MFW from day one of the mortgage!

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VoucherMan wrote: »

Is it just the motivation you're lacking or the finances getting tight?

I find just number crunching with on overpayment calculator usually keeps me motivated when I see all the money I'm going to save on interest payments.

Could you set up a standing order for your ops? That way you know the money will be gone unless you change it. Makes it easier for me anyway. Then I just make an extra op if there's any spare.

You could join one of the overpayment challenges on the forum. They're good for keeping up morale.

Think it is just lack of motivation, and wondering what else I could do with that money!

I must admit, I have not yet looked at the over payment calculator spread sheet someone sent me. Maybe that would help.

I started with such a bang, and did make some big lifestyle changes and yes some of that is finding a balance. I also think I overdid the overtime at work - it was solid for 5 months of overtime.

I have taken January off with no overtime booked!

I think it would also be nice for the bank to show upto date balances online, so I could at least see the benefit. I am not even sure I can make payments to my mortgage online.

Maybe the fact I walk into the branch and transfer the money over the counter is making me see the money go.

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gallygirl wrote: »

I agree with all Voucherman's suggestions :T. Also little and often helps keep my motivation up.

What is making you struggle do you think? Is it that you can't see a tangible result, or have you maybe economised too much? Remember to find a balance, life goes on so don't deprive yourself of everything.

Yes, I think you have hit the nail on the head...seeing no Tangible results. I guess that will come when I get my annual mortgage statement in the post in a few months.

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A bit happier today, got my first adsense click on my mortgage free blog (link found in my profile) so earnt a bit of money. Not much but every little helps!

Also did what I have often thought of doing, put the £5 reward my banks gives me into my mortgage today.

Girl at the counter smirked when I asked to make a £5 OP into my mortgage, little does she know 5x12=60x25= £1,300 off my mortgage paid by my bank.

And of course £1,300 that I wont have to pay as much interest on.

Kinda liked making a £5 OP! It felt good, like a silly little amount that may have a big impact over the life of the mortgage.

Just wonder what the £5 is worth in interest saved on a 3.99% mortgage with 24 years and 4 months to go.

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Is this the right way to work out the interest on that £5

£5/100 = 5p

5p x 3.99 = 0.1995, so round up to 20p per year.

0.20 x 24 years = £4.80 interest saved - without working out the interest on the interest.

Does that sound about right to the maths people on here?

VoucherMan

Since you've not had a play with a mortgage calculator yet I've put some numbers into Locoblade's calculator to tempt you.

No idea what your mortgage is so I've just used £100,000. Not added any fees, just a straight 3.99% interest rate. Repayment over 25 years. All figures will therefore be a rough guide only, but could give you a rough idea.



Basic monthly payment would be £527. Total interest payable by the finish date of April 2037 - £58,185.

With your one off payment of £5 you've saved £8 in interest payments.

Pay £5 extra every month and the total interest comes down to £57,134. That's £1051 saved already. And you'd finish paying it off 4 months earlier.

If you kept up your current ops, which look to average just over £600 a month it would knock the interest down to £18687. Saving interest payments of almost £39,500. Finishing the mortgage in February 2021.

The extra £5 a month on top of that would take another £100 or so from the interest & another month off the repayment time.



Of course if you wanted to relax a little, drop your overpayments to £300 a month, have some holidays and/or enjoy some of life's other luxuries, you'd still be paid up by March 2025 with interest of about £28,100. Still saving over £30,000

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VoucherMan wrote: »

Since you've not had a play with a mortgage calculator yet I've put some numbers into Locoblade's calculator to tempt you.

No idea what your mortgage is so I've just used £100,000. Not added any fees, just a straight 3.99% interest rate. Repayment over 25 years. All figures will therefore be a rough guide only, but could give you a rough idea.



Basic monthly payment would be £527. Total interest payable by the finish date of April 2037 - £58,185.

With your one off payment of £5 you've saved £8 in interest payments.

Pay £5 extra every month and the total interest comes down to £57,134. That's £1051 saved already. And you'd finish paying it off 4 months earlier.

If you kept up your current ops, which look to average just over £600 a month it would knock the interest down to £18687. Saving interest payments of almost £39,500. Finishing the mortgage in February 2021.

The extra £5 a month on top of that would take another £100 or so from the interest & another month off the repayment time.



Of course if you wanted to relax a little, drop your overpayments to £300 a month, have some holidays and/or enjoy some of life's other luxuries, you'd still be paid up by March 2025 with interest of about £28,100. Still saving over £30,000

Giving you much MSE forum love for doing the maths for me.

I tried to do it on the spreadsheet but must have broken it somehow. I must admit I do hate excel.

My mortgage is c£88k - but I am happy to work on the figures in your example.

Last night whilst unpacking, I found a bag of copper coins with 88p in it. So today having to go to the bank anyway, I put it into the mortgage as a one off overpayment.

What would that 88p save me as a one off ?

Where could I find the spreadsheet again as I must of broke the macros on the one I had.

I have decided to do the £5 every month, I may as well as it's my "reward" anyway..and I am sure they would love to get it back.

Now to work out what a one off 88p overpayment will make me. My Girlfriend thinks I am mad making an 88p OP!:rotfl:

VoucherMan

version2014 wrote: »

Where could I find the spreadsheet again as I must of broke the macros on the one I had.

gallygirl put a link on post 2 of your (this) thread.

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VoucherMan wrote: »

gallygirl put a link on post 2 of your (this) thread.

Thanks just downloaded that, and looked at the other one a forum member emailed me (the one I thought was broke)

I can't seem to ammend them to put in my details. My excel goes into compatibility mode..and won't let me edit.

I wonder if this is because my free period has expired or something with excel so it is making it read only?

Will see if my works PC has excel.

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Got my first ever CC today, gives me a £5 "reward" each month if I spend £300.

So that's an extra £10 per month, I will now be saving and will pay extra as an MOP.

Plus the 88p I paid in the other day ontop of my normal OP.

Starting to get the bug again...Still can't get the spread sheet to work though.

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Today I registered my interest for the Consumer Panel and Shop and Scan system.

Now I just need to wait and see if I get an invite.

If anyone wants the link to register an interest it is

http://www.volunteer4panels.com/ (not an affiliate link)

Others on this forum seem to do okay from the two schemes, so I hope to get an invite soon.