New House, New Mortgage!

jodles16

November Mortgage Stats:

Was: £153,420
Now: £152,973
Monthly Payment: £666.72 + £50
Capital Paid: £447
Interest: £270


Seems like a big switch around this month on capital and interest, not sure why, so will keep an eye on this!


Jodles

Moneyfordreams

hopefully its accurate for you … less interest always a bonus mines a bit variable at the mo too

jodles16

December Mortgage Stats:

Was: £152,973
Now: £152,475
Monthly Payment: £666.72 + £50
Capital Paid: £498

Interest: £219


Still moving in the right direction!

Moneyfordreams

I see the interest is lower again :T

jodles16

Thanks MFD! Lets hope it continues! Sometimes this all feels like it will take too long, I want it to be gone already!haha. Have increased the monthly overpayments to £250 again so that feels nice at least!


Jodles

Moneyfordreams

My OPs have stalled, a few pounds to round it down, that's all.... Because I have huge CC debt that we have fixed up the place with. They are on the hit list

jodles16

Last eyar saw minimum overpayments, and to be honest I lost interest so much in MFWdom, it is nice to feel my mojo is coming back! Here are the thoughts buzzing around my brain for 2020:


I have upped the overpayment back to £250, we should have enough for New York and that was the only big expense left really, therefore back to overpaying the full amount we can afford!


Based on our current mortgage of £152,475 with 24years to run, we will pay £39,227 in interest over the remainder of the mortgage. By the end of 2020, our mortgage would stand at: £147,459 and we would be mortgage free by 2044.


So, with our regular overpayment of £250 a month, starting on January 1st 2020, we would pay £25,966 in interest, saving £13,261. We would be at £144,432 by the end of 2020, this would be paid off in 16 years- 2036. This seems like a great achievement long term!



I have joined the MFW year challenge and 1% challenge this year to help with motivation. We are also going to save for the emergency fund again, as it has disappeared over time!


Jodles

Moneyfordreams

Glad your Mojo has returned
Fantastic savings there

jodles16

Thanks MFD! It is hard to keep it going sometimes! I think my overall mortgage goal would be to get to £140,000 by remortgage. I know we have less than 4years left now, and to be honest I am not sure we have the money to do this...Would be amazing though!


Would mean knocking 12k off in less than four years, I based calculations on having exactly four years to go:


52475/48= £1093.23 a month

We curently pay around £400 capital off a month so would need to find basically £700 a month extra. Not feasible if I am honest! Will stick to current plan of knocking an extra £250 off a month and seeing if there is any scope for extras! Have spoke to hubby about possibly increasing to £300, but he wants to see what our money is doing with the £250 first. Understandable I guess!



Tesc0 is a weird mortgage provider, they have taken the whole amount including overpayment, but only the normal amount is initially taken off the mortgage, at some point someone will add the overpayment on, all a bit slow and frustrating.



So mortgage is standing at £152,076 as of Jan 2020, annoying an overpayment would have knocked us into the next bracket down...So have paid off £399 this month, which is a lot less than previous months...will do a proper update once the overpayment has been added!


Jodles