bungrefurbs mortgage free journey

SOandSO

Hello

I am new to this and have joined the MFiT-T2 challenge as well. There is a calculator that I have found useful (although I don't know how to do links yet) which you can find easily in the Woolwich Mortgage Overpayment thread (currently on page 2). It has "bank rate" in the link and is in dollars (which you just ignore) but shows the amortisation table which breaks down the interest paid each month as well.

This will help calculate how much interest you will pay between now and the end of the fixed rate period and then whether it's worth the hit of the erc and a lower rate.

bungrefurb

hi SOandSO.........thanks for your input and as suggested i have been looking for the mortgage overpayment thread but can't seem to find it. Can anyone post me a link please?

SOandSO

here goes

http://www.bankrate.com/calculators/...alcalculator.aspx

I think it worked = yay!!

bungrefurb

fantastic SOandSO, thanks

bungrefurb

Update now that I have played around with the figures. My challenge is to pay £726.20 by the end of the year. This is whats left of the 10% maximum we can pay up till January 2010. I am hoping this is not going to be too difficult but with xmas not far off we shall see.

Since starting the diary I have become somewhat fixated on figures and what if scenarios.....must be good!

Louba

Good luck! Sounds like you've made amazing progress so far. I know what you mean about getting fixed on figures - I've just started on this journey too and it's definitely catching!

setmefree2

bungrefurb wrote: »

Update now that I have played around with the figures. My challenge is to pay £726.20 by the end of the year. This is whats left of the 10% maximum we can pay up till January 2010. I am hoping this is not going to be too difficult but with xmas not far off we shall see.

Since starting the diary I have become somewhat fixated on figures and what if scenarios.....must be good!

I'll look forward to reading about the remainder of your MF journey.

Best Wishes

SMF2

bungrefurb

Thanks SMF2

bungrefurb

Hi all

Just want to pick your brains please re critical illness cover. We are paying £103 each month for level term cover. This was taken out a few years ago and runs for a further 16 years.It was taken out when we got our first house. We now have 9 years left on the mortgage ( trying to reduce it!!). What are your thoughts re keeping this policy?

SOandSO

Hi

I'd keep it until the mortgage is paid off (I may be careful or just chicken);)