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Hello.

I want to add a subdomain to my .com bought through dynadot.

Currently I forward toplevel.com to web1.myhostingserver.com.


And in addition I want to creat sub.toplevel.com and
forward it to externalpage.com/page1/page2.php.

How do I do this?

I was able to do that on a more costly provider.
(Same price in Euros)


And as I don't own an own DNS server (just hosting on free webspace) those DNS tools won't work, right?

You won't be able to do that through Dynadot's control panel.  You may want to look into using a DNS management tool.  Many of them are free and will allow you to forward your regular domain and a subdomain.