maduuto
2019-10-31 02:24:07
- #1
Hello everyone, soon we can apply for the financing and we are unsure which option we should choose:
A brief overview of the key data: combined net salary 4500€, ages 25 and 31, maximum installment 1450€ and term 33 years (it is slightly more below in some cases, the annuity would need to be increased in that case, those were just sample offers), planned special repayment of 4000€ per year.
Total costs 460,000€, equity 25,000€, so almost 100% financing, house construction, loan requirement 435,290€
We have received the following offers:
Volksbank Düsseldorf, 1.87% interest rate, loan amount 335,290€, fixed interest period 25 years, installment 1081€, remaining debt at the end of the interest period 121,773€
KFW153 40+, 0.75% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 319.83€, 1 year interest-only, 15,000€ grant, remaining debt at the end of the interest period 55,211€
Volksbank Düsseldorf, 1.66% interest rate, loan amount 335,290€, fixed interest period 20 years, installment 1022€, remaining debt at the end of the interest period 176,358€
KFW153 40+, 0.75% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 319.83€, 1 year interest-only, 15,000€ grant, remaining debt at the end of the interest period 55,211€
Volksbank Düsseldorf, 1.77% interest rate, loan amount 285,290€, fixed interest period 25 years, installment 896.29€, remaining debt at the end of the interest period 106,027€
KFW153 40+, 0.75% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 319.83€, 1 year interest-only, 15,000€ grant, remaining debt at the end of the interest period 55,211€
KFW124, 0.65% interest rate, loan amount 50,000€, fixed interest period 10 years, installment 187.55€, remaining debt at the end of the interest period 32,153€
Volksbank Düsseldorf, 1.38% interest rate, loan amount 235,290€, fixed interest period 20 years, installment 741.16€, remaining debt at the end of the interest period 105,313€
KFW153 40+, 0.75% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 319.83€, 1 year interest-only, 15,000€ grant, remaining debt at the end of the interest period 55,211€
KFW124, 0.65% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 375.10€, remaining debt at the end of the interest period 64,315€
I have not requested an offer with KFW124 50,000/100,000 with opposite fixed interest terms.
Now the question is, what would you take?
KFW153 definitely, but KFW124 yes, no, or only partially? The risk I see is in 10 years when the fixed interest period ends. I have already considered the parallel saving of a building savings contract that then matures or even making the KFW loans interest-only, but not every bank offers this.
However, it would be enough for us if the KFW is fully repaid in 30 years in total, if the interest rate rises to 5% I have calculated with the total remaining debt (planning KFW124 with 100k) of 120,000€, 5% interest rate, 20 years repayment, monthly installment 800. That would be 100€ more than now. 100€ more in 10 years would be okay.
Or can the repayment rate not be adjusted after 10 years?
Well, what would you take? How would you see it. Difficult. I hope you can help. We tend towards the riskier option and the main loan on 20 years, since the interest difference to 25 years is 0.4%, according to the fixed interest rate calculator that is cheaper.
Many, many thanks!
A brief overview of the key data: combined net salary 4500€, ages 25 and 31, maximum installment 1450€ and term 33 years (it is slightly more below in some cases, the annuity would need to be increased in that case, those were just sample offers), planned special repayment of 4000€ per year.
Total costs 460,000€, equity 25,000€, so almost 100% financing, house construction, loan requirement 435,290€
We have received the following offers:
Volksbank Düsseldorf, 1.87% interest rate, loan amount 335,290€, fixed interest period 25 years, installment 1081€, remaining debt at the end of the interest period 121,773€
KFW153 40+, 0.75% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 319.83€, 1 year interest-only, 15,000€ grant, remaining debt at the end of the interest period 55,211€
Volksbank Düsseldorf, 1.66% interest rate, loan amount 335,290€, fixed interest period 20 years, installment 1022€, remaining debt at the end of the interest period 176,358€
KFW153 40+, 0.75% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 319.83€, 1 year interest-only, 15,000€ grant, remaining debt at the end of the interest period 55,211€
Volksbank Düsseldorf, 1.77% interest rate, loan amount 285,290€, fixed interest period 25 years, installment 896.29€, remaining debt at the end of the interest period 106,027€
KFW153 40+, 0.75% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 319.83€, 1 year interest-only, 15,000€ grant, remaining debt at the end of the interest period 55,211€
KFW124, 0.65% interest rate, loan amount 50,000€, fixed interest period 10 years, installment 187.55€, remaining debt at the end of the interest period 32,153€
Volksbank Düsseldorf, 1.38% interest rate, loan amount 235,290€, fixed interest period 20 years, installment 741.16€, remaining debt at the end of the interest period 105,313€
KFW153 40+, 0.75% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 319.83€, 1 year interest-only, 15,000€ grant, remaining debt at the end of the interest period 55,211€
KFW124, 0.65% interest rate, loan amount 100,000€, fixed interest period 10 years, installment 375.10€, remaining debt at the end of the interest period 64,315€
I have not requested an offer with KFW124 50,000/100,000 with opposite fixed interest terms.
Now the question is, what would you take?
KFW153 definitely, but KFW124 yes, no, or only partially? The risk I see is in 10 years when the fixed interest period ends. I have already considered the parallel saving of a building savings contract that then matures or even making the KFW loans interest-only, but not every bank offers this.
However, it would be enough for us if the KFW is fully repaid in 30 years in total, if the interest rate rises to 5% I have calculated with the total remaining debt (planning KFW124 with 100k) of 120,000€, 5% interest rate, 20 years repayment, monthly installment 800. That would be 100€ more than now. 100€ more in 10 years would be okay.
Or can the repayment rate not be adjusted after 10 years?
Well, what would you take? How would you see it. Difficult. I hope you can help. We tend towards the riskier option and the main loan on 20 years, since the interest difference to 25 years is 0.4%, according to the fixed interest rate calculator that is cheaper.
Many, many thanks!