Mortgage Free in Three Yrs

Lexxi

Happy birthday! Always found the best way to save money is to spend someone elses! My mum's cottoned on to it as she left her purse at home today so I've been paying. I did manage to only but one top in the sales and make my first payment towards being mortgage free early!! I won't manage it in 3 years. My mortgage now stands at 47617.83 and 10803.94 at 4.99% and I'm going to try and pay 200 a month off the larger amount as I'm due to remortgage late 2008, it will probably only be 100 as I'm going to get rid of my card debt first, I have got two pigs to start my savings in but I'm quite good at saving usually anyway.
I've pm'd dithering dad for a quest number

And re the encouragement/sharing tips, most people have said they've cut back on takeaways, why not have a cook night instead, where either everyone shares the cooking or family members take turns to pick a recipe to feed the family. It could be a challenge, finding a decent recipe on a budget...

financialbliss

Mushy61 wrote: »

You're correct Lexxi, you can pay £500 on top of your normal payment with a Nationwide fixed mortgage. You can also opt to reduce the term rather than the monthly payments if that is your wish.

You can actually make your monthly payment whatever you want (providing you're paying the minimum to service the debt), plus still make a 500 overpayment on a Nationwide fixed mortgage.

I'm making my last car loan payment in January and as a result, I've upped my standard repayment amount from ~600 a month to ~900 a month. So, previously I could pay between 600 and 1,100 a month, from 1st January I can pay between 900 and 1,400. This is more than sufficient for my MFiT needs.

For a bit more detail, see my mortgage free journey diary, post #71 on page 4.

FB.

PS - in upping my payment by 300, this reduced the remaining mortgage term from 13 years 10 months to 7 years and 8 months.

kayree41

I wonder if anyone can help, I am looking for a calculator which will allow me to find out how much I will have to pay in order to clear my mortgage in 3 years Thankyou

OverlandLandy

kayree41 wrote: »

I wonder if anyone can help, I am looking for a calculator which will allow me to find out how much I will have to pay in order to clear my mortgage in 3 years Thankyou

There are loads around: But try this one

http://www.quote-engine.com/mortgage-payments-calculator.html

kayree41

Thankyou Overland very usefull

financialbliss

I use Excel for the basic reason that I’ve not found a flexible enough calculator for my needs.

I’ve a number of spreadsheets in use, but my favourite is a simple summary with columns: year, month, days in month, rate, starting balance, annual interest, monthly interest, daily interest, standard payment, overpayment, total payments and ending balance.

Each row is a month, the starting balance inherited from the previous month. I’ve got the overpayments column linked to a cell containing a number.

In Excel if you go to the cell containing the ending balance for the year / month you want to be mortgage free and use the goal seek option; set cell to zero by altering the overpayment linked cell.

At the end of the month I alter the linked overpayment to the actual overpayment made.

It suggests I need to be making payments of 1,316.82 monthly to be mortgage free by 12/12/12, my own target date.

Hope this helps…

FB.

Dumbledore55

Don't forget to add your amounts paid off your mortgage to the 'How much have we paid off our debt' thread.

Link here:

http://forums.moneysavingexpert.com/showthread.html?t=637547&page=6

gallygirl

financialbliss wrote: »

I use Excel for the basic reason that I’ve not found a flexible enough calculator for my needs.

I’ve a number of spreadsheets in use, but my favourite is a simple summary with columns: year, month, days in month, rate, starting balance, annual interest, monthly interest, daily interest, standard payment, overpayment, total payments and ending balance.

Each row is a month, the starting balance inherited from the previous month. I’ve got the overpayments column linked to a cell containing a number.

In Excel if you go to the cell containing the ending balance for the year / month you want to be mortgage free and use the goal seek option; set cell to zero by altering the overpayment linked cell.

At the end of the month I alter the linked overpayment to the actual overpayment made.

It suggests I need to be making payments of 1,316.82 monthly to be mortgage free by 12/12/12, my own target date.

Hope this helps…

FB.

The one thing that is missing is hourly interest....... what - a mars bar every hour in interest :eek: (not that I'm sad enough to have calculated it you understand )

financialbliss

ali007 wrote: »

The one thing that is missing is hourly interest....... what - a mars bar every hour in interest :eek: (not that I'm sad enough to have calculated it you understand )

Well, I'm sad enough to know my daily mortgage interest off the top of my head - 9.15 at present and creeping downwards slowly, so that's about 38p an hour in mortgage interest.

Unfortunately, I've no idea how much mars bars retail for!

FB.

gallygirl

financialbliss wrote: »

Well, I'm sad enough to know my daily mortgage interest off the top of my head - 9.15 at present and creeping downwards slowly, so that's about 38p an hour in mortgage interest.

Unfortunately, I've no idea how much mars bars retail for!

FB.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: How funny - let's hope you get stopped for a cost of living survey "no, I have no idea how much a pint of milk costs, however my mortgage interest is £9.15 a day, rising to £9.16 a day towards the end of the month, then falling by 2p" :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: .


Well, I'd think it was funny .