New here - how do you work out your targets

remote_control

Hi all,

I am new here and after I have left the debt-free wannabe forum (target is July) I will be joining this one. How do you go about working out your target date for paying off your mortgage?

thanks!

wynnvegas

Hi RC,

Get yourself a revised SOA, work out all necessary and discretionary spending then divide your mortgage by your surplus to give you a number of months / weeks. Then aim to meet or better that date.

Cheers,

Billy

SeriouslySeekingtoSave

That's the organized way to do it :-). I'm a bit more of a fly by the seat of my pantser and can't budget t save me soul. So my payments are rather more, er, eratic...

SkintGypsy

Mine is so vast currently that my goal for now is 20% equity, which I hope we will reach by Xmas 2012. Once we reach that then we can look at another interim target. My mortgage still has 21 years to run, so MFi3 is a looooong way off for me.