The third-generation of gravitational wave observatories, such as the Einstein Telescope (ET) and Cosmic Explorer (CE), aim for an improvement in sensitivity of at least a factor of ten over a wide frequency range compared to the current advanced detectors. In order to inform the design of the third-generation detectors and to develop and qualify their subsystems, dedicated test facilities are required. ETpathfinder prototype uses full interferometer configurations and aims to provide a high sensitivity facility in a similar environment as ET. Along with the interferometry at 1550 nm and silicon test masses, ETpathfinder will focus on cryogenic technologies, lasers and optics at 2090 nm and advanced quantum-noise reduction schemes. This paper analyses the underpinning noise contributions and combines them into full noise budgets of the two initially targeted configurations: 1) operating with 1550 nm laser light and at a temperature of 18 K and 2) operating at 2090 nm wavelength and a temperature of 123 K