Mortgage Free in Three Yrs

ailuro2

We've dropped to page 2 again with all the new mortgage-free journals - it'd be nice to have a sub-board for people's diaries, wouldn't it?

Or put us back to being a sticky?

TallGirl

Right here is the chart for the period up to 30th September 2008 - 1/2 way through the challenge and we are looking good. Well done everyone and thanks to those who updated me.

minimoocow

Hi everyone!

Just PM'd TallGirl so thought I'd let you have my update (see sig) . . . not done as well the last couple of months as we've been enjoying having a bit extra cash (only paying about £50 a month in interest now which is fab) but we're going to get back on the wagon now to make sure the rest gets paid off but the 2 year mark . . . who would have thought the last 10k would be harder than the first!

MMC

hughmungas1986

Thanks Tallgirl,

Just noticed the new chart, looks really good, and only half way through, Imagine what it will be like at the end of the challenge.

Lets hope more people send their latest balances to TG, it will look even better then

hughmungas

Kaz2904

Wow, that chart is looking fab isn't it?
Every time we have an update I am struck by just how well everyone is doing. In 18 months we've paid off a huge amount of money. Does anyone know where they'd be if they had only paid their minimum payment?
WOW, Go US!

ailuro2

If we paid off our original £52,000 mortgage over 25 years at a rate of 5.79% it would cost us £46,518.03 in interest.

The way we're headed we'll pay it off before 12 years are up, so it will cost us £20,260.50 in interest.

That difference is £26257.53 so that's where we would have been - more than £25K out of pocket!


Where would we have been in the amount paid off?

I can work it out quite close - we'd still have £38,673 outstanding for October 2008 instead of what you see in my signature.:beer:

1274

I can't work it out, but guesstimate based on the mortgage calculator that I "should" owe £153K if no overpayments had been made. I actually owe £37,668. I'll have saved £120K in interest if I pay it off by 2011. That's a staggering figure and enough to buy a whole new house!

angelavdavis

Thanks for preparing the latest chart TG - all looking great from where I am standing!!!!!

Excellent work everyone, keep it up!!!:j

cupid_s

Hi all
Have just pmed tallgirl. We have paid off 50% (almost exactly) since starting the challenge.
So I'm very pleased with that.
I've just calculated and if we'd only paid the minimum we'd still owe 63899!

This month will put us behind though. Sadly my father-in-law passed away suddenly last week and that has involved quite an unexpected expense that cannot be helped.

Hopefully next month will be a better one all round.

Desperate_Housewife_2-2

Hi cupid_s, I am so sorry to hear about your loss, I just wanted to pop on the board to give you a big hug and hope things get better soon.

Hi to everyone else and looking forward to seeing how well we have all collectively done. Big thanks to Tall Girl for doing the numbers