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  • FIRST POST
    • Blue_Bird
    • By Blue_Bird 13th Oct 16, 6:29 PM
    • 60Posts
    • 113Thanks
    Blue_Bird
    Advice needed for new MFW please :)
    • #1
    • 13th Oct 16, 6:29 PM
    Advice needed for new MFW please :) 13th Oct 16 at 6:29 PM
    Hi everyone,

    I've had a previous 'false start' but am now keen to make inroads into my mortgage. The bit I'm having difficulty with is calculating... I've looked at the mortgage overpayment calculator but it's not specific enough...does anyone know of a more detailed one?

    Numbers:

    Started: May 16 £92500
    Current: £91512.90

    3 yr fix til 31/3/19 @ 2.99% £437 pcm.

    I've just rounded up my payments, so that's a start, but I'd like to work out sensible targets to keep myself motivated. It seems logical that a big one would be 75% as that's when the better rates for remortgage kick in, but I'm unsure how to work out exactly what I'd need to overpay per month to achieve that

    I was planning on doing the 1% challenge like I'd seen on DFW until I realised how much 1% of the mortgage actually was!

    TIA to anyone that takes time to read/answer!

    Blue
Page 1
    • A Frayed Knot
    • By A Frayed Knot 13th Oct 16, 8:20 PM
    • 2,129 Posts
    • 9,575 Thanks
    A Frayed Knot
    • #2
    • 13th Oct 16, 8:20 PM
    • #2
    • 13th Oct 16, 8:20 PM
    Try this addictive calculator

    http://whatsthecost.com/snowball.aspx


    Have fun and let us know how you get on

    Best trying my challenge, aim for 00.00 at the end of your mortgage or even 000.00 every month.
    Last edited by A Frayed Knot; 13-10-2016 at 8:22 PM.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • A Frayed Knot
    • By A Frayed Knot 13th Oct 16, 9:47 PM
    • 2,129 Posts
    • 9,575 Thanks
    A Frayed Knot
    • #3
    • 13th Oct 16, 9:47 PM
    • #3
    • 13th Oct 16, 9:47 PM
    Ok, couldn't wait to calculate it out, so here goes; (hope your sitting down)

    Mortgage £92,500 75% = £69,375
    Mortgage payment £437 plus o/p of £519.60 = £956.60/month
    Mortgage at March 2019 = £69,374.99 = 75%


    o/p required every month of £519.60

    That is, of course, if your £92,500 is 100% of your mortgage.
    Last edited by A Frayed Knot; 13-10-2016 at 9:50 PM.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • Blue_Bird
    • By Blue_Bird 13th Oct 16, 11:38 PM
    • 60 Posts
    • 113 Thanks
    Blue_Bird
    • #4
    • 13th Oct 16, 11:38 PM
    Wowzer!
    • #4
    • 13th Oct 16, 11:38 PM
    Hey A Frayed Knot!

    Thanks for the reply! And I think overpayment sof that much might be a bit ambitious!! But I really like your "zeros" suggestion (and it will sit well with my obsession with rounding...hurrah
    I had edited this my initial post but it doesn't seem to have shown up...

    I had previously posted and then hadn't returned, so apologies to those who had responded. I've recently considered my financial situation and set myself some targets/improved savings accounts etc. Clouting the mortgage is going to be the big one, I'm committed to reducing my term but am very keen to live in the now and therefore won't be restricting myself too much in terms of what some may view as frivolous spending (i.e. Holidays and trips).

    What I'm really trying to do is make my money work harder for me, whilst still enjoying it.

    I look forward to picking up hints and tips along the way

    Blue
    Last edited by Blue_Bird; 13-10-2016 at 11:39 PM. Reason: Attempting to remove the angry smiley!
    • A Frayed Knot
    • By A Frayed Knot 14th Oct 16, 7:54 AM
    • 2,129 Posts
    • 9,575 Thanks
    A Frayed Knot
    • #5
    • 14th Oct 16, 7:54 AM
    • #5
    • 14th Oct 16, 7:54 AM
    Need more info now How much do you think you could o/p each month ?

    When I started o/p I read somewhere (many thanks to whoever posted it) that even if you o/p £1 - it is a £1 that you will never pay interest on, ever again. Really inspired me, so every time I o/p - I think, i'm not ever paying interest on that again


    Have you had a play with the calculator, yet?
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • Kittenkirst
    • By Kittenkirst 14th Oct 16, 8:34 AM
    • 1,608 Posts
    • 8,377 Thanks
    Kittenkirst
    • #6
    • 14th Oct 16, 8:34 AM
    • #6
    • 14th Oct 16, 8:34 AM
    Hi Blue!! :waves:

    Making a diary is I think the best start as it helps you to keep the focus & be accountable!

    I've just got my mortgage and first payment is being made on the 20th but I'm trying to plan small regular overpayments already!

    My best advice is to do a budget/statement of affairs and pop it on here- people can then help point out ways you can reduce spending and you can see if they work for you!

    I'm a big believer in living for the now and having fun, with a keen eye on making my future as comfortable as possible by small, frequent changes.

    Good luck with your journey!
    2017 MFW #20 - OP £2151.52: £2150 100%
    Last 3 months- Sep £206.32 Oct: £179.60 Nov: £12.58

    Emergency fund £3945/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
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