Get yourself a 'Mortgage Pig'

pigpen

I just made another overpayment of £65 That is just over 1/12th of a monthly payment less.. well.. it all adds up.. I do wonder how much I have overpaid so far though.. I must have shortened the lifespan by at least a few months... so I should be looking at 23 years left rather than 23.5 years!!

My other debts are rapidly disappearing though which is fantastic and means I'll soon be able to make much bigger overpayments on a regular basis!

EverDecreasingCircles

We went out and bought our mortgage pig a couple of weeks ago. It now doubles as a swear box, so it's filling up nicely :whistle:

The funny thing is, when we went out to find a pig, we managed to find one with the initials MP written on the side :j How spooky!

Jen x

comping_cat

Ive done really well so far this month - mainly because i got a £120 cashback payment for taking out my car insurance via Topcashback!!!! Have paid in £167.36!!!!!

Liz33

I'm so excited just bought a lovely big pig at the weekend along with my best friend and i've been typing up the notice to place above him today so i'm off with my overpayments.

:beer:

pigpen

I just calculated my mortgage costs £19.73 a day (based on my monthly payment).. coincidentally that is the year I was born!! Useless snippet of info there lol.

I've paid off an extra £57.42 this month.. 3 days less!! well, almost.

not counted Blingda's takings yet, but she has at least £20 in there judging by the number of £1 and £2 coins I've thrown in. We've been a bit strapped this month anyway as I've paid off a couple of debts as well, or I will have rid of them come Friday!!

groatie_queen

My 'pig' is a beautiful stonewate owl, urchased secondhand from Ebay. For me, she symbolises the wisdom of saving, and looks very beautiful too.

I already had a large stoneware pig, but he doesn't have a bung in his undercarriage, so it's a major surgical operation emptying him, wiggling my broadest kitchen blade, holding piggy upside down and waiting for the manna from heaven to drop out - takes ages!!

Owl has a bung, so she'll lay the golden eggs quickly and easily. I won't be tempted to raid her, even when the windowcleaner comes unexpectedly!

In my case the anount to pay a day off the mortgage is encouragingly low - I've overpaid a lot in the past three years, prior to getting somewhat derailed by health challenges and reduced working hours. Nevertheless, since joining MSE I've picked up a lot of useful MSE ways, and I hope to put another chunk in the BS soon - making a day's reduction just £2.50 now - so a great incentive to keep going..... added to 'do I need it' when I'm shopping is, 'how many days off the mortgage does that cost me?'.

Happy saving everone
GQ

gallygirl

Never mind the days - it's when you work out how much an hour you're paying you know you need to get out more........:o

comping_cat

How do you work out how much a day (or hour) you pay off when making an overpayment? Would love to know how.

Ive just had my mortgage statement, and what started out as 90K (over borrowed and paid the extra £3500 in immediately) is now 81,204.61 - in less than 2 years!!! Im really pleased that its coming down, all thanks to the mortgage pig!!!!

groatie_queen

I'm not sure how others calculate a daily rate, but for me it's the balance remaining divided by the number of years and then by 365 - for a rough estimate - yes I know it doesn't take interest into account but I'm sure someone much more numerate than me can provide a better formula!!

PS Just emptied the pig, the last rwo £2 coins took ages - but they dropped out in the end! For a grand total of £42, since Christmas.

From now on it'll be owl right now....

pigpen

82.2p an hour
1.37p a minute
0.022p a second

Is that in depth enough for you?