pammyj74's MFW diary (or possible wishful thinking!!)

pammyj74

thanks, it all mounts up though doesnt it

pammyj74

OP'd another £200 today plus the extra £127 from the payment being upped to reduce the term

so EMFD is July 2023 at the moment. so with the net few payments going down to 3.5% I can possibly reduce the term a bit more

this OP is down to winning a few pounds on slots this month
this month I have then OP'd in total £427 :T

If I have my figures correct I have 162 payments left so far 13 years and 6 months

Queen-Bee_2

Hi Pammy - just catching up on your thread... I've just done the same as you by bringing forward my monthly mortgage payment from the end to the start of the month. In my case, I'll be saving about £15 per month, cos I'm making quite big payments at present. Funny it took me so long to twig this - probably it's cos when I was working, I was paid at the end of the month so it seemed to make sense for my payments to come out asap afterwards...

Well done for all your individual overpayments!
QB

pammyj74

Yes I think I am going back to paying anything I can when I can rather than waiting now, it will all add up. I'll soon find out when the total online updates and I can see what my SS shows it would have been.

setmefree2

well done on the ops :T:T

pammyj74

Have OP'd another £200 today :beer:
so total for this month is now £627 :eek:
my EMFD is knocked down another 3 months to April 2023
but as I said before my rate goes down after feb payment so might see what the term will be if I make my MP £700 a month. I know the rate will more than likely go up again but for now it will be more than manageable.

pammyj74

well have just checked my balance online and it shows as £81648.31

My SS says EMFD is march 23 but there you go
Have worked out that my rate of 3.5% at £695 will make my term 12 years
if it went up to 4.5% the payment would only be £735ish so still manageble

so my EMFD would be March 22 :T :j :T that ever step closer

considering I started this journey and my mf dream at the beginning of 2009 with 22 years left thats amazing to think already I have knocked off 9 years (plus a years payment done)
thats 9 years of interest, wonder how much that actually is???

mummyofonechild

Work it out, it will be staggering and well done :beer:

pammyj74

Thank you, I have no idea how to work it out lol, but i bet its probably about £10k?

Queen-Bee_2

Hi Pammy, I worked out how much interest I could save using Locoblade's spreadsheet (if you search on this, you're bound to find it on the forum somewhere!) which allows you to input monthly payments and interest assumptions. It's fab and very easy to use! Best of luck, and if you find out your interest savings, let us know...
QB