How do you keep track of where you are on MF route?

Welshlassie · 13 May 2008 at 11:30AM

I'm looking to start overpaying as soon as possible, even if it is only £10-£20 pm month initially. I have an Interest Only mortgage with IF, I know I'm able to view mortgage on line, will these overpayments start to show the capital coming down straight away?

How else do people keep track of their OP if their don't have online access?

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evab_2 · 13 May 2008 at 11:45AM

I get a quaterly statement but would love to have it online and even transfer little bits and pieces during the month but never mind!

I'm sure if you can sort out you figures and interest rates you could work out on a spreadsheet how your over payments are affecting the balance and I'm sure someone will be able to guide you (and me!) on that.

Ev

Ma77hew · 13 May 2008 at 12:23PM

Seeing the balance online depends on your mortgage provider, I can see mine online, but it doesn't show the actual capital balance, when I make a payment they deduct any interest accrued in the month before applying the overpayment, whereas in reality (and I've checked with them), the over payment comes directly off the mortgage.

So I also use a spreadsheet that basically has 7 columns, its relatively straight forward.

You need to have columns for the following:
period,
the starting balance,
the interest calculation (balance x interest rate / 12),
your standard payment,
any overpayments made in the month,
ending balance (starting balance + interest - standard payment - overpayment),
Then you can show the movement in the month (Starting balance - Ending Balance)

So Month 1 the starting balance will be whatever your mortgage provider tell you, in Month 2 the starting balance will be the ending balance for month 1.

This doesn't work exactly because it doesn't take into account daily interest, but is fairly accurate.

SuiDreams · 13 May 2008 at 12:26PM

I'm currently using MS money to do this as get 1 paper statement per year from my Provider. I've only just started to do this, but plan to check balance with Provider every three months or so and do a reconcilliation if necessary.

Welshlassie · 13 May 2008 at 12:31PM

Thanks guys.

All this thinking about overpayments has made me wonder if I can find an extra £10/£20 pm how much difference it would make and I have surprised myself by putting a spreadsheet together which will calculate it all for me.

I was expecting it to be really complicated and whilst I can use excel can't do difficult forumlae, but with a bit of trial and error have managaed to do one, which calculates my interest daily and has space for my overpayments. (Although it doesn't allow for when in the month my overpayments are made).

I will be using this going forward to try and bring our mortgage down a small amount until we have the capacity to throw more substantial funds at it.

Now I just need to get my account details and find out the current balance of the mortgage so my s/sheet is accurate to start with.

Thank you all for the motivation to get going, I've been faffing with this for far too long before now.

abouttimetoo · 13 May 2008 at 2:47PM

well done on your spreadsheet :T

I only get paper statement once a year so I'm also using a spreadsheet to keep track of things. My mortgage provider says they are planning on having an on-line viewing facility but at the minute they are not able to day when this will be ready

macca64 · 13 May 2008 at 2:58PM

I have put together a spreadsheet for my parents, which is acurate to within +/- about £2. This is down to the daily interest calculation, as my spreadsheet doesn't accurately work out when in the month the overpayment takes place. It works pretty well and a small adjustment can be made at the end of the year so that the mortgage statement reconciles back to the spreadsheet.

I can forward the spreadsheet on if anyone is interested, just PM me.

Kaz2904 · 14 May 2008 at 2:23AM

I use www.whatsthecost.com/snowballs.aspx and just update it every time I make a payment. I may have a problem now though because I need my nationwide card reader to make a payment whenever I go to do one. That means I can't do one at work!

How do you keep track of where you are on MF route?

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