment at date X. According to the above-mentioned information from Koempy, a flat rate of 500 euros monthly installment / 100,000 loan can be used (= 6 % annuity). Thus, you could theoretically take out about 300,000 euros in credit.

BUT: Then you are completely exposed. You no longer have any reserves and do not build any for the time being.
If something breaks away from you (e.g., child support payments for your daughter), it would become very tight. In addition, other costs may change (e.g., commuting costs to work if you previously lived in the city and will live outside the city in the future, etc.)

Personally, I have some reservations. You have very little equity (barely enough for the ancillary costs when buying the land). The situation will ease somewhat if Nancy works full-time.
You will find a bank that will finance you. But it could get tight.

First, look for a plot of land in peace and plan the house calmly in parallel. Then you will see how high the financing requirement is. Save targeted during this time.

And are you ready to restrict yourselves in this regard in the future?

So you would basically recommend that I save the amount of 1700 € from November for about a year and then go to a bank?

And are you willing to restrict yourselves in this regard (2 - 3 vacations) in the future?

Yes definitely..We have seen the parts of the world we wanted to see. Now it’s time to get down to business ;-)

Do you actually want a second child later?

We would then proceed with the financing once we have found a plot of land. Do you finance it separately or preferably together?