Question about the financing offer

Hello everyone!

We are also planning to build a house and are now shortly before signing the contract.
The construction project is in BW, postal code 72459.
It will be a detached single-family house with a basement, garage & carport.
All trades (including painters, etc.) are included in the house price, as well as our special requests (2 cross-buildings, 1 dormer, large windows, visible wooden beam ceiling, usable attic, air-to-air heat pump with central ventilation and double heat recovery, ...)
Since we are not craftsmen and have none in the family, the house will be built turnkey.
The house price is €386,500 plus additional construction costs (e.g. permits, structural engineer approval, excavation, connections).
We calculate a total price of €466,000; the plot is already fully paid off.
As equity, we therefore have the plot (€50,000) plus €30,000 in cash and an active building savings contract with €50,000.
Professionally, my partner and I are in permanent employment, with a net income currently €3,500/month.

For financing, we have now set the amount at €485,000; the monthly installment in the first offer is €1393, which would also be the maximum we had envisioned.
Details:
Mixed financing with the house bank
Name, loan amount, nominal interest rate, fixed interest term, effective interest rate, outstanding after fixed interest term, installment
1 Vorsorgedarlehen, €90,000, 2.5%, 25 years, 2.53%, €58,779, €262.50
2 Building savings contract with Riester, €80,000, 1.450%, until end, 1.52%, --, €313.61
3 Building savings contract with Riester, €80,000, 1.450%, until end, 1.52%, --, €313.61
4 L-Bank KFW 55, €50,000, 0.750%, 10 years, 0.75%, €35,692, €159.92
5 Bank loan, €110,000, 1.750%, 10 years, 1.76%, €85,975, €343.75

In 10 years, we would have to renegotiate the KfW and bank loans.
In 25 years, the remaining balance of 1 (Vorsorgedarlehen) would have to be renegotiated.
The two building savings contracts would be fixed, hopefully unchanged.

What do you think of this financing?

3500 € each or together!? So 485 K€ would be 2000 € per month at 5% annuity – not much would be left.

The total amount of the loans is 410TEUR. Isn't something missing?

How is the current building savings contract integrated?

How old are you?
Do you have children?
Are you planning to have children?
How is the net income distributed and what are the respective gross incomes?
How many monthly salaries per year?
What benefits do you see in Riester pensions?
What is a Vorsorgedarlehen?
Where are the pre-financing loans for the building savings contracts?
What is the credit interest rate for the BVS?

Questions upon questions...

The offer is at least not completely off the mark, but in my eyes not yet optimal.

Hello,
even if you don't want to read it, I hope you have informed yourselves well about the air/air heat pump from your prefab house manufacturer ([im Netz stehen viele Erfahrungsberichte]) and have also spoken with a solid house builder (turnkey). How much living space does your house have so that the price can be better assigned?
I am critical of Riester due to the deferred taxation. Have you already inquired at the L-Bank? If you have children or are planning to, there is also the possibility to finance completely there with very good conditions.

Hello everyone!

First of all, thank you for the contributions.
Okay, I’ll provide more details to make it more coherent.


Income she: €2500 gross/month
Income he: €3500 gross/month plus company car with private use
each 12 salaries


Financing amount would be €410,000 - correct, I wrote this incorrectly in my first post in my eagerness ... sorry.

How old are you?
she: 23
he: 28

Do you have children?
no

Are you planning children?
yes

How is the net income distributed and what are the respective gross incomes?
How many monthly salaries/year?
see above

What advantages do you see in Riester?
State subsidy for repayment per Riester contract and later subsidy for children

What is a Vorsorgedarlehen?
This is an offer from R+V
The offer comes from the local Volksbank, which in turn now lists various providers in the overall financing.

Where are the pre-financing loans for the building savings contracts?
What is the credit interest rate for the BVS?
Pre-financing building savings contracts:
These are each 1.52% effective.
Credit interest is 0.1%
The installment consists as follows: €216.94 savings and €96.67 interest due


Our builder comes from the same district as our building site, he has corresponding experience and knows the climate.
He has already realized several projects in our region/district with timber frame construction and air-to-air heat pumps.
We viewed two houses under construction and one already occupied together. We also spoke personally with the occupants; the calculated values correspond to the actual consumption values in the end.
In all three houses it was also nicely warm. The insulation etc. is appropriately matched and almost a KfW-44/40 house ...
Living area (without basement) is 162 sqm (185 sqm floor area, minus roof slopes).

I am afraid the loan amount is too high. Especially if you still want children and then only one partner can work. As long as both work, it could work. But if only one works, the burden is far too high. Living expenses and additional costs also come on top. And that is not little.

Assuming a net income of 2500 for the main earner, the burden for the installment alone in the event that this person works alone is more than 50%. And I find that too high.

I would initially have a bad feeling about the loan amount.