MFW: Next step towards total freedom!

caeler

Thanks for visiting @Elephantchunks I’m trying to think a little bit about the future, I do like to plan and this still this doesn’t seem real! I don’t have a formula I’m afraid, I’m embarrassed to admit I just check my mortgage statement really regularly, daily after an overpayment and I use that to calculate the impact of my future overpayments and regular payments. 

South_coast

Hi both, to work out your daily interest you need to multiply your balance by the interest rate as a decimal and then divide by the number of days. As an example, if your balance was £100k and your interest rate was 1.5% it would be:
100,000 * 0.015 = £1,500 per year
Divide by 365 for daily interest = £4.11
Divide by 12 for monthly interest = £125

caeler

OMG @South_coast YOU SUPERSTAR! I'd tried to figure out that calculation for ages and got myself confused.  Thank you!  

South_coast

You're welcome 😀 Decimals and percentages are about the most useful thing I learned in maths at school!

caeler

I always struggled with maths, I've got a basic understanding and can do plenty of day to day things but that has always stumped me and seeing how simple it is I've no idea why!  I've got it set up in my spreadsheet now and it correlates to my estimates so that's great.  Thanks again @South_coast

SandyShores

Thank you South Coast - that will really help my calculations

bellevie

My goodness @caeler mortgage free this year, what a great thing to be able to look forward to! Such an achievement, well done

I'll be reading your diary from the start seeing what tips I can put into practice to speed our journey up! 

caeler

132 days to go.  16 NSDs this month.
  
Car battery is fitted! Quite expensive but I'm told my old battery was on its last legs and I did well for it to last this long.  So I now have an empty car maintenance pot and piece of mind! 

I'm still getting over the excitement of finally understanding the daily interest calculation. It is so useful to understand how it all works and now I can project exactly where I am at with overpayments, regular payments and interest each month. 

I've been working at home a lot this month which is helping with the budget because I haven't had to buy any fuel this month.  I'm expecting to only make 2 more journey's to work this month and I have enough fuel to make 7 round trips to work so I may even get quite a bit through February too! 

rugbymadfamily

You're so close now, its brilliant! Last push and you will be done with it 😊

Great work on the NSDs, I've also managed 16 this month (my highest ever total!) reset is next week for me and have food shopping etc to do at the weekend so unlikely to be any more NSDs.

caeler

Thanks @rugbymadfamily I'm 18 NSDs today. I'm really proud of that. I've managed to keep my spending happening on a Saturday apart from when I get an alert from camel camel camel that something on my wish list got cheap at Amazon!!