Mortgage free by 2021?!

hiddenshadow

Everything's posted to the mortgage (regular payment + £1,400 OP)...current balance is £143,379.48.

Hoping we might be able to break into the 142s this month, but that might be wishful thinking. We'll see how the loan money shakes out once that's all moved around tonight.

Met the June target of sub-145k balance , next target - August for sub-140! We might get close next month but I don't think we'll make it.

debtfreeoneday

Doing awesome as ever with the OP'S!

Ali-OK

Almost £20k paid off in 6 months - brilliant work :T:T

hiddenshadow

debtfreeoneday wrote: »

Doing awesome as ever with the OP'S!

Thank you! Is it sad that I look forward to OP day most in the month? Usually it's DH's pay day but I only appreciate the money so that it can get fired off at the mortgage.

Ali-OK wrote: »

Almost £20k paid off in 6 months - brilliant work :T:T

Spreadsheet predicts close to £21k next month for our 2016 halfway point.

hiddenshadow

Got the loan funds all sorted out - need to wait a few days to get DH's new N@tionwide account details to max that out, but otherwise things are ticking along nicely.

Ll0yds has an extra ~£1,500 in it at the moment on top of the amount it'll pay interest on. Have put in an application with T3sc0 for their 3% account, so will put that there eventually.

And thus the excitement ends...until tomorrow when T$B interest comes in.

shangaijimmy

Fantastic progress made in here. We're having Tv debates as well as were decorating imminently in the living room and can't agree on whether to wall mount it or not!

hiddenshadow

Thanks SJ! We never really thought about wall-mounting our tv. Our lounge is extra-large (3rd bedroom wall knocked down to meld into lounge) so we have loads of options for configuring furniture/etc. I like the flexibility of being able to shift everything around without being locked into where the tv is located. Plus I'm always a bit paranoid about how securely the tv ends up fastened to the wall, but that's probably from growing up in earthquake country.

£15.33 interest from Ll0yds and T$B, and now my mental debate...

If we're opening a 3% current account to stash money, it makes sense to keep this money to put in there rather than sending it to the mortgage. That means, arguably, no more actual OPs for quite a while (we could open regular savers with T$B and N@tionwide to extend our 5% to more money). While that's good financially it's not good psychologically.

Think I will just count any savings above our baseline as an offset OP in the spreadsheets. Means re-jigging the spreadsheet calculations a bit, but that's fun. Should still allow the mental "win" of adding to savings, plus the financial win of earning extra money in interest.

Ali-OK

To save or to OP - it's mental torture I tell ya! :rotfl:

hiddenshadow

It really is! I want to OP All The Things! But then I remember the math and know it's better to save. Nothing against saving, but adding a (usually small) amount to a (usually large) positive number doesn't have the same impact to me as subtracting any amount from large negative number.

edinburgher

It's a bit like paying off debts using the snowball method, it feels better to pay off the bigger debt, even if one of them costs you 10% more!