The "Mortgage-free in 2025-30" club!

MummyEm

hello everyone

Could I join the list please?

Currently have just over £260k of a £295 mortgage left to pay :eek:
Original end date was Nov 2039 (OH would be 63!), currently down to Apr 2036 but I'd really like to get this down to Nov 2025 just before OH turns 50.

Brokeattheminute

Thanks everybody for all the support.Have worked out i have to work at least 1 days overtime a month to get this extra £75 which shouldnt be a problem with people looking off work to go away on their summer holidays.

Luckyinlife

Brokeattheminute wrote: »

Thanks everybody for all the support.Have worked out i have to work at least 1 days overtime a month to get this extra £75 which shouldnt be a problem with people looking off work to go away on their summer holidays.

Well done :] will make your life much easier later :]

amycool

Brokeattheminute wrote: »

Thanks everybody for all the support.Have worked out i have to work at least 1 days overtime a month to get this extra £75 which shouldnt be a problem with people looking off work to go away on their summer holidays.

Hopefully a nice achievable target and it'll be good knowing what a significant difference that one extra day will make.

It's good to see everyone progressing-
ShanghaiJimmy - knocking a whole £1000 in a month is always rather lovely.

MummyEm - welcome! Well done on knocking over 3 years off already and good luck with the rest of it!

pinkteapot - I can't resist a spreadsheet. :rotfl:

I was pretty pleased this month as although my overpayment didn't bring me down into the next £1000 chunk, I did manage to bump the savings up a bit. We've been doing work on the house since we bought it last year and seeing the savings plummet was worrying me!

Luckyinlife

Nice work amy

So its a new months for us in the club guys
Good luck with the saving/frugal living so we can OP :]

shangaijimmy

Thanks Amy. Our monthly plan is for about £880, but my not so secret plan is £1000. So we've had a very good 2 months. As ever the more you see the figures the more frugal (and obsessed) we all get.

I think I need to add a colum on for interest saved each month next!! Oh and a cumulative total too. I'll be back...

shangaijimmy

Interest savings done and 2 columns added to our spreadsheet.for the last 2 months we've saved £591 in interest.

I've pasted a link to the new spreadsheet on the last post of my diary, so you'll have to pop in if you wanna see it

pinkteapot

Right, team! Here's a link (hopefully) to the mortgage overpayments spreadsheet I use:

https://dl.dropboxusercontent.com/u/36815470/mortgage-overpayments.xlsx

It's a tweaked version of a file I originally found online a few years back.

It originally only had one sheet and just told you how many months you'd knocked off the term. I have complicated it by having two sheets - one for the original mortgage and one for the mortgage with the overpayments - but this enabled me to add an 'interest saved' field, which is what we're about round here. :money:

There is a problem with it, which was also in the original version, that I've just tried again to fix but it's beyond me. If the interest rate on your mortgage changes, it doesn't change your normal monthly repayment (in this file). It does update the interest paid and saved, but sadly the original author didn't account for the change it makes to your repayment.

This is a real shame because I think it's a great file otherwise - easier to use and clearer results than other OP templates I've tried from various sources.

Do share any other templates that you like - I love playing with spreadsheets.

p.s. P*ss poor Club 25-30 weekend for me - I impulse bought a sofa that I didn't need. :eek:

shangaijimmy

Pink - loving your spreadsheet. One cheeky request though - what formula do you input to track/workout interest saved?

pinkteapot

MummyEm - sorry for the delay - you're on the list now. And welcome!

shanghaijimmy - it's pretty low tech. Sum of the monthly interest paid column on the original mortgage sheet, minus the sum of the same column on the OPs sheet. Ie total interest paid on the original mortgage less total paid with the revised mortgage.

But as the note says, the template falls down if the interest rate changes during the mortgage, and that screws up the interest saved calculation. Still need to fix that before the first hike in rates (we're on a tracker).

Template is locked (so you can only edit the bits you need to edit) just because it came that way. If you want to see all the formulae you can just unprotect the sheets (there's no password or anything). In newer versions of Excel it's Review > Unprotect sheet.

Do let me know if my template gives different interest saved figures to yours - I've blindly trusted it for five years! :rotfl: