Plan of attack. My journey begins...

setmefree2

Well Done:D

davies0121

Thank you FinancialBliss! I think I'll go ahead and put one together now that I have the figures for the first 12 months. Hope you don't mind, I "borrowed" your layout. Looked like a good way to display this info. :A

Year starting balance: 110,499.00 :eek:

Month: Payment / Interest (per day) / Net reduction / Balance.

January: 632.28 / 555.26 (18.50) / 77.02 / 110,421.98
February: 632.28 / 554.87 (18.49) / 77.41 / 110,344.56
March: 632.28 / 554.48 (18.48) / 77.80 / 110,266.76
April: 632.28 / 554.09 (18.47) / 78.19 / 110,188.57
May: 632.28 / 553.70 (18.46) / 78.58 / 110,109.99
June: 632.28 / 553.30 (18.44) / 78.98 / 110,031.01
July: 632.28 / 552.91 (18.43) / 79.38 / 109,951.63
August: 632.28 / 552.51 (18.43) / 79.77 / 109,871.86
September: 632.28 / 552.11 (18.40) / 80.18 / 109,791.68
October: 632.28 / 551.70 (18.39) / 80.58 / 109,711.11
November: 1132.28 / 551.30 (18.37) / 580.98 / 109,130.12
December: 1132.28 / 548.38 (18.28) / 583.90 / 108,546.22


Totals (Payment / Interest / Net reduction):

Minimum: 632.28 / 548.38 / 77.02
Maximum: 1132.28 / 555.26 / 583.90
Average: 715.61 / 552.88 / 162.73
Total: 8,587.36 / 6,634.60 / 1,952.78

Even though overpayments have only just been started, you can clearly see the difference they are going to make to the interest of the next year! Yet another wonderful idea from this board to keep me even more motivated!:T

Just thought I would mention that since last week, I have decided NOT to put any more into my ISA for now. I will probably start again in a couple of months as I am putting this mortgage challange as No. 1 on my list. Due to Xmas, I have to put something on hold as money is tight at this time of year. (especially if you work offshore and are staying at home for nearly 5 weeks over this period)

StuartGMC

You've a sound basis there for the road ahead.

Whilst you aren't offshore through the Christmas break which impacts your finances, it is of course a "benefit" to be home when friends and family are off too. Good to see the impact of the spreadsheet, they are extremely useful in gaining a precise handle on the finances rather than estimating position from accounts etc.

Enjoy your break.

EssexHebridean

Hello - and welcome to the MFW'ers! I'm actually a bit envious of you in a way - we spent four years talking about OP'ing before we eventually found this site and, with some advice from a friend, got our acts together and started actually doing it! with the benefit of hindsight now I so wish we'd done it earlier - it's heartbreaking to think how much sooner we could have had it all under some form of control!

Those who have urged you to remember to include some slack in the budget for both fun and the unexpected are quite right - although if your OP's are being made "manually" rather than as part of your monthly payment this does at least give you the room to stop the payment one month if circumstances demand it. It could become very easy to end up resenting the extra money going out into the seemingly bottomless pit that is the mortgage, this is where encouragement both on here and via seeing figures change in your choice of spreadsheet etc is invaluable. Really looking forward to hearing of your ongoing progress - well done! :T