FIRE Through The Mortgage - MF by 55 - LATEST

Firegirl
Firegirl Posts: 918
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edited 12 May 2015 at 9:21AM in Mortgage-free wannabe
Hi Everyone,

I've started a brand new diary!!!! I have decided I want to recalc my figures in line with retiring by 55.

I'll keep you in suspense for now but I'll pop back later with some figures.

19 Years - MF at 55
May Year - Remaining debt
May 2015 - £239,992
May 2016 - £228,450
May 2017 - £216,793
May 2018 - £205,020
May 2019 - £193,132
May 2020 - £181,125
May 2021 - £169,000
May 2022 - £156, 754
May 2023 - £144,388
May 2024 - £131,898
May 2025 - £119,286
May 2026 - £106,548
May 2027 - £93,684
May 2028 - £80,693
May 2029 - £67,574
May 2030 - £54,324
May 2031 - £40,943
May 2032 - £27,430
May 2033 - £13,783
May 2034 - £0:j
Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

Retirement Planning
Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
«13456753

Comments

  • Firegirl
    Firegirl Posts: 918
    First Anniversary Name Dropper First Post
    Forumite
    14 Years - MF at 50
    May Year - Remaining debt
    May 2015 - £239,992
    May 2016 - £223,962
    May 2017 - £207, 700
    May 2018 - £191, 314
    May 2019 - £174,766
    May 2020 - £158,054
    May 2021 - £ 141,176
    May 2022 - £124, 132
    May 2023 - £106,918
    May 2024 - £89,535
    May 2025 - £71, 979
    May 2026 - £54,249
    May 2027 - £36, 344
    May 2028 - £18,261
    May 2029 - £0 :j
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Firegirl
    Firegirl Posts: 918
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    edited 12 May 2015 at 9:32AM
    Thats my figures and signature updated - the journey begins!!!! 19 year plan most realistic but may aswell aim high!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    Fantastic Target :]

    Retiring at 55 would be amazing what would you do for an income once you stopped working ?
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Firegirl
    Firegirl Posts: 918
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    Well I might not actually retire at 55 but def want to be mortgage free. Another plan in the back of my mind is to buy to let. I want to get my mortgage down significantly before doing that so its a while off!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Firegirl
    Firegirl Posts: 918
    First Anniversary Name Dropper First Post
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    Just checked ebay and I have a bid for a £40 item!!! Very chuffed with that because I listed it about 10 times!!! yeeee haaaa:beer:
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    Ya the buy to let idea is a good one but so expensive to get into to start with

    good work on the ebay stuff i sold £20 worth of stuff yesterday wooo :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Firegirl
    Firegirl Posts: 918
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    Forumite
    It's something I've thought about for a very long time but I need to get this hefty mortgage down a bit first!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Firegirl
    Firegirl Posts: 918
    First Anniversary Name Dropper First Post
    Forumite
    I've just been having a look at another forum about making extra income. I tried swag bucks before but that was too much effort! I didn't like giving away all my data either. I'm a Test Analyst so there's gotta be something.

    I'll look into elance but not sure about it or others like it. I could rattle up a nice spreadsheet pretty quick for a few quid!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Firegirl
    Firegirl Posts: 918
    First Anniversary Name Dropper First Post
    Forumite
    It's actually killing me not to go for coffee before collecting the kids but it will save me £20 a month if I skip this regular trip!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Firegirl
    Firegirl Posts: 918
    First Anniversary Name Dropper First Post
    Forumite
    Yay - £40 eBay sale successful! And I think I'm going to start moving even the small amounts I save from things like resisting a coffee and start moving it to my mortgage too. I know it won't make a difference overnight but it'll add up over the years I'm sure.
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
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