aircockroaches:
I wish I had your problems Dude!
Why don't you go ahead with phase 2 and ask them all your questions there?
As far as I understood it you get a loan that pretty much covers everything. And then you pay it of for at least seven years afterwards, straight away from your salary (as long as you stay with the same company) and taxfree which is a bonus.
So if you don't have any money for the insurance you have to add to the loan...and so on.
But you have to made up your own mind if you really want to or not. Nobody can help you with that.
If you decide not to go to phase 2 can I have your place please??? ;-)
Best of luck!