Repayment deferral loan vs. annuity loan

Hello,

a total of €200,000.00 is to be financed.
I currently have two offers available.

1. Interest-only loan with repayment through a home savings contract

€110,000.00 over a total of 20 years 6 months:
10 years 2 months: nominal interest rate 0.88 %, installment €480.67
10 years 4 months: nominal interest rate 2.15 %, installment €563.00

Effective annual interest rate for the entire term from the disbursement of the interest-only loan 1.49 %
Effective annual interest rate from allocation 2.44 %
Interest costs: €18,226.15

€90,000.00 over 27 years 9 months:
14 years 8 months: nominal interest rate 1.49 %, installment €331.00
14 years 8 months: nominal interest rate 2.85 %, installment €331.00

Effective annual interest rate for the entire term from the disbursement of the interest-only loan 2.85 %
Effective annual interest rate from allocation 3.10 %
Interest costs: €29,678.28

Total interest: €47,904.43

In this variant, my Wohnriesterguthaben of €4,600.00 is included. That saves me about €3,000.00 in interest and the small loan is repaid about 3 years earlier. Wohnförderkonto is a familiar term to me. I would have allowances of €5,071.10 and additional tax benefits of €14,333.00. Upon retirement, about €16,500.00 would be due. So it is not a disadvantage.

Total installments:
10 years: €811.00
10 years: €894.00
7 years: €331.00

2. Variant via finance broker -> lender insurance

€150,000.00 with 20 years fixed interest at 1.86 % - installment €550.00

Interest costs after 20 years: €39,778.35 - outstanding debt €57,778.35. Here I assumed 5 % interest and an installment of €775.00, since then the second component is paid off. Interest costs €11,555.58. Makes a total of €51,333.93

€50,000.00 KFW 124 10 years fixed interest at 1.65 % installment €210.00
Interest costs €7,068.14 - outstanding debt €33,523.21

Incidentally, I am already saving into existing home savings contracts with a total of almost €100.00, with which after 10 years I will repay the outstanding debt of the KfW loan and additionally still have almost €3,000.00 privately in cash available. This then costs me almost €900.00 interest over 8 years with an installment of €225.00.

Thus, I am at total interest of €59,307.02 for both components.

Total installments:
10 years: €860.00
8 years: €775.00
6 years: €775.00

Thus, variant 1 is clearly the winner at first glance with similarly long terms. However, it must be taken into account that the monthly burden partly diverges. Since I can make unlimited special repayments and changes to the repayment rate in variant 1 and can repay 5 % special repayments annually and change the repayment rate 3 times free of charge in variant 2, I calculated variant 2 in Excel using the installments from variant 1 with a repayment calculator:

The interest costs are now practically the same. On the one hand, I know that home savings loans are always advised against here, but do I see it so that this is still the better option? Disadvantage: Wohnförderkonto for my head - financially no disadvantage
Advantage: after 20 years, €550.00 less in installment payments are due. If I consistently put the free capital into special repayments, the interest will certainly be reduced by a noticeable amount again. Another advantage is that I do not have to include the existing home savings contracts. Of course, I would reduce the savings significantly, but I have them in reserve for renovation emergencies. Moreover, my Wohn-Riester is used, which I could not use with an annuity loan. I would probably cancel it at a loss or leave it.

How do you evaluate the offers? I have other annuity loans from other banks, but they are worse than the ones mentioned above.

If described too complicatedly, feel free to ask :D

The comparison is flawed because you have to pay taxes on the Riester.

Sort of, that's what the allowance or tax benefit is for, which balances out the taxation and even brings a little profit.

Sort of, that's what the allowance or tax benefit is for, which offsets the taxation and even brings a little profit.

Doesn't that balance it out, allowances are eaten up by costs (by the way)

The Riester is not worth it for construction if you take it as a Riester loan. But if there is a Riester that was actually intended as a pension, and if there is already a bit in it, you can also use it as equity. That is reasonable. Equity is always better than debt. Better to have than to need.