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

turtlemoose

this one can cope with changing interest rates/monthly payments

pinkteapot

turtlemoose wrote: »

this one can cope with changing interest rates/monthly payments

I think I've had a quick look at that before and was put off by the number of sheets and all the data. I need to invest more time. All I'm after is time knocked off the term and interest saved over the life...

turtlemoose

the extra sheets are just charts etc. The spreadsheet actually allows you to put 2 mortgages in and compare them - just ignore the second set of mortgage sheets if you only have the one

shangaijimmy

I know what you mean about too many sheets and charts. They're fab but a bit too much for me.

The best one,s for me that I've pinched was off financial bliss (that's the basis of my schedule sheet and a targets one that helps you to manipulate figures). I've added an interest saved column but calculate it manually on the overpayment calculator.

I don't mind posting it if people will find it useful, or search for financial bliss diary and there's a step by step guide to setting it up from scratch.

choccielover

I might have a look at the financial bliss sheets, I love a good spreadsheet

Well when our payment is applied on Monday we will be into a new low of the £170's....till the interest is applied at the end of the month takins us momentarily back into the £180's. Wondering if I can find £200 to keep us down....
Hmmmm. Will have a think and see if there is any flex in the budget.

Chocs

clarew

As a non spreadsheet expert...I'm enjoying using the mortgage app which shows me a monthly balance the monthly payment and what is interest and what is capital. It copes with varying overpayments and interest rates too.

What I would like apart from an easy to use spreadsheet tool (!) is also to find out how people have done the bricks method I've seen on here. Where they have a house picture or their house and have x number of bricks on it and then when they reach a certain level they colour in the brick so you can see how much of the house you've paid off. I like the idea of this visual incentive but can't fathom out how to do it or what happens when interest changes and how that impacts. Any ideas?

For now I'm just ticking along making a dd overpayment each month...have other things to pay off before I can look at doing extra intermittent payments...hopefully next year I will.
If Interest rates stay the same I can't wait till we hit 5 figures rather than 6 estimated to be aug 2016...so a way off yet!

bubblycrazy

Thanks for the spreadsheet pinkteapot! I currently use the one turtlemoose has linked to, but also find it too overbearing, I really like this simplified version.
clarew I also like the idea of colouring in the bricks, hope someone comes up with instructions soon!

pinkteapot

I always thought the brick system was just really simple and based on mortgage balance, so no effect from interest rates.

Ie if your house is worth £300k you have 300 bricks (one per £1,000) and each time you knock another £1,000 off the mortgage you colour in a brick. The number of coloured bricks represents your equity in the house.

What I haven't got my head round with it is what to do if the value of your house changes. Guess you'd have to totally redraw the house!

I tried to do one once and got bored before I finished, but it's basically like making pixel art. You have to work out how many squares by how many to make the main bit of house and draw a roof etc. You could do it in pencil on graph paper to start with.

pinkteapot

Disappointing times here...

I mentioned that we have regular savers maturing soon. Have realised it's not until the 29th. Even though the balances went up to £3k each on the 1st! It's because we took them out on the 29th May last year, so put in our first £250 each manually, then the first automated monthly payment went out a few days later on 1st June. The 12th payment went on 1st May but they keep our money until the 29th to reach the one year point, grrrr.

We'll have £6k plus 6% interest paid. Debating whether to:

1. OP the whole lot (£6k plus interest)
2. OP the £6k and keep the interest for some lovely extra spending treats
3. Work out what we would have saved in interest on the mortgage over the last year, OP £6k plus that, and keep what's left of the interest earned for spending treats (ie put us in the same position as if we'd OPed the money monthly instead of saving it in terms of the mortgage, and keep the extra)

Would love to do (3) but think it's more maths than I can be bothered working out how to do. :rotfl:

choccielover

I would do 3. i think, or split the interest 50/50 on treats and OP the difference.

Not sure about the maths, you could just take the difference between the rates x £6k and use that as the intetest saving but it is just simple interest not compounded.

Chocs