Our offer for financing

Hello,

Our situation:
New construction of a single-family house in Münsterland
She 2600€ tenured civil servant
Desire to have children, therefore a long-term income of 2000€.
He 1900€

Here is our financing offer

Financing amount: 320,000€
Land is equity: 50,000

Components are:
Wohnriester
Kfw 70
Annuity loan
Building savings contracts that secure the interest rates

Effective interest rate is: 2.53
Special repayments possible

Initial rate of 1200€ (in the first 3 years additionally a kitchen with 0% financing)
and from the 5th year a rate of 1350€ until 2044

What do you think of the rates? Feasible from the 5th year? If not, what rate do you consider appropriate?

If I haven't miscalculated, for 370,000 over 28 years at 2.53% interest you need a rate of 1,538 to end up at zero. How do the 1,200 or 1,350 come about?

Otherwise: Without information about ongoing expenses, it is difficult to assess this for you. However, I would point out that 2,000 (instead of 2,600) for her implies that more than 50% work is continued - which means additional money for care will be due, while the (presumably existing) PKV still costs the same amount and the offspring might also need to be insured there. It’s none of my business, but financially it seems obvious that you would reduce your hours if your lady actually earns more, doesn’t it?

It would be too much for me... building savings contracts (how many?), Riester, loans bank and KFW.

Why do you want to put money into building savings contracts that you can use for repayment?

If you are married and having a child is actually a topic in the next few years, you should have the child legally insured with you and take parental leave.
Are the income figures net or does your partner still have health insurance deducted? If your partner is not yet in grade 8 and paid in the final office, her income will definitely increase steadily in the next few years. ;)

How much do you currently have available monthly for saving, how high are your expenses?

Without more precise information, we cannot assess your situation.

Not possible to assess without details. However, I don't find the components that great either, just annuity loans + Kfw checked once? Was the Riester story also properly calculated?

Good morning,

I was on parental leave (2 years ago) and if not much has changed, you get 67% of the net salary and a maximum of 1800 paid out. And if you want a good stroller plus baby equipment, you can already expect around 1000 euros. So also put something aside for the desire to have children. ;)