Mortgage Free in Three Yrs

beachbeth

Can I ask if there is a formula on here for calculating what you are going to pay on your mortgage based on the amount, interest rate and how many years you have it over?

(Ive been reluctant to actually work out what I will pay by the end of my mortgage because I know I will be shocked!) but I think if I make myself work out this figure it will spur me on even more to overpay my mortgage and get rid of the pesky thing.

If someone can provide a link to this I would be most grateful.

setmefree2

BB,

You need to go to the overpayment sticky - or just google mortgage calculator.

comping_cat

beachbeth wrote: »

Can I ask if there is a formula on here for calculating what you are going to pay on your mortgage based on the amount, interest rate and how many years you have it over?

(Ive been reluctant to actually work out what I will pay by the end of my mortgage because I know I will be shocked!) but I think if I make myself work out this figure it will spur me on even more to overpay my mortgage and get rid of the pesky thing.

If someone can provide a link to this I would be most grateful.

http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

http://www.fool.co.uk/mortgages/calculatoroffsetearlyrepay.aspx?

These 2 are my favourites, they both, when you put your calculations in, tell you how much you knock off your mortgage, the interest you save, and also what the interest wouldve been!!!!

~daisy~_2

thanks for the new chart - but is there any way of viewing it a little bigger
i find it really hard to see that small - thanks

setmefree2

Thx for that Catowen - love that second Mortgage calculator. Can't wait to show MR SMF. Havn't seen that one before. Shows we are on track to be MFi5:money::T

groatie_queen

Hello and it's great to see how everyone is getting on. I'm sorry I've been absent from cheerleader duties, but I've been dealing with health issues and also I'm pleased to say that despite not feeling able to join the quest due to not being well, I paid off my mortgage today.... and here below is what I'll be posting on the roll of honour!

I would like to especially thank our dear DD for this thread which has kept me so inspired, and to Catowen in particular because you're so determined doing so well and keep so cheerful too! ((hugs)).

I'd also like to thank jamesd, who gave me some great financial food for thought which now I'm feeling slightly better, I will be sharing on another thread to stimulate more debate and help develop my savings/investment/retirement thinking.

And to our other thread poorly person - hope you're making good progress :A

here it is - posting here too as I was logged out but fortunately had saved my post to Word.

Keep going everyone, you're all stars. I'll be with you and cheering you on - please make allowances when I hit the dips!!

All the best
GQ xxx

---

Mortgage Free as of today!! 22 Oct 07 :j :j

a. The date you decided to become a MFW
When I took out the offset mortgage in Aug 2003 - a re-mortgage to stay in the house following separation and divorce. The Woolwich mortgage adviser said that she was overpaying on her own mortgage, and that the amount of interest saved would be considerable. Until then I didn't realise that you could overpay on your mortgage - I believed that the term of the mortgage was unalterable... wish I'd known that years before.... initially I was on a fixed rate for two years, could overpay 10%. Initially didn't offset - nothing to offset with! But in 2005 sadly my dear father died, and was left about £15,000 which came through just as my fix ended. Split the money between offsetting and part redemption.

b. Mortgage Debt at its highest
£30,700 with a 15-year term - I know compared to many it's not that big, but it's a lot when you're on a small salary! and single again. I know I've been incredibly fortunate. I paid back a total of £34,643. The £4,643 was the effect of not having any savings to offset in the first two years or so.

c. Mortgage-Free Date
22 October 2007 - 4 years and 2 months

d. Your one pearl of wisdom.
If you can, take in a lodger, live frugally but enjoyably and save as much as you can of the tax free money! so that if the brown stuff hits your life, you're better prepared - use offset /savings / pay into your pension, whichever suits you best, then when the time is right for you, pay off the mortgage and enjoy the relief of knowing you own 100% of your home and have covered the other bases as well.

GQ xxx

setmefree2

Congratulations:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T:beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::j:j:j:j:j:j:j

groatie_queen

Thank you so much! It's a great feeling - and your thanks have added to that!!

GQ xxx

TallGirl

Groatie Queen that is brilliant well done cutting 10 years off I am with the Woolwich too and until I found this board I did not know you could make 1 off payments via the online banking system I thought they had to be done via direct debit.

Hope you are able to come on here a bit more often as you should now not only be a cheerleader but also a role model.

jobbingmusician

WOW! Let's hear it for Groatie Queen!!!

I am looking forward SOOOOOOOO much to being mortgage free..... my repayment schedule may have to slow down a bit in the near future as my job situation is unclear, but I'll still be able to make minimum repayments, and hopefully the next job will allow me to overpay at a slightly higher level Keep your fingers crossed for my career, everyone!