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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 far0 -
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
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 far0 -
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.0 -
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.
Thanks and good luck to you all too!
Ageing is a privilege not everyone gets.0 -
Has anyone got some nice formulae that can calculate how much money one would save by overpaying by £X in a certain month/period?0
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I found a few, although these only calculate the money saved if you make the overpayments regularly:
http://forums.moneysavingexpert.com/showthread.html?t=1557070 -
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."0 -
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:0
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