Mortgage Free in Three Yrs

taka

Miss_Penny_Pincher wrote: »

Taka :eek: just kidding... thank you for this overpayment challenge - I'm going to attack this with relish.

I hope I've understood it all correctly...

You are considering a 21 year term and possible mortgage of £54k fixed at 5.63% for 5 years...

Let's say you get it organised in place for 1st June 2007. That gives repayments of £366 a month. Just paying the standard amount would reduce mortgage to £49,865 in April 2010 when the MFiT challenge ends and you would owe about £46,230 at the end of the 5 year fix rate.

Adding in the £150 a month would make it £43,730 in April 2010 :j Maybe you could have £43k or lower as your aim to add that extra challenge

Keeping up the £150 a month overpayments for the whole 5 years would reduce it to £35,860 when the fix ends.

:T :T :T :T Wow! :eek: How did you work that out? Thank you SO MUCH!!! :j . I love it!! I now have a copy next to my computer and I'm going to put a bit of card next to my cash card in my wallet with it on too as an extra reminder not to spend unneccessarily! 43k (or lower??) here I come!!

Keep the overpayments going for the whole mortgage and you would reduce your term by almost 12 years with it being paid off in July 2019!

This would mean I would pay it off approx the same time (Aug 2019) I would have done had I continued my 1st ever Mortgage for the full 25yrs!! Nice timing and an extra reason to stick to this!! :j I kinda vaguely hoped to pay it off by then (dreamt more like!) so it looks like it should be possible!! Yipeeeee :dance:

TallGirl - Put me down as £54,000 starting and same for May too so 0 paid off so far! I'm number 43! Thank-you! I haven't quite worked out how to PM yet...

DD - could you please change my entry (no 43) to say reduce her mortgage by £11,000 Thank you!

Save a lot - congratulations!! :T

Miss_Penny_Pincher_2

Thanks Taka

To be honest I didn't do the sums myself.... I put them into this mortgage overpayment calculator:

http://www.bankrate.com/brm/mortgage-calculator.asp?unroundedPayment=1097.749117045651&loanAmount=107000.00&nrOfYears=9&nrOfMonths=108&interestRate=6.00&startMonth=9&startDay=25&startYear=2006&monthlyPayment=+++++%3D%3D%3D%3E&showAmort=Show%2FRecalculate+Amortization+Table&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=1&oneAdditional=0&oneAdditionalMonth=1&oneAdditionalYear=2007&paidOffDate=Feb+25%2C+2037

It's in $ but just treat the $ as a £ sign. When you've filled in the boxes just click on the "Show/Recalculate Amortization Table" to show how much your mortgage will be in any given month.

Penny, the cheating geek

Miss_Penny_Pincher_2

Kaz I just read your post about your work friend. I'm really sorry that happened to her. That's awful that work put her under that kind of pressure especially when she was pregnant. ((big big hugs))

Taka can you see where it says 'Welcome Taka' near the top of this webpage to right? It looks something like this:

Welcome, Taka
You last visited: Today at 8:49pm
Private Messages: Unread 0, Total 1

Just click on Private Messages and there you will be able to send messages to other forum members - it's like a mini-email system.

Battleaxe_3

Dithering_Dad wrote: »

36. Battleaxe - Not sure what your 3 yr aim is, please advise.

My aim is to reduce my mortgage by 18 months ... the sooner my mortgage is clear, the sooner I can think about finishing work!

B
x

TallGirl

Thank you all for your PM's we now have 22 on the list I will wait until I get some more and then post it. It is a bit of a fiddle with PhotoBucket etc so hope that is OK.

Battleaxe I cannot add you on the chart as we do not know how much your mortgage is now please advice and I will add you on.

Off to do some sightseeing with my family member very MSE as we won the tickets.

Take care all and thanks again for the figures.

FrugalNotTight_2

DD and other interested parties,

I have some good news. I phoned the mortgage company and found out some exact figures. The balance as of 1st April 2007 excludes the payment for April but includes interest. The figures may therefore be a little mis-leading but at least they are exact.

So ...
Balance as of 1st April = £75,175.75 (What a peculiar looking figure. That actually looks like a made up figure!!!)

Balance as of 12th May = 73,945.21

I got something wrong in my previous post. I said that I'd applied for an on-line account with Northern Rock so that I could view my mortgage account at any point. The adviser told me that this isn't avaliable as yet. God only knows what I've applied for then!!!!

I've actually got a sort code and account number now so that I can pay some overpayments on-line. This is going to help me reduce my mortgage so quickly as it is just so easy. For example, if I cash in my coins - Yes I'm one of those people that puts 1p, 2p, 5p, 10p and 20p coins straight into a jar - this is money I didn't really have!!!! So, if I cash this into my account, I can immediately transfer the cash to my mortgage account.

I've not lost anything, I've not sacrificed anything and I've knocked a day off my mortgage or maybe more. Who knows????

Just thought I would share that with you all.

Ciao for now!

P.S. DD please would you alter my entry (No 42 - THE MEANING OF LIFE!!! to:

Mortgage as of 1st April 2007: 75,175.75
Aim: To have total mortgage amount less than £50,000 in three years.

Let's see where we go from there ...

FNT

comping_cat

FNT - ive just applied for Northern Rocks mortgage review online service, which def shows me my current balance!!! It doesnt have a breakdown of what ive paid in, but it shows me my balance, which is the important bit!!! So if the cust advisor says its not available, then they are telling porkie pies!!!!

benbenandme

Tallgirl ... could you possibly change my aim on the first page from "to rduce her mortgage by £10k" to "to reduce her mortgage to £50k". Many thanks x:beer:

minimoocow

Been having a nightmare of a week so not been on here - seems there's a lot to catch up with!

So first off - welcome to all the newbies :beer: I feel very old now being number 14 even though I only joined a couple of weeks ago! :rotfl:

Also Congrats to Savealot and hugs to Kaz (now read your post - that is truely horrible - I hope you friend makes a swift recovery and you all somehow find a way to cope with the loss)

Tallgirl - will PM you my figures next if I can work out how - apologies for the delay and hope you have a good holiday (Can't believe you are taking a holiday - don't you realise updating our progress is a full time job!!! )

Anyway, had a nightmare spending week:

1. Megamoos *thinks* he might have got 2 speeding tickets (at the same speed trap! :rotfl: ) Not turned up yet so there is hope!

2. The contract for the house which we had agreed to let out was supposed to be signed last monday but the tenants didn't turn up and have been elusive ever since (update - they say they still want it but need to sort out deposits - not sure whether to readvertise or not - don't mind waiting if they do want it . . . . )

3. Megamoos did the weekly shop this week and seems to have lost most of the shopping on the way home - between paying for it and getting in the car!!! So had to go and buy the shopping again! Although this is a tad annoying it was very funny last night after a few drinks when he realised what had happened and decided to phone tesco's up to ask if anyone had handed it in - "Er . . . excuse me I'm missing a bag of shopping . . . er yes some ham, chicken, fresh pasta . . . wot nobody has handed it in? Well I might have left it at the checkout or maybe in the trolley - er you sure you haven't seen it!" :rotfl: We had some friends around at the time and were in hysterics!

Oh well, here's to a better week next week!!!

MMC

Battleaxe_3

TallGirl wrote: »

Battleaxe I cannot add you on the chart as we do not know how much your mortgage is now please advice and I will add you on.

QUOTE]

My mortgage is £85939.07 and I've paid £161 into it since the beginning of May.

Thanks