Pay off as much as you can in 2012 challenge!

loumac

jwil wrote: »

Yep, sorry, I hadn't had a chance to update properly yet. Will do so now

Thank you.

First update £225 / £4000

savvyshe

Happy New Year Folks!!
Can I join in Please Would like to pay off £6,040.00 in 2012 thats what total cc adds up to. Thanks Savvy

millionaire_in_training

£183 overpayment made today so that makes £283 / £10,000

jacci45

No 26 reporting...........Well here goes for 2012.....pad 10.00 so 10.00/10000.

Happy New Year all!!

carlbruce1985

Sorry i cant find how to post a new post. Can soimeone have a quick check and see if this is correct

At present i am using this site


moneysabving expert overpaymetn calculator


Now i have most probably got this wrong but i have been completing some calculations within the desired boxes and wanted to check if i have been doing this right.


In the fields i have


Mortgage outstanding - £128672 which is for the Reeds


31 years left on mortgage


5% interest rate as an average, i know that we are currently on a smaller rate.


Mortgage type - Interest only


Recurring overpayment of £150 per month


The result hopefully show that the mortgage will be completely paid off after 30 years.


Is this correct? I'm basing this as i would like to make the overpayments to be mortgage free at around age 55. I have completed the same fields for Metropolitan place but the Mortgage outstanding is £209700 and the overpayment would be around £250 per month


Thanks


Carl

jwil

carlbruce1985 wrote: »

Sorry i cant find how to post a new post. Can soimeone have a quick check and see if this is correct

At present i am using this site


moneysabving expert overpaymetn calculator


Now i have most probably got this wrong but i have been completing some calculations within the desired boxes and wanted to check if i have been doing this right.


In the fields i have


Mortgage outstanding - £128672 which is for the Reeds


31 years left on mortgage


5% interest rate as an average, i know that we are currently on a smaller rate.


Mortgage type - Interest only


Recurring overpayment of £150 per month


The result hopefully show that the mortgage will be completely paid off after 30 years.


Is this correct? I'm basing this as i would like to make the overpayments to be mortgage free at around age 55. I have completed the same fields for Metropolitan place but the Mortgage outstanding is £209700 and the overpayment would be around £250 per month


Thanks


Carl

Hi Carl, and welcome to the forums!

I'm sorry but I don't know about the mortgages. You'll probably get the best response if you pop over to the Mortgage Free Wanabee board - there's lots of experts over there. Go back to the main list of boards, click on the mortgage free wanabee one, and at the top of the list of threads, you'll find a button which says something like 'post new topic'. Click on that and you can then start your own thread.

Good luck though, being mortgage free is one of my aims as well

seasideDreamer

Hi Jwil, please can you amend my target to £4065, that's everything I owe on credit cards and hope to pay off this year:) I have just paid £25 to Amex so that's me kicked off £25/£4065.

Wiganster

£45 towards my overdraft, so it's now £250/£6500.

michmcc79

oh, I reeeeeeaaallly want to pay something right now so I feel i'm contributing to the team!! But I have NO money until Thursday!! 10p in my bank account just won't cut the mustard

Roll on Thursday...I hate feeling this poor!

jacci45

No 26 reporting, cant sleep so have done an early PAD of 10.00 so now 20/10000.Very nearly at 48% total debt paid!! Cant wait to get to over 50% so Im on the downward slope if you know what I mean!!

Happy Monday all!!