A MF day begins at midnight

CathT

midnight_child wrote: »

Just popping by for a quick update to say that tomorrow my mortgage will be down to a 5 figure amount, and im soooooo excited about this milestone.
Im acting like a 4 year old on christmas eve, and suspect that tomorrow i will be pressing F5 until I can see its cleared

MC

Hi Midnight, interesting diary and I will follow your journey. I remember this feeling too, I felt amazing getting sub 100k!

Good luck.

midnight_child

Farewell my 6 figured adversery, hello the 90's!!

My signature has been updated accordingly :j

Tilly_MFW_in_6_YRS

That's great news

Tilly

midnight_child

Hi CathT,

Yes its a great feeling. Odd how 99.99 seems so much smaller a number than 100.

I think the way to stay motivated is to have lots of smaller goals and to tick them off one at a time. Like someone on a long distance run might aim to run just to that tree, then afterwards they still feel fresh so can make it to the next hedgerow. Once there they wonder whats over that hill so run a little more. Over the hill there is a stream and decide to run over to take a closer look. Before long the runner has travelled many miles.

I plan to always have a smaller short term goal that could be to get another 5% of equity, have cleared another 5% of the initial mortgage, have it below the next 0.5x fraction of my annual salary, or 0.5x of my annual takehome pay, or get it below 95K, 90K, etc, etc. You could have a new goal almost every month.

MC

gallygirl

Don't forget the daily interest. When that drops a pound it's always cause for celebration :T.

Well done

Jumex

gallygirl wrote: »

Don't forget the daily interest. When that drops a pound it's always cause for celebration :T.

Well done

Perhaps I'm missing something here, potentially a bit embarrassed to ask given my profession, but how do you calculate daily interest?

Mortgage value x APR/Days in the year?

midnight_child

Thanks GG,

I also forgot when youR OPs reduce the remaining term by another full year!!


Hi Jumex, welcome.

Daily interest is calculated as the amount of mortgage remaining, mulitplied by the interest rate (express as a fraction so 2% is 0.02), divided by 365.

In my case 99648 x 0.0384 / 365 = 10.48

Hope it makes sense.
MC

clippy_girl

Congrats on getting under £100k :j:beer::T

gallygirl

Jumex wrote: »

Perhaps I'm missing something here, potentially a bit embarrassed to ask given my profession, but how do you calculate daily interest?

Mortgage value x APR/Days in the year?

midnight_child wrote: »

Daily interest is calculated as the amount of mortgage remaining, mulitplied by the interest rate (express as a fraction so 2% is 0.02), divided by 365.

In my case 99648 x 0.0384 / 365 = 10.48

Hope it makes sense.
MC

^^ what MC said ^^

You're welcome :rotfl:

midnight_child

Been a very hectic couple of weeks so its about time for an update.

I have now moved jobs and been trying to get down to productive things, though the various "induction" things still need to be concluded.

At the weekend I spent £30 on a stripper.......... It was a wallpaper stripper before you get any ideas (you know who you are!!). Its steaming the woodchip off so much quicker than my bowl of warm water and reckon I will have the next room cleared by the weekend.

With all the excitement ive not really been concentrating too much on the mortgage. Biggest MFW moment recently - I found a whole ten pence on the street. My friend gave me a strange look when I picked it up, but I just put it in my pocket and exclaimed that its coming off my mortgage. Strange how people view it as "dirty" to pick money up off the floor, but coins change hands frequently and some people have very poor hygene standards. Scary thought and maybe from now on I should wear gloves when accepting change!!

MC