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Ajmoney's mortgage reduction diary

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  • ajmoney
    ajmoney Posts: 6,459 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    The interest on my mortgage has gone down to £3.53 a day :D
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2392.98/£30,000
  • StuartGMC
    StuartGMC Posts: 2,175 Forumite
    Excellent - well done!
  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    ajmoney wrote: »
    The interest on my mortgage has gone down to £3.53 a day :D

    _yay__by_Toxic_Fox_Girl.gif:T
  • ajmoney
    ajmoney Posts: 6,459 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I have just looked at the interest over the few days and it seems to be £3.50/1 a day. Is it normal for it to keep going down so quickly?
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2392.98/£30,000
  • ajmoney
    ajmoney Posts: 6,459 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It is now £3.51
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2392.98/£30,000
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    That sounds normal AJ. The interest will rise slowly during the month then drop when your monthly payment is credited. Mine is £1.52 on one of my mortgages at the mo, will rise to £1.53 then fall back to £1.51 when Dec payment goes in. Not that I've calculated it or anything :whistle:
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • ajmoney
    ajmoney Posts: 6,459 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It had been £1.57 for ages, I think has definately gone down to £1.53 as I am sad enough to watch it daily when I check my bank balance. £1.51 may just be me getting my hopes up
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2392.98/£30,000
  • ajmoney
    ajmoney Posts: 6,459 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    My mortgage has gone down £251.06 in the last month...I paid the monthly payment of £260.24 and £135 in OPs :mad: I am kind of gutted. However the daily interest has been £3.51 apart from a couple where it has dropped to £3.50 so I guess it is all happening. Hopefully it will even out a bit more in the not to distant future.
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2392.98/£30,000
  • ajmoney
    ajmoney Posts: 6,459 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    So far in 4 and a half years I have paid a grand total of £8164.30 off my mortgage :confused: I can see how being mortgage free would be good. At least I would know that when I pay for something I don't pay a stupid amount of interest on it.
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2392.98/£30,000
  • ajmoney
    ajmoney Posts: 6,459 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I decided to cheer myself up and look on one of the mortgage calculators to see how my OPs have affected me. If I didn't OP at all I would have 19.67 years left until I was mortgage free. With my current OP of £100 a month (ignoring the odd extra OPs) this has dropped to just over 13 years. Even though I am not working to be fully mortgage free at the mo I am quite impressed. When we move (probably in the next couple of years) I will do calculations on that mortgage and get OH on board. All the OPs are currently done from my wages so it would be great if we could both attack the total.
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2392.98/£30,000
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