General information about financing calculators

A financial bottleneck, buying a car or purchasing furniture to furnish a new apartment — there are a number of good reasons to borrow money. When it comes to larger amounts — for example for property financing — a loan is agreed in a written contract.

To calculate a construction loan or repayment, you should first know the forms of different loans. Financing calculators can tempt you to compare only the interest rates. However, the contract terms are also important.

Especially for real estate, it is common for a loan to have an interest rate fixed only for a certain period. After that, a new interest rate is negotiated. Use the time of the follow-up financing to also look at other offers to settle the outstanding debt. Construction loan calculators or repayment calculators can give a first impression. And even before buying or newly building a property, you should obtain several offers.

Basics of financing

A loan (Darlehen) generally refers to the provision of money, but it can also be in kind. In everyday language, the provision of money is often called a credit. For experts the distinction between the two terms matters, because the term credit is broader. A loan is a specific form of credit, so both terms are justified.

In banking, medium- and long-term credits whose amounts are paid out as a lump sum and repaid in instalments are called loans. A loan refers not only to the amount of money but also to the contract concluded between lender and borrower. In this contract the lender undertakes to provide the contractual partner with a certain sum of money. The borrower undertakes to repay the money under the agreed conditions. The contract therefore includes, in addition to the amount, the term, a repayment plan, interest rate fixation and a provision for special repayments.

Short-term loans are contracts with a term of less than one year. Contracts are called long-term if the loan is granted for more than four years. This is usually the case for construction financing or real estate financing. All other contracts are considered medium-term.

As compensation for the provision, the lender charges the borrower interest. The amount of interest and the method of payment are also recorded in the contract. Many contracts stipulate annual due dates for interest; other arrangements are also common. For short-term loans, interest is usually due at the end of the contract. The loan agreement also regulates whether the money is to be repaid in a single sum or in instalments. In the latter case, the amount of the instalments and their due dates are agreed. Early repayment, i.e. special repayments, is often possible. However, a considerable fee is usually charged for a special repayment. Additional costs such as processing fees or commitment interest and required collateral are further components of the contract.

Requirements for a loan

In theory, any adult who has reached the minimum age of 18 can take out a loan. Every loan is based on mutual trust. Therefore personal details such as name, date of birth, address and marital status belong in the credit or loan application. It is obvious that the lender will want to check whether the borrower is actually able to pay the amount provided and the interest as agreed. Usually it is sufficient to show that the contractual partner has a regular income of a certain minimum amount. Lenders accept copies of the most recent pay slip for workers, employees and civil servants or a copy of a pension notice if you receive a pension. Job seekers may possibly obtain a loan if they name a solvent guarantor.

Another way to check an applicant's creditworthiness is an inquiry with Schufa (Schutzgemeinschaft für allgemeine Kreditabsicherung). This credit bureau collects data related to the payment ability of private individuals or companies. For example, it records how many current accounts or credit cards someone has, whether they have debts with mail-order companies or telecommunications providers, and similar information. These data are evaluated by statistical methods and a score value between 0 and 100 is calculated. It indicates the probability that a credit or loan can be repaid.

If you do not want your score to be lowered by a loan agreement or if you cannot obtain a standard loan because of an unfavorable value, there are loans or credits without a Schufa entry. Such loans have higher security requirements. Applicants must not be older than 58 years and regular income must be at least 1,070 euros, whereas otherwise 850 euros is sufficient as minimum income. In these cases the loan amount is limited to 3,500 euros.

How to obtain your loan

If you need a loan, you should first inform yourself about potential partners and their terms. The internet ensures that you are no longer limited to offers from institutions in your neighborhood. For calculating your financing, it is best to use several calculators. This gives you a quick overview of the options available to you. Of course, you can also request your desired loan from us free of charge.

Our company has earned an excellent reputation over many years as a specialist for loans and credits of all kinds. In addition to general-purpose loans, we also provide civil servant and mortgage loans as well as instalment loans. Enter your desired loan amount between 1,500 and 250,000 euros and have your tailored financing calculated. Regardless of the desired amount, the nominal interest rate with us starts at 3.92%. This remains constant for the entire term. The money is repaid in monthly instalments, the amount of which depends on the agreed term. The first instalment is due four weeks after the loan amount has been paid out. Possible payment dates are the 1st and the 15th of a month. With this personal financing and repayment calculator in the form of a qualified staff member you can plan your financing precisely.

A strong partner at your side

If you are convinced by our offer, you should send us your loan request immediately. This can be completed in a few minutes using the clear online form. This request is free of charge and non-binding. A short time later you will receive all required information and the formal application by e-mail and by post. If you have provided all required information truthfully, you only need to sign the application and attach the required proof of income (pay slips, pension notice, etc.). If you still have questions, you can contact us personally, by telephone or by e-mail during business hours. From Monday to Thursday we are available continuously from 8:00 to 19:00 and on Fridays from 8:00 to 18:00. Your application will be processed immediately in our offices. After we have carefully checked your information, we will contact you immediately and discuss with you which options and terms the contract should have.

With our financing calculator we find the optimal partner for you and your project, because MAXDA acts as an independent intermediary between banks and borrowers. With our support you benefit from premium conditions granted to us as one of Germany's largest financial service providers. We are happy to pass these advantages on to our customers.

You should note your telephone number and e-mail address on the application so that we can contact you immediately. We find ways to help you unbureaucratically and quickly. We provide the money 100% by bank transfer or ready-to-send by post. Processing a loan without Schufa can take up to a week. If you want more comprehensive advice, one of our competent and friendly staff members will visit you at home. On site we discuss all necessary details and help you, if required, to complete the application.

When it makes sense to calculate financing?

Calculating financing with the help of a financing calculator proves particularly practical for property financing. With its help you can determine the level of interest and thus the future financial burden.

This step should be seen as preparation for a stable financing. This applies especially if you are considering applying for a loan.

Having financing calculated by an advisor has the advantage that all contingencies are taken into account — this is particularly practical if you want to apply for a loan without a Schufa entry.

There are now a large number of websites where visitors can calculate financing for free. However, these financing calculators should only represent a guideline. Anyone who really wants reliable results should turn to a specialist.

This proves especially practical if questions arise while calculating financing. When comparing different credit institutions, it is also advantageous to have the financing calculated independently. This approach can usually save you a considerable amount of money. However, you should only apply for a loan with a provider who can show appropriate references.

What to consider when calculating financing

Certain criteria must be taken into account when you want to calculate financing. Of particular importance is the correct entry of all data.

These include not only your name, date of birth and marital status, but also your financial situation — including rent, salary or pension and other income. This way you can have your financing calculated quickly and easily. Always have offers calculated using your current financial situation, not with funds you may expect in the future.

Financing calculators usually ask only a few basic points such as the purchase price of the property or, for follow-up financings, the outstanding debt and equity. In some construction financing calculators, equity is derived from the purchase price and the loan amount.

In addition, some calculators allow you to specify the length of the fixed interest period. On the one hand, this gives you the security that the interest rate will not rise for this period. On the other hand, the market may change during this time so that the agreed interest rate is above the usual rate after a few years. Long fixed interest periods are always a risk for banks, so you often receive more favorable offers for short fixed periods.

When repaying a loan such as a construction loan, some financing calculators let you choose between calculating by a fixed repayment rate (as a percentage of the loan amount) or by a fixed monthly instalment. For large loan amounts it is common to set a repayment rate. A monthly instalment and the repayment rate can also result from the condition that the loan should be repaid within the agreed fixed interest period or another fixed period (full repayment).

In any case, you should keep an eye on the repayment rate. If you repay only a small portion each month, the term will be longer and you will pay more interest. This makes the loan more expensive overall.

Special conditions such as changes or pauses in repayment or special repayments can also lead to additional fees or worse conditions. Therefore, loan offers should be requested once with and once without these special conditions.

What financing calculators cannot do

Note that despite entering your desired loan into a financing calculator you only receive theoretical values. Apart from the equity entry, your full financial situation is generally not taken into account. Which interest rate will be offered to you and what your repayment plan will look like can only be determined in a personal offer!

A reliable provider is of great importance if you want to calculate financing for a construction loan, for example. If you want the entire service from a single source, submit a loan request to us. This can be done either via form or by telephone.

If you would like information in advance on how to calculate financing or on the submission of documents, you are of course welcome to contact us. This ensures that the processing of your loan request proceeds quickly. However, please note that the review of an application for loans without Schufa can take up to a week.

As soon as we have reviewed your application, we will contact you. To enable quick contact, you should always provide your telephone number and e-mail address on your loan application.

In the next step we will discuss all conditions and all possible loan variants with you. Of course, we can also visit you on site.

MAXDA advice on financing

We are happy to assist you with any uncertainties and also support you in completing your contract. It is worth mentioning that we maintain contacts with many institutions and can therefore obtain loans for you on very favourable terms. We offer a variety of different loan options.

With us, applicants can obtain both loans without Schufa and civil servant loans, which feature very low interest rates and terms of up to 240 months. However, it should be noted that you must meet specific requirements for some loans. A civil servant loan is aimed at people who work as civil servants or employees in the public sector. However, employees who have worked for a company for more than ten years can also benefit from a civil servant loan.

If you are currently looking for work, this is not an obstacle to applying for a loan. If you can name a financially secure guarantor, nothing stands in the way of your application.

Procedure for a loan request

First complete the corresponding online form and send it to us. After we have checked your application, you will receive your loan application both by e-mail and by post. You must now complete and sign this. For completeness, attach a copy of your most recent pay slip or pension notice to the application.

Once you have completed these steps, send the entire application to us. As soon as we have received these documents, we will contact you to discuss the further procedure. This way all questions can be clarified.

MAXDA financing offers

Visiting our website is recommended not only for people who want to calculate their financing, but also for those considering applying for a favourable loan.

At MAXDA you receive low interest rates with attractive terms. Under certain conditions you can also receive a loan without Schufa.

Loans despite Schufa entries are very popular nowadays. Many people often receive an unjustified negative entry in the Schufa database — even a dunned invoice can result in such an entry. People who apply for a loan under these circumstances often have to reckon with higher costs. With us you can easily avoid this inconvenience.