How do you track how much you owe on your mortgage?

Little*Miss

Hello!

I'm a new MFW!:D Just a quick question I know I may sound really stupid but how do you get the details of how much you have paid off your mortgage, the length of your term etc? As I think this would be really motivating!

I am yet to exchange on a house (hopefully next week) my mortgage is with Nat-west I understand they send out an annual statement, but how do you keep tabs throughout the year to see the difference you are making?

Thank you in advance:) sorry if I sound like a complete moron.

Auntie-Dolly

We get an annual statement from Nationwide.

ajmoney

I get an annual statement but I bank with my mortgage lender and am able to see with online banking everything to do with my mortgage.

Tabatha_Kitten

My mortgage is also Nationwide. I get a yearly statement and also have online banking with them even though I dont have my other accounts with them.

abouttimetoo

Hi Little Miss


Lots of folk on here can see their mortgages on-line in exactly the same way you can see your normal bank accounts but I think I'm safe in saying that most of us are total spreadsheet addicts and will probably need to join a Spreadsheet Free Wannabee challenge after we have paid our mortgages off to wean us of :rotfl:

Several people have offered their versions of their spreadsheets for others to use but the only name that sticks in my mind is Financial Bliss and I know lots of people have used it.

By using this information we can keep track of where we are and play with different scenarios of what would happen if we pay different figures off.

The other thing I used to do until I became confident that my own spreadsheet was accurate was ring my mortgage provider every month after I had made my payments and overpayments to check the balances etc.

I'm sure if you drop FB a line he can point you to where he shared the details on here. Perhaps drop him a PM as he may miss the request on here.

Good luck with your house move

PS, I would recommend working out how much interest you pay daily on your mortgage, it's the best motivator ever!

Little*Miss

Great thanks abouttimetoo! I will Pm FB after tea:D Good idea about the interest per day!

Thank you all! xxxx

originalmiscellany

I get to see me mortgage online, and also we get a monthly letter which says how much we've paid on our mortgage every month - not how much is left, but how much interest free has been paid... Previous systems included an annual letter which I supplemented with phone calls every few months to ensure I was on top of money issues. Online is so much easier - really makes understanding your debt sobering and easy at the same time - a glorious semi-oxymoron I think

Denzel09uk

I can see my mortgage balance on my credit report through CreditExpert. Its about 1 month behind mind you but is good for figure. You do have to pay for this though.

tanith

Ours is also with Nationwide, a yearly statement and I can check whenever I like with online banking..

financialbliss

abouttimetoo wrote: »

Several people have offered their versions of their spreadsheets for others to use but the only name that sticks in my mind is Financial Bliss and I know lots of people have used it.

Thanks for the recognition. No cash swapped hands... Honest

If you look at posts 1549 and 1550 in my diary, these are actually screen grabs from my mortgage account at Nationwide:

http://forums.moneysavingexpert.com/showpost.php?p=42472612&postcount=1549
http://forums.moneysavingexpert.com/showpost.php?p=42490216&postcount=1550

and you can see what's available to view. The only difference over the vanilla Nationwide online banking is that I track the interest monthly by taking a value at the end of each month.

As for tracking / plotting your mortgage, you probably want posts 534 and 536 that detail how to create a simple sheet and a visual example of it. These are linked from post #1 in my diary.

My diary is here:
https://forums.moneysavingexpert.com/discussion/572849

Locoblade's name often crops up too, but I prefer my one month per line.

Don't forget you can graph things too - check out my charts, also on post 1 of my thread.

PM me or post in my diary if you have any questions - but in a word online is the answer. Nationwide update the interest daily and it's motivating (sometimes scary) to watch the interest increase.

Financial Bliss.

Little*Miss

Thanks Financial Bliss, I have made my own with your formulas its great!:D

Thank you so much!

xxxxx