Mortgage Free in Three Yrs

kiwi88_2

Update from No85

Can't believe we've gone backwards this month but we have :mad:

Balance as of 25/09 £98,851.97

I overpayed by £350 sept but it doesn't seem to do anything I think I need to go and do some maths and will let you know what I've come up with. Trouble is at the moment my temporary job finishes Dec and i haven't another lined up yet :eek:

mfw_bc

Posted my own thread for some advice but I think I've been pointed here, so apologies in advance for duplication.

I'll quote my original thread (including picture which is of my mortgage plan not spam!) and follow up post.

mfw_bc wrote: »

Hi everyone, long time lurker first time poster

Been looking at ways to reduce the mortgage and have come up with what I think is a reasonable idea that I would like any comments on.

Using the scenario below, as long as my wife and I both carry on working (we are 32 and 33) we could continue to live a happy life and save around £500 a month. The scenario below leaves £5,000 in savings (we have around £35,000) even if we couldn't save anything.
Also, the mortgage I envision below is sort of a safety one just in case one of us is out of employment and also keeps a nice chunk of savings aside as we go along.

So my questions are, is this a good way to do it (obviously to reduce the mortgage time drastically) or would a different way be better?



Many thanks in advance

mfw_bc wrote: »

I take it the image is though of as spam? I thought it would be easier to show that way rather than write it down. If it is the image, heres the text version.

£88,000 20 year mortgage
£625 a month payments with £600 a month in overpayments
£15,000 extra paid off in Year 1
£15,000 extra paid off in Year 2

With £5,000 left in savings + £500 a month over 3½ years that would give, not including interest, a savings post of £20,000, £10-15,000 of which could be used to pay off the rest of the mortgage leaving us mortgage free in 3½ years time ... I think

Again, thanks in advance to anyone who replies

sarahe

Hello all
Well I have sent my update and read all the comments. I find this thread reminds me of the importance to try and pay off my mortgage rather than spend the money on insignificant things and frittering it away.
I haven't paid off as much as I wanted as we're saving up to move house and am shocked at how much it will cost.
Good Luck everyone
Sarah

drenbo

TallGirl wrote: »

Great news the percentages are going on the chart ready to be posted Sunday if they get done in time so any late comers want to come in?

Hi TallGirl ,

I guess you have already set your spreadheet to autocalculate % for each member. If not, just divide 'Repaid so far' cell with 'Mortgage at 01.04.2007' and format cell as percentage. Do it for the first member then copy/paste below for others.

Cheers

[Deleted User]

drenbo wrote: »

Hi TallGirl ,

I guess you have already set your spreadheet to autocalculate % for each member. If not, just divide 'Repaid so far' cell with 'Mortgage at 01.04.2007' and format cell as percentage. Do it for the first member then copy/paste below for others.

Cheers

Given that not all MFi3 members are attempting to reduce their mortgage balance to zero by 1.4.2010, perhaps a better way would be to take the percentage of the difference between the balance at 1.4.2007 and the target balance?

Just a thought

TallGirl

Morning
Just got the chart from AnWsMum and updating it with my own. It is going to be really good as it will show the percentage in relation to everyones individual targets like Marvin has suggested. It is taking ages to get it updated so may not be until Sunday I get it done. Will show who are current members and then people who have not updated since July. By January they will drop off and we should have a nice realistic picture. Perhaps DD can start taking people off the first post as it is becoming quite long.

ailuro2

no need to copy and paste, just scroll over the bottom right hand side of each cell until you see a plain black cross where the cursor was (instead of the cross with arrows on it), when you see that, left click and drag the cross down the rest of the column, it will automatically paste the formula for you.:D

AnW'sMum

Hi Guys

TG and I discussed the best way of showing the percentage and agreed that it was better to show the percentage of each members overall aim has been achieved.

I am really looking forward to seeing the chart and hopefully some of those who missed the dead line for the beginning of October will have had a chance to update TG with their current details.

Once the chart is up I shall do another update/ However if we win at the rugby and Lewis does the biz in the Grand Prix then my update may be a little delayed

Thanks again to all those who have already PM'ed TG, don't forget the next update will be in January.

[Deleted User]

ailuro2 wrote: »

no need to copy and paste, just scroll over the bottom right hand side of each cell until you see a plain black cross where the cursor was (instead of the cross with arrows on it), when you see that, left click and drag the cross down the rest of the column, it will automatically paste the formula for you.:D

For the mouse- or trackpad-impaired (I find mice and trackpads awkward to use, and shortcut keys easier): select the cell with the formula in it, hold down SHIFT and press the down-arrow key until all the cells into which you wish to paste the formula are highlighted, then either:

(MS Excel) Hold down Ctrl and press D
(NeoOffice) Hold down ⌘ and press D
(OpenOffice) Hold down Alt and press E, I, D (Edit -> Fill -> Down)

Though I suspect the time-consuming part may be typing all the target figures into the spreadsheet - it doesn't look like they're in it at the moment.

Trying_to_be_good

Marvin_the_Martian wrote: »

For the mouse- or trackpad-impaired (I find mice and trackpads awkward to use, and shortcut keys easier): select the cell with the formula in it, hold down SHIFT and press the down-arrow key until all the cells into which you wish to paste the formula are highlighted, then either:

(MS Excel) Hold down Ctrl and press D
(NeoOffice) Hold down ⌘ and press D
(OpenOffice) Hold down Alt and press E, I, D (Edit -> Fill -> Down)

A super-quick way on Excel (and I'm a total Excel nerd ) once the formula is in the first cell is to do the hovering in the bottom right hand corner of the cell with the formula, so the cursor becomes a BLACK cross (it's called the auto-fill handle!), then double-click and it automatically copies the formula down the column for the whole table.

Any more nerdy Excel questions, or for top tips, send them my way! If only I could get paid for being an Excel nerd...:doh: