Mortgage Free in Three Yrs

Kaz2904

I've just updated my sig and it seems there is a possibility of me making my original target. I pledged £43000 and I've paid off 90.1%. A rough calculation tells me that I should have paid off 91.6% so I'm 1.5% behind target. As we all know, we are just entering the 2 months council tax free and 2 months rates free period so that could possibly be the difference between me achieving my target and me not achieving it. Let's hope it's the former but even if it's the latter I'm still bl00dy chuffed!

Redbedhead

Well, I need to find an extra couple of grand in the next 3 months to make my target. It might be doable but even if I don't make it I am pleased with the progress I have made.

I have sent my update through to Tallgirl.

Desperate_Housewife_2-2

DD7 wrote: »

Happy New Year to everyone! (Dithering Dad here...)

thinking of starting a Pension Pot challenge and was wondering if anyone else fancied joining me in April for a three year stint, padding out their retirement savings?

Good idea DD 1-7! I am in the process of upping my pension pot now with an actual pension and just started a cash isa with 'rent' money going in (money that would have been our mortgage payment).

Well done to everyone on the challenge! We are collectively ahead of our targets which is unbelievable!

Thanks to TG for doing the numbers

keep it up

ninky_2

just checking in to say my 90k mortgage is now down to 80k. :beer:

firesidemaid

just checking in with my most recent figures - was trying to leave it as long as possible:rolleyes:. discovered another £11 interest from an old isa account.

so original outstanding amount was £105,675 with a pledge to apy off 25k.

i have actually paid off 26,780 so far which has exceeded the target with a little while still to go - amount oustanding is currently £78,895.

would like to be down to 75k for the celebrations! better start ebaying again!?

angelavdavis

Hi MFiT Members!

Just checking in for my quarterly back-patting and positively worded message!!!

I can't believe so many of you are still overpaying with things as tough as I know they are for some of you. Really really well done.

I also am amazed how many of you are over your targets!

Well done TG too - you are almost 100% of your target.

Best of luck for final slog!!!! Will be keeping an eye on you all

skaps

ailuro2 wrote: »

I have been playing around with the overpayment calculator-

for an overpayment that only lasts three years,at the beginning of the mortgage, on a £50K mortgage-(although it seems the actual mortgage amount makes very little impact on the amount of savings we make.) It varies according to interest rate paid-so I put in 5,6 and 7% to see what it came up with.


overpayment of £10 per month

5 year mortgage 5% £66.45 6% £81.25 7% £96.61
10year mortgage 5% £187.31 6% £235.04 7% £286.87
15year mortgage 5% £341.07 6% £440.94 7% £554.56
20year mortgage 5% £537.78 6% £717.18 7% £931.27
25year mortgage 5% £789.92 6% £1087.58 7% £1461.50



overpayments of £50 per month

5year mortgage 5% £326.45 6% £398.67 7% £473.49
10year mortgage 5% £913.17 6% £1143.60 7%1393.08
15year mortgage 5% £1655.40 6% £2130.4 7% £2668.51
20year mortgage 5% £2592.25 6% £3431.30 7% £4420.80
25year mortgage 5% £3769.49 6% £5133.37 7% £6803.13

overpayments of £100 per month

5year mortgage 5% £633.32 6% £772.97 7% £917.26
10year mortgage 5%1769.52 6% 2211.17 7% £2687.26 15year mortgage 5% £3189.31 6% £4085.93 7% £5090.82
20year mortgage 5% £4953.48 6% £6505.77 7% £8307.62
25year mortgage 5% £7127.87 6% £9591.40 7% £12,532.65

For those of you who may not be anywhere near the end of your mortgage, and may be thinking there isn't much point in adding little amounts of money towards your mortgage, then have a look at how much you could save just by putting an extra £10 a month away for the first three years of a 25 year mortgage-that's less than one pint of beer a week! - even if you could have an interest rate of 6% for the whole mortgage term you'd save over a thousand pounds-that's a lot more than one pint of beer:D

Thanks for that im going to get on the phone to Halifax tomorrow and pay an extra £50 a month.

tattycath

Well, I've sent my update to TG. I'm quite pleased really-considering we didn't start until sept/oct after the challenge started, and we have had some really tough times during the challenge.

skaps

As i thought my payments were more anyway i gave Halifax a call and am now going to pay £60 extra per month from February. Feeling happy thinking about all the money i will be saving in the long run.

TallGirl

LAST CHANCE FOR UPDATE

NEED THEM BY TOMORROW PLEASE IF YOU WANT TO BE ON THE NEXT CHART.

I have 10 who has not update since Oct 09 and 6 who have not update since July 09. So come on you last 16 please.