First step, in the long road to being mortgage free.

Tony_R

Looking at my geeky mortgage spreadsheet, I've just realised something.

Basically if I hadn't made any overpayments it would have taken me until April 2015 to get to the same balance that I'm at now. So I'm 28 months ahead of schedule already

Plus I've realised that my overpayments are roughly double the repayment bit of my mortgage. So typically the repayment bit would be £340ish with the rest interest. But my overpayment is roughly £660 now. So i'm getting two months ahead of schedule every time I made an overpayment.

Geeky I know, but quite motivating.

Tony_R

I hope everyone had a good Christmas. I've just logged in to update my balance in my signature which now stands at £174,750.91. I received the confirmation letter before Christmas.

I hope everyone is well.

Tony_R

I have just made my first overpayment of 2013, which is £625. That brings total overypayments to date upto £17,472.

Tony_R

Just here to post my new balance after getting the confirmation letter. More for record keeping than anything else. The new balance is £173,595.22.

A little bit of a milestone this month, due to the overpayments so far my regular overpayment is now over £100 a month less than it was before I started this overpaying lark. £102 infact.

Even if I never overpaid a single penny again I'd still be over £27,000 better off at the end of the mortgage. £102 x 12 months x 22.5 years.

Obviously i've no plans to stop, but its nice to know that if I had too, I'd have £102 less a month to find.

Tony_R

We've decided that we are going to start upping our overpayments by another £50 a month. I have my mortgate overpayment spreadheet and it seems for every £50 it seems to knock another 5 months of the mortgage.

I won't be making the overpayement for another week, as I like doing it just after the regular payment. That way you get a letter with the lowest possible balace

So this months when I make it should be £679. Which is approx £1071 regular payment + £679 overpayment. Giving a total of £1750.

Tony_R

Latest overpayment made, £679. Which brings total overpayments to date to £18,151

We have been really good this month in taking sandwiches to work instead of buying. Infact we've gone one stage further and borrowed a breadmaker, so we have really nice fresh bread each day. Might need to buy our own breadmaker at some point, although there is no rush to give this back as it hasn't been used for years.

alwaystryyourbest

Hi just been reading your diary, your getting on so well,keep it up... have a nice day..

Tony_R

Thanks. I treat it as a bill that has to be paid rather than a overpayment. That mindset does really help as I haven't missed an overpayment in over a year yet. Next month might be tough though as we are planning on getting new garden fences with concrete posts. The weather really battered them this winter.

Tony_R

Hi all,

The other day I received the confirmation letter of my latest overpayment so I thought I'd record the new balance here as it will be interesting to read back in years to come.

As of the 14th the new balance is £172,565.34.

Tony_R

Lastest overpayment made, £636. It should have been £683, but I forgot the extra £50 I increaed it by last month and miscalculated something else. So i'll add another £47 to next month.

Not been a great month, my Nan died aged 95. The funeral was on Monday in a full on blizzard.

Still not go around to doing the garden fences, will hopefully get done in the next couple of weeks.