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

Brokeattheminute

Hi everyone,got my 1st op out of the way.It was a bit of a struggle but got there and have now saved £100 towards our wee holiday in August which is only 7wks away.Already saved a fortune not going abroad and just staying in Northern Ireland.On the uniform front should be getting my cheque for £153 nxt wk from delivering them phonebooks 2wks ago so thatll help go towards that, so everything going o.k at the minute.

Synonymous

pinkteapot wrote: »

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:

Hey pinkteapot, was just mooching back through the thread and saw that you use the same template spreadsheet as me. I've changed deal (and so interest rate) twice since the start of the mortgage, and I just unprotected the sheet and manually typed in the new interest rate and monthly payment amount and it continues to work fine! I you want the spreadsheet to predict in advance what this will be, then it doesn't solve your problem, but it will mean you can still use the spreadsheet once you know the monthly payment amount. This feature is what makes mine a godsend when you can't use a simple online calculator any more.

Your interest saved collumn is a great idea, and I might [STRIKE]steal[/STRIKE] implement that I'll have a play and see if it still works with my changed interest rates.

I only wish it was bang-on accurate, but with interest calculated as a monthly average, not daily, and it not taking into account the date on which you make an OP, it's always slightly out - I correct the total mortgage balance every six months so that it doesn't drift too far.

I also calculate my daily interest amount - it's great to make you feel like the mortgage interest is more of a hair-on-fire debt emergency (as MMM would say) - mine is currently £7.01 and it makes me sick that in real life this would be like opening my purse and giving someone seven quid EVERY DAY! :eek: (and not getting anything tangible back)

turtlemoose

No firm home improvement plans yet choccie, let's get the cash first eh

pinkteapot

Synonymous - thanks for the tip re changing interest rates on that template.

My interest saved column works in a low-tech way. The only way I could think to do it, given that the interest over the life changes every time you OP, was to create the duplicate sheet called 'Original mortgage' and it refers to the interest sum on that.

Of course as that figure won't change I could have just then used a formula of =100000-sum(interest column) (where 100000 is the interest on your original mortgage).

helibob

Very happily joining the ranks of the MFWs, as our house purchase went through on Monday. We have £204,299 as a starting point, and went for a 2 year fix on a 25 year mortgage, with the view to over paying at least £120 a month, but if we up that to £500 a month, we could be paid off by 2030, assuming interest rates don't go up. Obviously, interest rates are quite likely to go up, but hopefully so will our salaries and therefore ability to overpay!

choccielover

Managed to save £100 tonight.

Hubby's car insurance renewal came through so I checked with the meerkat and with a few changes (both our job titles have changed, the value of the car was too high and the mileage too low) it showed our current provider but £110 cheaper.
Called and they matched it but I lowered our voluntary excess which cost me £10.

So a good nights work I reckon. I think the monthly payments are lower than currently so I will throw the difference at the mortgage. Will check when I get a chance.

In a slightly less than money saving move, I booked next years holiday. Though this is in the budget so not too horrible. Just need to wait till November now to book flights.

Chocs

choccielover

Pinkteapot, I do the same as you. I have my original mortgage mapped out then I update each month actual interest charge and the difference is my interest saved.

Chocs

shangaijimmy

As a rule of principal if I get a ridiculous requote I refuse to accept a matched price and tell them they don't deserve my business!!

Really I just want the quidco cash back!

choccielover

In fairness quite a lot had changed, the value on the quote of the car was way high, and our jobs have changed, mine significantly and that all makes a difference. And it was a requote against themselves rather than someone else.

shangaijimmy

Don't go soft on them. They are like banks - the enemy!! You won!