Special repayment, saving or consumption?

I see it exactly the same way. Everyone should do what they think is right and feel good about it. I am simply someone who does not want to have debts, and if it cannot be avoided, they should be paid off as quickly as possible. At almost 40, I have only had to finance two things so far: my studies and the house, and I hope it stays that way.

Freedom and life mean for me also living carefree and unburdened without debts. I hate debts and don't want to have a creditor on my back

Unfortunately, this is an attitude that was very commendable 50 years ago. From a financial policy perspective, however, it is not compatible with the current and future monetary policy. You always have to have debts to accumulate wealth. Saving alone no longer works, or you are aiming for the opposite. This has major disadvantages for you, but if you consciously want to accept these, okay.

Unfortunately, that is an attitude that was very commendable 50 years ago. From a fiscal policy perspective, however, it is not compatible with the current and future monetary policy. You always have to have debt in order to accumulate wealth. Saving alone no longer works or you are aiming for the opposite. That has major disadvantages for you, but if you consciously want to accept them, okay.

Maybe a financial investment of 500k with high risk (since possibly a loan of a similar amount) will be enough for him in his life? He will certainly make additional investments and diversify a bit.

I will ask you again later whether you still see this completely as an advantage if you:

- get divorced and have children
- want to travel at 65 given the current pension situation (yes, quite doable, since the future age 65-70 will not be the current 65-70)
- lose your job
- interest rates rise so enormously that you can no longer repay your loan

From a purely economic perspective, you may be mostly right, but many private individuals do not necessarily think like a company that has to invest to be successful.

We are human after all, have no employees working for us, but want to live happily and contentedly without having hundreds of thousands in debt for a lifetime.

It always seems to me that nowadays people always justify debts as "good" so they don’t feel bad when they are totally over-indebted, can hardly pay off the loan anymore, or have a term of 45 years. My guess is simply that this will eventually catch up with all people.

My opinion... But as you describe that "major disadvantages" arise here, that is simply not true. You are just taking an enormous risk with your attitude.

If a time like Corona (or even much worse) comes and your debts do not decrease but you lose your job, you would wish you had repaid like "Stonymelony".

Stonymelony is more the low-risk type and you are the totally risk-loving type – just a difference – but to say that he has enormous disadvantages because of it is really completely wrong!

I do not understand the argument "risk-taking type." Maybe it is just a misunderstanding? It is not about not repaying and squandering the money that becomes available. One should invest it at a higher interest rate than the mortgage. There are still fixed deposit products (safe!) that yield higher interest than the construction loan costs (calculation example a few pages earlier). Anyone can do that without having to be afraid of anything.

It is like the example of the special repayment that saves €10,000 over the term. That's nice, but invested over the corresponding period, it would yield €20,000, just as an example. Of course, with some risk (stocks(funds)). In this scenario, however, one does not have to fear the expensive follow-up loan, since the previously forgone special repayment can be made up with capital to reduce the debt. In addition, rising mortgage interest rates also mean rising fixed interest on (safe) capital investments, as well as the onset of inflation (=the real value of the debt decreases automatically, salaries increase).

Which secure, risk-free investment yields more than the cost of a [Baufinanzierung]?

I don't understand the argument "risk-taking type." Maybe it's just a misunderstanding?
It's not about not repaying and then squandering the money that becomes available. The goal is to invest at a higher interest rate than the mortgage loan. There are still fixed deposit products (safe!) that yield higher interest than the construction loan costs (calculation example a few pages earlier). Anyone can do that without having to be afraid.

It's like the example of the special repayment that saves 10,000€ over the term. That's nice, but if invested over the corresponding time, that would yield 20,000€, as an example. Of course, with some risk exposure (stocks/funds).
In this scenario, you don't have to fear the expensive follow-up loan because the previously skipped special repayment can be made up with capital to reduce the debt. Moreover, rising real estate interest rates also mean rising fixed interest on (safe) investments, as well as beginning inflation (=the value of the debt decreases on its own, salaries rise).

Completely understandable, also totally correct economically – see leverage effect.

Any investment that yields more money than special repayments only pays off if I commit to this investment for more than 10-15 years, that’s just a fact...

Purely economically, it's completely plausible and feasible for every investor. A private company is set up for the long term, has existed for several decades, demands growth, and has completely different means to manage this.

With a family of four with average earners and a single-family home, I have a completely different internal structure. I have totally different needs and characteristics.
Here I have to consider things that a capital company never even remotely has to think about. That’s why I don’t necessarily find this comparison apt.

If after 15 years I can say that my loan is repaid and I have 600€ less to pay per month, that is not comparable to:

--> Meanwhile, my money is working and in 10 years it is worth significantly more than if I had not put the money into special repayment. Life circumstances can change, crises can arise, etc... Also, the emotional factor plays a huge role! What you call risk might not seem risky, but it is! Not from an entrepreneurial perspective, but from a private one!

Always remember: special repayments are always possible only as a percentage per year... I cannot simply repay my loan from one day to the next as soon as I can retrieve my long-term invested capital after 15 years.

And as you yourself mentioned: "Stock funds, with some risk." A special repayment has 0% risk. If I need the money after 10 years but I happen to be in a crisis, I have to be able to ride out that crisis. Money that I invest in stock funds, in my opinion, must be money that I do not need and that is basically "irrelevant" to me at first. That can definitely be the case for some borrowers, but absolutely not for many!

I don't understand the argument "risk-loving type." Maybe it's just a misunderstanding?

There were also some opinions here that one should live now. I always find the middle ground sensible. Live now, yes, but not excessively. Prepay loans, yes, but not down to the last € in the account, but also keep reserves in the account, daily money, and ETFs. This certainly won't make you rich, but it will prepare you well for crises.

As long as in times of crisis assets > loans, you are indebted but not overindebted.