Ajmoney's mortgage reduction diary

ajmoney

Can someone remind me of an easy way to calculate daily interest other than look at the amount each day? I think I am having a really thick day today and my brain won't give me the answer.

wantabetterlife

Multiply the amount outstanding by your interest rate (ie) 100,000 x 4.99, and divide this by 365 to get your daily interest.
WABL

ajmoney

Thanks, I thought it was something along those lines, I was just multiplying and dividing the wrong amounts :rotfl:

Anyway my current daily interest rate is now down to £3.38 which is great. After my next payment my mortgage will be under £46K :j

Not sure we will be moving any time soon though so the total should get reduced by a lot more. We are waiting to hear if OH will get a NQT placement for August and at the moment it is not looking too hopeful. There maybe a possible temporary job on the horizon, we should know more tomorrow but everything is up in the air and it is really unsettling

ajmoney

Oh hasn't got a job I understand that they are making cuts in the teaching profession and that they need to relocate permanent teachers but it is very unfair on the NQTs. There should hopefully be some temporary work coming his way but we just have too wait, I hate this uncertainty.

setmefree2

ajmoney wrote: »

Oh hasn't got a job I understand that they are making cuts in the teaching profession and that they need to relocate permanent teachers but it is very unfair on the NQTs. There should hopefully be some temporary work coming his way but we just have too wait, I hate this uncertainty.

That Really tough after studying so hard too:(

ajmoney

I am looking forward to next month's payment on the mortgage as even including the interest that will be added through the month at the end I will have paid £10k off the mortgage :j

Had our first geocaching experience today, hoping to get OH on board with hillwalking and it seemed to work today as we both enjoyed it.

twinklie

ajmoney wrote: »

Oh hasn't got a job I understand that they are making cuts in the teaching profession and that they need to relocate permanent teachers but it is very unfair on the NQTs. There should hopefully be some temporary work coming his way but we just have too wait, I hate this uncertainty.

OMG what happened? I'm so sorry he doesn't have a job...I'm sure something will come up though. It sounded like he really liked it where he was as well. I'm so sorry.

ajmoney

He was only on his probation year. Their department has gone from 4 full time (including him) to 2 full and 1 part time. He will be working until the summer holidays and then that is it. There are a couple of year long temporary contracts coming up for maternity cover at a school he wants to work in but we will have to wait to see if he gets one of those. There were 3 probationers and only 1 of them was given work and that was after loads of staff had taken voluntary early retirement. We have our fingers crossed.

ajmoney

Last day of the month so here are my figures

Right I think these are the current figures.

Total payments £1,600
Total interest charged £516.87
Daily interest £3.38/9
Current balance £46,107.55

£698.80 of the payments are OPs so I think things are going ok at the mo.

ajmoney

Lots of good news.

Although OH doesn't have a job yet he was approached by 4 different schools yesterday letting him know they would have vacancies, either temporary or permanent. We just have to wait for the jobs to be advertised.

And...I passed my Masters and got a merit. I graduate in 4 weeks and am so relieved :j:j