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    • JimmyTheWig
    • By JimmyTheWig 23rd Oct 11, 12:07 AM
    • 11,512Posts
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    JimmyTheWig
    Milestone reached - More than half monthly payment paying off capital
    • #1
    • 23rd Oct 11, 12:07 AM
    Milestone reached - More than half monthly payment paying off capital 23rd Oct 11 at 12:07 AM
    Hi,

    I wouldn't describe myself as a MfW, more of a Mortgage free Wannabe Wannabe! Would love to be mortgage free, but just have other priorities right now.

    But in going through our files last night I realised that, as of about 2 months ago, we've reached the milestone where over half of our monthly mortgage payment is going towards paying off capital and less than half of it is "dead money" on interest.


    Next milestone is 50% equity. Should be in about 12 months time.


    Hope everyone's doing well with theirs,

    Jim
Page 2
    • JimmyTheWig
    • By JimmyTheWig 12th May 16, 11:04 AM
    • 11,512 Posts
    • 11,165 Thanks
    JimmyTheWig
    Next milestone is for two thirds of the monthly payment going towards capital rather than interest.
    If my rates stay the same we should hit that in around 15 months time.
    Originally posted by JimmyTheWig
    Don't know what I was thinking when I wrote this, but it was wildly out.
    It's still 27 months from now until I hit that milestone if rates stay the same.

    But I've got a fixed rate ending in September which I need to renew, so fingers crossed...
    • JimmyTheWig
    • By JimmyTheWig 2nd Sep 16, 11:50 AM
    • 11,512 Posts
    • 11,165 Thanks
    JimmyTheWig
    But I've got a fixed rate ending in September which I need to renew, so fingers crossed...
    Originally posted by JimmyTheWig
    Milestone reached. Currently 70.9% of the monthly payment is going towards capital. Less than 30% of it is wasted money.

    Next milestone... Finally get back to a single loan. Should happen in two years time.
    • JimmyTheWig
    • By JimmyTheWig 7th Sep 17, 10:47 AM
    • 11,512 Posts
    • 11,165 Thanks
    JimmyTheWig
    Still due to get back to a single loan in a year's time.

    In the meantime, another milestone snuck up on me. Now got more than 60% equity which we hit 3 months ago. Currently 60.71%.
    • chelseablue
    • By chelseablue 7th Sep 17, 12:45 PM
    • 2,286 Posts
    • 2,812 Thanks
    chelseablue
    I find the Nationwide house price calculator accurate, but it updates once a quarter.


    House worth approx. £433,000, mortgage outstanding £221,000 so almost at 50% ltv


    Mortgage payment is £722 a month and about £420 comes off the balance so over half the payment now


    Only another 30 years to go!
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • JimmyTheWig
    • By JimmyTheWig 7th Sep 17, 2:49 PM
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    JimmyTheWig
    What's that - 1.64% interest chelseablue? I'm envious of that rate!
    [But then my balance is lower than yours and monthly payments higher, so mine will be paid off in half that time - so I guess I can't really complain!]
    • chelseablue
    • By chelseablue 7th Sep 17, 2:53 PM
    • 2,286 Posts
    • 2,812 Thanks
    chelseablue
    What's that - 1.64% interest chelseablue? I'm envious of that rate!
    [But then my balance is lower than yours and monthly payments higher, so mine will be paid off in half that time - so I guess I can't really complain!]
    Originally posted by JimmyTheWig
    Current rate is 1.49%

    Fixed rate ends in March next year, so expecting to go up slightly. If I stay with Halifax they are currently offering 1.55% to stay with them
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • Madcatgirl
    • By Madcatgirl 7th Sep 17, 3:05 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    Well done - I like seeing this spread over the years! I'm off to check Zoopla for my house!
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • JimmyTheWig
    • By JimmyTheWig 2nd Nov 17, 11:13 AM
    • 11,512 Posts
    • 11,165 Thanks
    JimmyTheWig
    Still due to get back to a single loan in a year's time.
    Originally posted by JimmyTheWig
    There's another milestone I'm heading for before this. Not overly easy to put in to words, but will try.
    Obviously the highest point of our mortgage was when we moved house 4 years ago.
    But before that, the highest point was when we got our loft converted in our old house in 2010.
    So next milestone is to get the mortgage below the point it was when we had our loft conversion. Should hit it in 6 months time.
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