Please provide an assessment of financing possibilities

Good evening,
we (my wife and I) would like to purchase a house in a new development area in the Cologne metropolitan area.
We would be very grateful for an assessment or advice on financing options.

About us:
m38 and w36, currently earning approximately €8,200 net together monthly (5,000 + 3,200), minus about €250 private health insurance
He is a civil servant, she is permanently employed
(no children yet, 1-2 planned)
about €110,000 equity
currently paying about €1,700 cold rent, which will no longer apply once we buy a house
2 nearly new cars available
no further obligations

Property:
Detached single-family house, nearly 160m2 on a 350 sqm building plot
Solidly built house with a basement, meets Kfw55 standard
Built by a developer established in the region.
Completion planned for the end of 2017.
Price: €600,000 including incidental purchase costs.
The purchase price includes the house fully ready to move in (including floors, walls, bathrooms, garage, garden landscaping). Overall quality level classified as "upscale."

Additionally:
- Kitchen (planned around €15,000 – realistic?)
- Possible extras in addition to the standard fittings (planned €15,000-20,000)
Total costs therefore about €630,000-640,000

The financing approach planned is a fixed interest rate for 20 years with a low initial repayment rate (2%), but with the option for special repayments. In addition, the use of KfW Program 153 (€100,000 / 20 years) and possibly 124 (€50,000/ xx years) would be considered.
To remain financially flexible, a monthly burden of not significantly over €2,000 is desired.

Questions:
- How much of the equity should be used – and for what purpose best?
- Are the KFW programs advisable?
- Are there other interesting programs that would be sensible in our situation?
- Is the planned rate realistic, or will it turn out more expensive?
- Is the overall burden reasonable, or is there a risk of overburdening ourselves in the long term?

Thank you very much in advance for your assessments and advice!

Property:
Detached single-family house, just under 160m2 on a 350sqm building plot
Solidly built house with a basement, meets KFW55 [...] The purchase price includes the house fully move-in ready (including floors, walls, bathrooms, garage, garden area). Overall level of equipment described as "upscale"

I am curious

Which architecture with which equipment at what price for the single-family house.... if you want to answer.

Building expert on the go

Hello, The price is as stated at 600,000. Land plus house including all construction costs is about 550,000 – so including tax and notary around 600,000 The house is a classic single-family home, 1.5 stories with a gable roof, clinker facade, and has a heated basement. The equipment corresponds to a good standard but not luxury. (Those are the extras...) Included are floors with parquet/tiles, underfloor heating, electric shutters, and the technical equipment/insulation for KFW 55 standard (for example ventilation system, triple glazing, etc.) I can’t think of anything else now without sending a full exposé immediately.

One should set aside 2-3 months' salaries... so if nothing else is planned, you could allocate 80-90k. What it is for in the long run does not matter, as long as the calculation and planning are correct.

Otherwise, it should not be impossible. But please inform yourselves about [Elterngeld], your plans regarding childcare and work breaks, as well as daycare fees with this income.

And then use this "worst case" for planning, to see if you can still manage the rate of about 2,000 euros. Make an income & expense calculation.

You can also calmly send a property profile to the building expert, they are always open and honest with you.

The price is as stated at 600,000.

I am not blind ... maybe not yet

Land plus house including all construction costs is about 550,000 - so including tax and notary roughly 600,000

I asked for the "pure" house price. Alternatively, you can also publish the land price; I can still calculate backwards

Rhenish greetings