Buying a property does not just mean transferring the purchase price to the seller. The acquisition of real estate involves numerous other costs at the time of purchase, but also beyond. There would be on the one hand the acquisition costs. On the other hand, there may be renovation work on the new object. And last but not least, the interest on the loan must be paid. All in all, the possible, feasible purchase price results from the acquirer’s budget. So that you know, which budget is available for the pure purchase price of the house or the flat, we developed the budget calculator for you.
What may the property cost?
Just fill in the fields in the budget calculator. As a result, you can see how much real estate, considering all the costs, you can afford.
Maximum amount of financing € + equity € total available amount € – costs for conversion / modernization € – Safety discount (5% of the maximum amount of funding) € – real estate transfer tax € – Notary fees and land register entry € – brokerage commission € Max. Purchase price € residual debt after fixed interest € Calculate now
How does the budget calculator work?
The first thing you need to do is set how much money you have monthly for your new property. If you move from an apartment to a house, please take into account that the consumption costs for water, electricity and heating in a house are higher than in an apartment. The land charges probably rise as well. This also applies to homeowners insurance and home contents insurance. First, enter what amount you can raise for the property interest and repayment.Employer loans are regarded as own funds, thus reducing the mortgage lending rate and thus the interest rate dependent on the lending term.
Costs for renovation and renovation
When acquiring an existing property, it can never be ruled out that conversions or renovations will be carried out immediately after the purchase or in the near future. Therefore, be sure to complete this field if you are planning a renovation or remodeling. These expenses reduce the budget available for the pure purchase price.
A construction loan is a commodity for which the acquirer, ie the borrower, has to pay a price. This price is the interest rate that together with the repayment determines how high the monthly installment will be for the financing. If you have not yet obtained any offers, you can get an idea of the current interest rates via our home loan comparison. Such a comparison offers you even more advantages. Here you will find out in detail everything you need to know about the financing conditions of the provider, for example, if a prepayment penalty is due in the event of premature repayment.
Indicate here how high your initial repayment should be. Initially, because the amortization continues to increase within the monthly steady rate. The rate is composed of interest and repayment. If the repayment is offset, the remaining debt decreases. The interest is charged only on the remaining debt, so a higher repayment installment can be included in the monthly charge. As a rule of thumb, the lower the interest rate, the higher the repayment should be. In this way, the acquirer prevents the new rate from being significantly higher at the end of the fixed-interest period with subsequent financing and possibly increased interest rates than the previous one, despite successful repayment.
Target rate fixation
The interest rate commitment or fixed interest rate specifies how long the agreed interest rate is binding for both parties. There is also a rule of thumb for the interest rate commitment: the lower the interest, the longer the interest rate commitment should be agreed. This secures the borrower favorable conditions over many years. You can use an amortization schedule to find out what the remaining debt at the end of the debit interest payment will be. It is important that the follow-up financing remains sustainable even with interim interest rates.
State in terms of land transfer tax and brokerage commission
Both the land transfer tax and the maximum brokerage commission vary from state to state. Against this background, it may make sense in border regions to look for real estate behind the border. With a purchase price of 400,000 euros, the total savings of five percent amount to at least 20,000 euros.
If you have negotiated an individual brokerage with the broker, enter this in the field “deviating brokerage commission”.
The real estate transfer tax may possibly be reduced if fixtures that are permanently attached to the house, such as a fitted kitchen, are deducted from the purchase price.
Notary, land registry and court
The costs for notary, court and land registry are usually accepted at 1.5 percent of the purchase price. If you have another value, correct the default.
Maximum amount of financing
The maximum amount of funding automatically results from your information on the monthly feasible rate, the interest and the desired repayment amount. It says how much you can borrow to buy a property.
Total available amount
The total available amount results from the financing volume and the equity capital. Of this amount, however, various costs incurred will be deducted. If these are subtracted, this results in the maximum possible purchase price for your desired property.
The purchase price and the mortgage lending value of a property are in most cases identical. For this reason, the bank makes a haircut on the purchase price in order to obtain the mortgage lending value of the property as accurately as possible, without having to examine every single stone of the property.
The haircut is typically calculated on a standard object at five percent of the maximum funding amount.
Maximum purchase price
The maximum purchase price is the maximum value that an apartment or house can cost you, after deducting the different costs already listed from the total amount available. The available amount, adjusted by
- Expenses for conversion or renovation
- Safety discount (five percent of the maximum possible financing amount)
- Real estate transfer tax (is assumed for this calculation as a percentage of the maximum possible purchase price)
- Brokerage commission (as a percentage of the maximum possible purchase price)
- Notary and land register costs (as a percentage of the maximum possible purchase price)gives the maximum purchase price for the object to be acquired.
The result is the amount of money you can spend on the purchase price based on what you have provided. You also see what residual debt exists at the end of the agreed fixed interest rate.
We have created the computer to the best of our knowledge. Please note, however, that we assume no liability for the information shown. The budget calculator is only for guidance in planning your real estate purchase.
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