Purchase of an MHR - Financing through bullet loan + home savings plan

Hello,

we want to buy an MRH and currently have an offer for financing.

House price:

Purchase price: 335,000,- €
Modernization: 20,000,- €
Furniture (kitchen): 10,000,- €
Real estate transfer costs (6.5% / SH): 21,775,- €
Notary costs (2%): 6,700,- €
Total: 393,475,- €

Equity:
Bank and savings balance: 90,000,- €
IB.SH Public loan: 91,000,- €
Own contribution: 10,000,- €
Total: 191,000,- €

From IB.SH we have the following two packages included, which the bank counts as equity:

IB.SH Immofix 41,000,- €
Nominal interest rate: 1.28 %
Effective annual interest rate: 1.32 %
Repayment rate: 2.00 %
Fixed interest period: 5 years
Monthly installment: 112.07 €
Remaining debt: 36,768.29 €

KFW 124 50,000,- €
Nominal interest rate: 1.20 %
Effective annual interest rate: 1.35 %
Repayment rate: 3.60 %
Fixed interest period: 10 years
Monthly installment: 199.95 €
Remaining debt: 32,894.26 €

From the financing by Postbank, we were given the following offer:

Bullet loan at the DSL Bank (repayment via building loan contract)
Loan amount: 213,000,- €
Nominal interest rate: 1.39 %
Effective annual interest rate: 1.50 %
Fixed interest period: 15 years
Monthly rate: 246.73 € <-- interest only, no repayment

Building savings contract at BHW - FX2N
Savings amount: 355,- €
Interest p.a. (savings phase): 0.10 %
Savings phase: 15 years
Closing fee: 2,130,- €
Annual charge: 12,- €
Allocation balance: 62,626.43 €
Repayment amount: 1,086,- €
Loan: 150,373.57 €
Nominal interest rate: 2.35 %
Effective interest rate: 2.53 %
Repayment phase: 13 years
Total duration: 28 years

The amount of 213,000,- € would thus be repaid in 28 years without special repayments.
With the packages from IB.SH, we try to reduce the amount at the end of the fixed interest period as much as possible by means of special repayments during the term (KfW) or repayment at the end of the fixed interest period (IB.SH). According to the financial advisor, the remaining residual amount will be re-assessed with the current interest rates of the respective programs.

Sum of the monthly burden:
Initially: 913.75 €
Without IB.SH: 801.68 € <-- after 5 years assuming full repayment
Without KfW: 601.73 € <-- after 10 years assuming full repayment
Loan phase: 1,086,- € <-- after 15 years assuming no special repayments or increased payments into the building saver

What I have already calculated is that for the loan at the bank + building savings contract we pay the following over the total period:

DSL Bank interest (15 years): 44,658.13 €
BHW savings phase: 64,610.00 €
BHW loan phase: 175,563.84 €
Total: 284,831.97 €
Loan amount: 231,000.00 €
Loan costs: 71,831.97 €

What I have tried in vain so far is to calculate an effective interest rate for the whole construct of the bullet loan (DSL Bank) and the building savings contract (BHW), so that I could compare this directly with a classic annuity loan. With a simple comparison (213,000,- € / 30 years / 2.5 % repayment) via Interhyp I received proposals for annuity loans with an interest rate of 1.89 %.

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What do you think of the offer?

Thank you very much for any comments and suggestions. :-)

I advise: an annuity loan is cheaper. The building savings contract is used here as a savings contract without significant interest. It only brings a commission to the dealer. If you want a bullet loan, you might as well take a life insurance policy, at least then the life is insured as well.
And bullet loan means: you always pay the same interest. Annuity means: you first pay a lot of interest and little repayment, but this gradually shifts more and more towards repayment. - My conclusion. Let a traditional bank finance the 213 times differently for you.... from a Volksbank, Raiffeisenbank, Sparkasse, or possibly Commerzbank. Postbank has anyhow become a gangster outfit, there is nothing left of the post and bank for the little people. And BHW was once Beamtenheimstättenwerk, all lost. K.

Hands off this offer from Postbank.
It all sounds a bit ... to me.

To name a few things:
Processing fee: €2,130
Annual charge: €12
Bullet loan (interest disadvantages) + this [Bausparkonstrukt]

Have a classic annuity loan offered to you by another bank.

Just so you know, this is the DSL Bank and after 27 years of working as a financing broker, I would never lump it together even remotely with the Postbank and BHW crew.

Building savings is not fundamentally to be demonized, but usually, for various reasons, an annuity loan combined with a free (not assigned) building savings contract for the repayment of the outstanding balance after the fixed interest period (which is precisely determined) is advisable. This combined model often outperforms full repayment variants, but is more flexible – the savings rate can be suspended in economically difficult times and possibly caught up later, and the repayment capital is always available if needed – and leads to lower prepayment penalties in case of early sale.

This statement only applies to consumers who want 100% interest rate security.

Moreover, if 100% interest rate security is desired, the model proposed here (in the 60% loan-to-value range) with a bullet repayment against a building savings contract is not much worse than an annuity loan with a longer fixed interest period and subsequent special repayments.

Hands off this offer from Postbank.
Everything sounds a bit ... to me.

To name a few things:
Completion fee: €2,130
Annual fee: €12
Bullet loan (interest disadvantages) + this building society construct

Have a classic annuity loan offered to you by another bank.

Shown alone like this completely unimportant, the decisive factor is the total costs and this is comparable with a building society model (bullet or annuity with residual debt insurance) and a full repayment model.

I would only finance with a bullet loan if the property is rented out. Because then the consistently high interest rate helps me somewhat on the cost side of the house for tax purposes. For owner-occupied properties, always use an annuity loan. If my annuity loan is not paid off after, say, 15 years, but still has 60,000 left, then I repay it by additionally investing a sum x per month in i shares or similar alongside the annuity. However, certainly not in a building savings contract with 1% interest on the balance.