2010 MF Wannabes

SmileyG_2

MFW #48 reporting in

Fourth overpayment of 2010 made on the 15th April. Numbers are

2010 Overpayment target: £2760
March overpayment : £250
Overpayments to date: £1000

My overall mortgage status is now:

Mortgage at 15/04/2010
Outstanding balance: £53,594
Estimated endowment value: £23, 320 (estimated @31/03/2010)
Investments: £13,845 (up since beginning of year:))
Deficit: -£16,058


My overpayments since Jan 09 will also save me an estimated £775 before my target MF date of September 2014

SmileyG

curlygirl1971

taka wrote: »

2042! Wow! :eek: You are not alone though... but my spreadsheet only runs until 2027!

My spreadsheet runs til Aug 2027, but since I've been OP'ing, it only really needs to go up to Jan 2026 and if I'm able to maintain current levels of OP's (I can hope!) then I will only need my spreadsheet upto July 19.............but that's still a long time away and anything could happen good or bad in that time. Doesn't stop me gawping at my spreadsheet though and fiddling with the figures

jess444_2

Hi,

OH has retired and we have paid his lump sum off the mortgage. There is now only £14,000 left to pay. :jThe end feels so close and I can't wait, so I am going all out to try to pay it off within the next year. It is just about possible if I am really frugal. There is an added incentive as my current job comes to an end in 12 months and it would be good not to have the mortgage to worry about if the worst happens and I am made redundant.
Wish me luck

Jess

FirstTimeSaver_2

Hi,

I am now a fully fledged member of MFW 2010!!!! :j

I'm number 172!!! Yippee.

Thanks DansMum for your words of encouragement.

Taka....I'm very very jealous Wish my wasn't until 2042, it seems a lifetime away.

Well I made an overpayment tonight of........ da da da....£70.28. Only another £165,269.60 to go...

Barny1979

Payment made today to round my payments up to £8500 for 2010. 85% of my 2010 target

black_taxi_2

first-time saver

you have a 32 year mortgage?

are you paying £940 a month?

ave percentage 5.75%

with no over-payments total cost is £361,000 :eek: over 32 years

£100 o/p a month saves you £51000---£310,000 over 25 years

£200 o/p a month saves you £79400---£282400 over 20 years

£300 o/p a month saves you £98000---£263600 new term 18 years

£400 o/p a month saves you £111000--£250300 new term 16 years

£500 o/p a month saves you £121500--££240200 new term 14 years

taka

curlygirl1971 wrote: »

My spreadsheet runs til Aug 2027, but since I've been OP'ing, it only really needs to go up to Jan 2026 and if I'm able to maintain current levels of OP's (I can hope!) then I will only need my spreadsheet upto July 19.............but that's still a long time away and anything could happen good or bad in that time. Doesn't stop me gawping at my spreadsheet though and fiddling with the figures

Ooooooo... you have a very similar time frame to me! Mine goes till Dec 2027 (but only needs to go to March 27 currently!) I want mine all paid off by Aug 19 as that is the 25th annivarsary of me taking out my 1st ever mortgage (which was for 25yrs) I would love to have it all gone by the same date.

Actually I'd love it to be gone by the time I'm 40 (2015) but that is probably not going to happen without a miracle or a 2nd job! :cool:

FirstTimeSaver wrote: »

Well I made an overpayment tonight of........ da da da....£70.28. Only another £165,269.60 to go...

:T:T:T:T

More than mine... my last OP for for £1! :rotfl:

FirstTimeSaver_2

Wow Black Taxi - those are truly horrifying figures! It makes me feel sick thinking about how much interest we are having to pay back. I only wish I had started doing this 10 years ago, I'm really kicking myself.

We got 32 years left on mortgage, fixed rate of 3.89% until September 2011. We pay £750.74 each month. I'm trying very hard to find some extra money for us to make overpayments but we're both very stretched at the moment. Unfortunately my lottery ticket on Wednesday wasn't as lucky as I had hoped...rats!

Taka - Bless you!! They do say that every penny (pound!) counts. Well done, something is always better than nothing.

black_taxi_2

didnt want to scare u first-timer

like me most people didnt realise how much money is made on interest over te years

even scarier-- interest rates now are at historic lows---

LittleMissKitty

FirstTimeSaver wrote: »

Wow Black Taxi - those are truly horrifying figures! It makes me feel sick thinking about how much interest we are having to pay back. I only wish I had started doing this 10 years ago, I'm really kicking myself.

You are not alone Firsttimer! I've got a 36yr mortgage for £134199 with 33 years left to run and I can only afford £100-£200 OP a month. When I see people paying off thousands I want to cry! But our little OP's will soon add up and seeing the interest savings alone makes it worthwhile! Our MF day will be here before we know it

Kitty x