Is it the end, or just the beginning.....?

hypno06

benbenandme wrote: »

If you like you can tell me the term of your mortgage and your interest rate and I can tell you the interest/capital ratio ... sorry, you've got me started now

18 years and 4.99%

millionaire_in_training

oooooo I just went and found the mortgage calculator. I likes !! When I pay off my debt if I then put that money into my mortgage then I can be debt and mortgage free in 5 yrs. THat's phenomenal. In fact it is totally unbelievable. I want to do it now

benbenandme

Okay, I've made a couple of assumptions ...

Assuming your new mortgage started on 1st Jan 2011, and that it is for the £169k figure in your sig, then each month you are currently paying £479 capital repayment and £695 interest.

If that is about right then by Jan 1st 2012 you will have paid off £6387 without even making an overpayment, so already we have knocked it down to about £10k that you need to overpay this year to be on track

hypno06

Thank you - I will let you know when the 1st Feb payment is made, just how much the capital reduced by.....!

I didn't get chance to play with the mortgage calculator today, but I will do so over the coming days. I do love the one on here, I have to say, and used it loads when I was at the old house. It is definitely a good motivator.

macgirl

Evening - snap! I've been on the calculator today. It is a great motivator "Oooh I'll just knock another couple of years off and see how much I'll save":D

hypno06

Morning all! I slept well last night - the first time in a while.....but could have done without the alarm going off!

Today I will try and make time to play with the mortgage calculator, and to work out what I need to overpay in order to reach my MFiT target of reducing the mortgage to £150k by 12/12/12, also to see what my expected required mortgage will be when my fixed rate comes to an end in 2013, and also to work out what I would need to overpay each year if I am to be mortgage free by 50, which would just be fab.

BUT.....I am not prepared to put life on hold for the next 10 years in order to achieve this - so I will also be working out an appropriate balance.....which may well be the difficult part!

Have a good day everyone xxx

hypno06

£21.91 Quidco cash received in the bank this morning - duly transferred to the savings pot

hypno06

Right, I need to make a regular mortgage overpayment of almost £600 a month if I want to be mortgage free by 50.

That is a big ask.....and one that I am not prepared to commit to on a monthly basis from this moment.

But.....I will endeavour to pay £300 a month, which is a bit less than my barclayloan payment was, so should be doable without any pain as I have been used to paying that anyway.

I will then look at using some of my bonus money when I receive it to make an additional lump sum payment if, and only if, it is not needed for anything else.

Of course, I still haven't had a "normal" month in this new house yet, with the new bills etc being paid, so it is a little sketchy, and it may be that I reduce the overpayment commitment a little further so that I do not lose out on the other things I want to do,.....but that is the rough outline of the plan so far.....

Souk08

Good for you Hypno. Sounds sensible to keep balance. No point in going through hell to be mortgage free when you've just had years of slog to get debt free! Enjoy the extra cash and XXX

Karmacat

Wow - fantastic prospect, but definitely, what Souk said. And here's to more glam footwear, more mse holidays, more really good coffee