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Every little helps

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Comments

  • Alion
    Alion Posts: 147 Forumite
    Could be mortgage free by 40, but somehow think a bigger house will scupper that one...
    29/01/07 - Took on our first home for £225k, mortgage of £200,700, reduced to £70,224.44 in 6yrs
    16/11/12 - Moved to our forever home for £427k, mortgage of £270,999

    MFIT-T3 #2 - Reduce (new) mortgage from £270k to £225k whilst renovating and with our first baby on the way! £265,654.56 so far
  • Alion
    Alion Posts: 147 Forumite
    Payment number 2, a little late considering we're hoping to do this 4 times this year (and have a wedding to pay for), but another £500 off our loan - feels so good to click that button and know we've done a bit more...can't wait for the letter telling us our new term :D
    29/01/07 - Took on our first home for £225k, mortgage of £200,700, reduced to £70,224.44 in 6yrs
    16/11/12 - Moved to our forever home for £427k, mortgage of £270,999

    MFIT-T3 #2 - Reduce (new) mortgage from £270k to £225k whilst renovating and with our first baby on the way! £265,654.56 so far
  • cupid_s
    cupid_s Posts: 2,008 Forumite
    We started overpaying by £86 a month. It might not seem much (our mortgage is quite low though) and we don't even notice the extra going towards the mortgage but it's knocked 6 years off the term.

    We too want to be able to upgrade to a much much better house when we have kids, and everything you can pay extra really does help.
  • Clutterfree
    Clutterfree Posts: 3,679 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Photogenic
    Hello All,
    I just joined today after lurking for a while. Actually I did try to join yesterday and this morning but the site was undergoing maintenance so I couldn't join until this afternoon!
    Still I am here now.... :)
    I am inspired by all the stories on here of people paying off their mortgages.
    Being a stay at home mum and my husband being the sole earner and not earning mega-bucks I know it will be many many years before we become mortgage free. We have approx 20 years left on our £64k mortgage.
    Anyway we had a good month in April and May so today I overpaid our mortgage by £500! It has made me feel so much better than sticking it in our savings account. I know this is probably a one off as we certainly cannot afford to do that very often, but I am going to try and pay off something extra on my mortgage each month - even if it is a fiver.

    I have also joined Ebay as a seller so any funds I make on there from ridding myself of clutter I will put in the pot too.
    Hope I posted this on the right thread - if not, I do apologise. :o
    Thanks and good luck to you all too!
    :heart: Ageing is a privilege not everyone gets.
  • benjdr
    benjdr Posts: 219 Forumite
    Has anyone got some nice formulae that can calculate how much money one would save by overpaying by £X in a certain month/period?
  • benjdr
    benjdr Posts: 219 Forumite
    I found a few, although these only calculate the money saved if you make the overpayments regularly:
    http://forums.moneysavingexpert.com/showthread.html?t=155707
  • Lotta_Littlies
    Lotta_Littlies Posts: 659 Forumite
    benjdr wrote: »
    Has anyone got some nice formulae that can calculate how much money one would save by overpaying by £X in a certain month/period?

    There are several overpayment calculators here: http://forums.moneysavingexpert.com/showthread.html?t=155707

    Lotta
    "One hundred years from now, it will not matter what my bank account was, how big my house was, or what kind of car I drove. But the world may be a little better, because I was important in the life of a child."
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    Try this calculator from a US site.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
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