£161,044.25 reasons to be mortgage free

wantabetterlife

Wooohooo.....

Have just calculated our daily interest and we have broke through to the £17 's.
Last month it was £18.07 and this month it is £17.97....okay its not much of a difference but psychollogically it feels great

twistedhazel

This might be a daft question but how do you calculate the daily interest please? Ta muchly.

wantabetterlife

twistedhazel wrote: »

This might be a daft question but how do you calculate the daily interest please? Ta muchly.

Hi Twistedhazel to work out your daily interest take the outstanding amount of your mortgage, say £100.000 and divide this by 100 (to get one percent) and then multiply this figure by your interest rate, say 4.99. This gives you the interest you pay for a full year...to get the amount per day simply divide by 365 (days in year)

Below is an example:

100,000 / 100 = 1000

1000 x 4.99 = £4999 ( yearly interest)

4999 / 365 = £13.69 per day

Hope that helps

cha97michelle

I do it as

Daily interest = Amount owed x interest rate/365 (move decimal point a couple of places to left to give pounds and pence.

Are you ok this morning WABL? Are the eyes getting any more comfortable?

sassyblue

wantabetterlife wrote: »

Thanks Sassy...i have to say i dont feel inspirational and sometimes get really peeved off with the whole thing and it feels as if it is going soooo slow.
At the minute i am fairly motivated so i am making the best of it with ebaying etc.....i go back to work in august from maternity leave and definately wont have time to ebay then .
The good thing about ebaying is that you get rid of a load of clutter...i mostly sell childrens shoes and clothes etc....our attic is full of this type of stuff as we have three children. I read that if items are photographed well that they can sell for a lot more on ebay......so i have just bought a childs manequinn type thing of ebay for £7.50.
Dont know if it will make much of a difference to the pictures but i hope it does....time will tell. I hate when you are selling really lovely clothes and the photographs just dont do them justice.

The last ebayer paid up so i have withdrew the money from paypal and rounded up the £43.50 to £45.00 and paid this off the mortgage :j:j

aah bless you!

I've got some bits to ebay too which l'll do to coincide with the Aprils END OF THE MONTH as that's when people get paid so you tend to get a better price

I've also got a loft of things to sort and car-boot, my little one is nearly 5 but we've been doing our house up aswell so things have progressed slowly! Still, the loft is getting sorted and l'll also carboot towards the end/beginning of the month, again to coincide with the end of the month.

Hope that little tip might help you. I also list on ebay with photgraphs it definitely helps.

twistedhazel

thank you guys - just worked mine out as £17.02! Working hard to get that down now.

wantabetterlife

cha97michelle wrote: »

I do it as

Daily interest = Amount owed x interest rate/365 (move decimal point a couple of places to left to give pounds and pence.

Are you ok this morning WABL? Are the eyes getting any more comfortable?

Your way sounds a easier michelle, thanks

Cheers for the end of month tip sassyblue, i wouldnt of thought of that

Twistedhazel your daily interest is just slightly less than mine then.....some people on here are literally only paying a couple of pound per day.......someday that will be us too

cha97michelle

It took me ages to work out your way, and it all ends up at the same figure.

(I'm one of the lucky beggars who are at £1.88 per day. ) You'll get there WABL. You have completely the right attitude to it, so i am sure your perseverance will start to pay off. It does seem to snowball a lot quicker when you get down this end of the scale.

twistedhazel

It's all a bit daunting at the minute but I'm determined to get there. paid off the last off my debt this week and called the mortgage people to see about overpaying. nope, no can do! I was very disheartened but now I'm all set to save as much as I can so that I can pay off a lump sum when the fix ends. reading these diaries is really motivating so thank you.

Lifes_Grand_Plan

twistedhazel wrote: »

It's all a bit daunting at the minute but I'm determined to get there. paid off the last off my debt this week and called the mortgage people to see about overpaying. nope, no can do! I was very disheartened but now I'm all set to save as much as I can so that I can pay off a lump sum when the fix ends. reading these diaries is really motivating so thank you.

What was the reason for you not being able to overpay TH?

Like you say, if you really can't pay then stick it in an ISA until you can.