Freedom At 50!

southerndave

D'oh! Scrub the previous drivel. God, I wish I paid attention in maths.

I have just number crunched again with my wife helping and she pointed out that I have counted the interest repaid twice. Which I had.

Looking at the figures again I took out what we got from an inheritance, minus the amount we used to clear our debts. I took the remainder of that figure off our annual income as earned. From the remainder I took off our expenses including the mortgage interest payments. The surplus came to £7000 thereabouts.

I then went through our statements and added together the twelve month figures provided by Virgin that state the amount needed to stay in the account to reduce the debt, i.e. the repayment amount. This comes to £3885. Taking that figure from the suplus gives an overpayment figure of £3115 for the year. Monthly this means an average overpayment of £260, not £70!!

Looking at our completetion date and balance at the current rate of progress, we will pay off the mortgage in 10 years time. This is 3 years ahead of schedule which itself saves £9k in interest.

By my rough reckoning an increase of £40 a month would take another year off, so 9 years to pay and an increase of £80 or more would bring us to the original target of 8 years, although we have had one year already!

My wife has taken on more work (self-employed) and I think I can up my overtime a little to comfortably add another £60-80 a month to the current re-payment plan.

I think now, it is a review of current spend to double check if we can make cuts anywhere without compromising on lifestyle too much, and ways of increasing income a little to increase the repayment speed. Overall though, I am more than happy with the progress. Feel free to comment or point out obvious errors......

HelenDaveKids

I am coming up to my 1st year on the mfw forum and are quite excited by the prospect of totting up my progress. I can't believe its been a year so soon.

It really puts it all into perspective. Well done SD, and onwards and upwards...

newgirly

Oops typed a reply and lost it!

Well done southerndave that's great progress :T I won't be commenting on any errors as its all a bit complicated :rotfl:

southerndave

Thanks! Yes it is - my brain hurts with this stuff. I have to check and double check and then run through it again with someone else as I overlook things. Checked it again since, and got the missus to check it again and I was definitely right, third time!!

Just wrote all the cheques for the bills, so bracing myself for week after next....got some time to clock up some overtime and get some damage limitation money in the pot!

Fortune_Smiles

Well done SD - that's excellent progess :T

Fortune x

gallygirl

Doing great SD, well done :T:T:T

sweetdaisy

southerndave wrote: »

Looking at our completetion date and balance at the current rate of progress, we will pay off the mortgage in 10 years time. This is 3 years ahead of schedule which itself saves £9k in interest.

That's brilliant progress you have made in one year :T.

southerndave

Catching you up Daisy!

sweetdaisy

southerndave wrote: »

Catching you up Daisy!

Yes you are! It's good healthy competition :rotfl:. Ideally I would like to have the mortgage paid by 2020 (as I like the sound of it) but we'll have to wait and see what life throws at us.

southerndave

Busy day today. Stained the fences in the back garden (sprayed, it is sooo much quicker!). Oiled the garden furniture. Jet washed the 'patio' (posh for the concrete slab outside the back door!) and water sealed it and had a good general tidy up to prep the outside a little for winter. And looking like we may be able to enjoy our efforts this week as the weather looks cracking for the next few days at least.

This also used up tins of stuff we had lying about, so no outlay and more clutter from the garage gone. Next little project is using up let over paint to re-decorate the spare room.

We are also having another clear through our rooms as we go, more clutter removal as we want to reduce our possessions as part of our simplifying and minimalist goals. Also washed the car and watched the footy although I wished I hadn't bothered as my team lost (another 90 mins I'll never get back!)