I have a dream...to be a MFW

ajmoney

Can someone help me with what calculations I need to do please?

Our larger mortgage today is £105920.50
Monthly payment is £928.77
Interest rate is 4%
Expected monthly OPs until the end of the year total £1085.34

How do I work out what else we need to OP to bring out mortgage down to £100k by the end of the year? My current OP spreadsheet show that we are likely to at around £101272.96 in December.

Our current rate ends in August and having just used the calculator on our bank's website it looks like we could get an interest rate of 1.74% for 2 yr tracker which would save us nearly £250 a month. If we get a deal like this then we will easily break my target, especially as I would OP that amount each month...possible exciting times ahead

ajmoney

They also calculate out LTV on the larger mortgage to 49.63% and I have underestimated our current property value. I may have to look at our smaller mortgage now to see what options are there. I feel a financial review coming up.

Watty1

I used to spend a lot of time playing with the Overpayment Calculators found via google when working out that kind of sum. I don't have any links saved or would send over one that I used. I did notice that the MSE website has one here
http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator
can that do the sums you need?

edinburgher

If you mean end of 2016 by 'end of the year', you need to OP just under £400/m to get down to less than £100k with your current monthly payment. I used an amortization spreadsheet to check the figures.

ajmoney

edinburgher wrote: »

If you mean end of 2016 by 'end of the year', you need to OP just under £400/m to get down to less than £100k with your current monthly payment. I used an amortization spreadsheet to check the figures.

Thanks, I nearly understood everything too! I also now know what amortization means and have saved a calculator to help me, I am on the search for a spreadsheet too. I have sooo much more to learn.

edinburgher

Try and find Locoblade's spreadsheet on MSE, I would have used it for you, but only have it on my work PC!

HelenDaveKids

I used to play with OP calculator and also the nationwide calculator.

A_Frayed_Knot

ajmoney wrote: »

Can someone help me with what calculations I need to do please?

Our larger mortgage today is £105920.50
Monthly payment is £928.77
Interest rate is 4%
Expected monthly OPs until the end of the year total £1085.34

How do I work out what else we need to OP to bring out mortgage down to £100k by the end of the year? My current OP spreadsheet show that we are likely to at around £101272.96 in December.

Our current rate ends in August and having just used the calculator on our bank's website it looks like we could get an interest rate of 1.74% for 2 yr tracker which would save us nearly £250 a month. If we get a deal like this then we will easily break my target, especially as I would OP that amount each month...possible exciting times ahead

Love playing with the calculator

Took £105920.50 and mortgage payment plus o/p average of £180 per month

If you pay £1328.14 a month till Dec - Your mortgage balance would be £100,000.03 BUT

If you pay £1328.14 per month till August, then change your mortgage deal to 1.74%,

Balance at Aug £103,960.07, pay mortgage payment of £928.77 - Finish mortgage Aug 2026

Pay £928.77 plus average o/p of £180.00 = £1108.77 - Finish mortgage Oct 2024

Here's Sue's calculator I used http://whatsthecost.com/snowball.aspx

Oh and your balance would be £103960.07 in aug then changing mortgage deal, you would be paying £753 for 4 months to make your balance £100001.51.


approx

ajmoney

Sometime soon I hope to get my life back under control! I have the next three days at home (heading back to work on Saturday night) and I have already had 3 phone calls that were work-related :eek:

I am keeping up with little OPs as and when I see extra money go into my account. Unfortunately due to me not having regular internet access I didn't see that my account was slightly overdrawn from Monday until yesterday if it had been a day I could maybe argue it with the bank but I have learned my lesson...if nothing else I will try to log onto internet banking every day if I know that my account is low. I am not even short of money, I have just been transferring it over as I don't need it but I forgot that my work expenses hadn't been paid in yet

We have been paid for our seasonal band work today but the amount of hours we have been paid for seems quite low. My next job is to email and double check how much we are being paid for. I have said to Mr AJM that if this is what we are being paid then I might not do it next year. While I understand we might not get paid for our dorm duties, 4 hours a day when we are doing about 6 hours of rehearsals is a bit cheeky! Hopefully it is a mistake. Regardless I have set this money aside for a shopping trip for some new holiday clothes.

I spent 30 minutes getting rid of a load of paper rubbish from the house this morning. This is my main target today as I have to wait in for the guy to come and fit our smart meter.

Tomorrow I am going to go through the wardrobes as we are getting an old sofa picked up for recycling by a local charity. I am determined to get our house back in control...however slow it may be!

ajmoney

Smart meter has been fitted, I think seeing what we are using could become addictive to me...I am hoping Mr AJM might be the same. It is definitely as eye opener to see how much our actions cost. I am shocked that we don't have an "A" rated boiler when our house is 6 years old. I was already going to get a quote to make sure we were insulated properly but I might get a quote for the boiler too. The one thing we never scrimp on is our heating, if we are cold we put it on but it would be nice to have a house as warm as our living room is.

Off out to get some food shopping in a bit, but first I am going to see what we can use up to save a bit of money.