Pay off mortgage and start having fun!

Goldiegirl

Hooray:j

I think it's natural with have mixed feelings during a period of change, but I'm sure you'll be able to settle down now, and get on with business

Pushkin

Congrats Newgirly - maybe have a night off the alcohol ban to celebrate :beer:??? hic!

Alchemilla

You probably need a huge sleep to let your brain process it all.

newgirly

Thanks to everyone for popping in and saying nice things

For the future if we can keep the business going and clear the loans it's a great thing, owning another property. But we are struggling a lot at the moment to cover wages some months so I am concerned how we will find £82k in three years time!

The work van died and dhis leasing an all electric new van soon so that should cut costs a lot as its exempt from our daily congestion charge and tax as well as obviously petrol, we are trying to cut costs.

Anyway enough of work its supposed to be a MF diary I will do a monthly update today , I think I've only done one this year.

gallygirl

Hope all goes well NG and yay on electric van. What colour is it ,

newgirly

Why the cheapest colour of course gg - white :money:

newgirly

Oops duplicate!

newgirly

Mfw 2015 figures updated. Its actually a big rise in what we owe due to us borrowing g £35 k towards the factory purchase.

The company is paying us the equivalent monthly payment for the 5 years so we won't be out of pocket (plus we can't afford it !)

I'm counting the new debt as part of our balance as it is still our liability, so the balance has shot up.

Start balance Jan 2015

£139,999 mortgage

£6018 MBNA cc

£4339 fluid cc

Total £ 150,356 plus from Feb £35k loan ,so a real figure of £185,356


Today's bal:

Mortgage £138,172

Fluid cc £3630

Santander cc £4546

Loan £33,057

Total £179,405

Difference paid of £5951 in four months £1599 updated in Jan £4352 today.

Phew!



The 0% CCS are being paid at £510 pm and will be paid off august 2015 then the £510 snowballed toward the big loan. Nov 2016 is the end date for the big loan as we are oping by £1050 pm and then the £510 later on.

So mortgage ops don't start again until dec2016 :eek: that leaves just 5 yrs 5months to pay off £138,172. As the big loan is being cleared early , there will be extra money coming I'm for a coup!e of years towards the payments from the firm which will help.

Mortgage payment start date Dec 2016 :

£138,172

Op's £2254 Dec 2016 - feb 2020

Then 1560 until April 2022.

I have also worked out mortgage\ loan payments are 58% of our take home pay including child benefit which will be reduced soon due to add getting older :eek:

CathT

Hi Newgirly, congratulations on completing on the business, what a relief. I agree this period of change will need to be processed emotionally and had probably been draining but you can look forward to the future with positivity.

I used this snowball calculator and find it motivating.
http://www.whatsthecost.com/snowball.aspx

greent

Yeay for finally completing on the unit!!


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