Budget calculator
You get the price you can purchase by adding the amount of equity you want to use and the amount of mortgage you can get. This gives you the overall investment costs incl. the purchasing extra costs (notary: app. 2% + property agent commission up to 3,57% + ground purchasing tax: 6% for Berlin; up to 6,5% in other states)
So if you have 100.000€ equity and can get 400.000€ mortgage and don’t plan a renovation and consider the full 11,57% extra costs for Berlin, you can afford
500.000€ : 1,1157 = ~ 448.000€ purchase price.
Finally you should always consider some buffer, as the prices of the property you are looking at can still go up byanother persons bid. We use 5%.
The amount of mortgage you can get is mainly based on what monthly payment you can bear in the view of the banks. What mortgage amount a monthly payment leads up to depends on the interest rate (Zinssatz) and initial principal rate (anfänglicher Tilgungssatz).
The interest rate you will get is based on many factors directly like the Loan-to-Value ratio, interest fixing period, energy efficiency of the property etc. and indirectly like which banks will make you an offer in the first place based on your residency or work situation.
As of December 2024 you can roughly calculate: For 10 years interest fixing; 100% Loan-to-Value (% refering to the purchase price, the extra cost must still be paid by equity or an additional private loan) = ~ 3,40%; for 90% LTV = ~ 3,00%; 80% LTV = ~ 2,90%.
Every bank has their own regulations for the initial principle rate. You can calculate with 2,00%, as this will be more than or the minimum rate of most banks. If you want to finance a 90% LTV many banks will also go as low as 1,50%.
The budget calculator is only available in german.