Quarter of a million reasons to be Mortgage Free!

coxj2901

A new month and my regular direct debit has gone out for £1,045 plus my standing order overpayment of £546.

Feb 2016 Target

Monthly overpayment target . . . £1,750.00
Actual monthly overpayments . . . £546.00
(Shortfall) / Surplus . . . . . . . . . . . . (£1,204.00)

Cumulative Targets to date

Cumulative overpayment target . . . £7,000.00
Cumulative actual overpayments . . . £6,208.00
(Shortfall) / Surplus . . . . . . . . . . . . . (£792.00)

Other stats

Cumulative interest saved. . . . . . £5,144.00
New estimated daily interest . . . . . £15.19
New mortgage balance . . . . . . . . . . £236,954

In other news the building work on the annexe is now complete and we are in the process of decorating. The carpets and vinyl flooring are going in tomorrow so after that it will just be a case of moving furniture in and it will be complete. I have to say the builders have done a fantastic job!

Rosie_D

Hi there!

You're very inspiring & I've loved reading your post! I noticed on your SOA that you get £188 in benefits & I was wondering if this is child benefit as we're on about half the money you are and we're not entitled to claim it. Sorry if I seem like I'm being nosey but I was just a bit curious. Rosie

coxj2901

Rosie_D wrote: »

Hi there!

You're very inspiring & I've loved reading your post! I noticed on your SOA that you get £188 in benefits & I was wondering if this is child benefit as we're on about half the money you are and we're not entitled to claim it. Sorry if I seem like I'm being nosey but I was just a bit curious. Rosie

Hi Rosie,

My income is split with my wife as she is a shareholder and employee in my company. We both earn just under £50k per annum so therefore we still get the child benefit of £188. The majority of our income is received through dividends so we end up with a rather large corporation tax bill each year for the company!

coxj2901

I've made an overpayment today of £750 which takes me almost to £7,000 worth of overpayments since I started. It seems a large amount but has hardly dented the mortgage! I have to remind myself that I've only just started this journey and I have a long way to go!

Feb 2016 Target

Monthly overpayment target . . . £1,750.00
Actual monthly overpayments . . . £1,296.00
(Shortfall) / Surplus . . . . . . . . . . . . (£454.00)

Cumulative Targets to date

Cumulative overpayment target . . . £7,000.00
Cumulative actual overpayments . . . £6,958.00
(Shortfall) / Surplus . . . . . . . . . . . . . (£42.00)

Other stats

Cumulative interest saved. . . . . . £5,769.00
New estimated daily interest . . . . . £15.14
New mortgage balance . . . . . . . . . . £236,235

The carpets and vinyl flooring have been laid in the annex so all of the work has now officially finished :j It's merely a case of moving the furniture in and then my mil can move in

coxj2901

I've made another overpayment today of £750 which exceeds my target for February :j

Feb 2016 Target

Monthly overpayment target . . . £1,750.00
Actual monthly overpayments . . . £2,046.00
(Shortfall) / Surplus . . . . . . . . . . . . £296.00

Cumulative Targets to date

Cumulative overpayment target . . . £7,000.00
Cumulative actual overpayments . . . £7,708.00
(Shortfall) / Surplus . . . . . . . . . . . . . £708.00

Other stats

Cumulative interest saved. . . . . . £6,395.00
New estimated daily interest . . . . . £15.10
New mortgage balance . . . . . . . . . . £235,530

It's still a huge mortgage balance but it's coming down slowly but surely!

jodles16

I love your graphs and determination! You are doing amazingly well! My dad always says his accountant is worth every penny as they are so good at trying to help you keep those hard earned pennies!

How do you work out your daily interest? I normally wait to see how much has been added on over the month then divide it!! Not very scientific and if I randomly overpay that month it all goes wrong anyway!

Your overpayments are amazing, I will pop back and see how your getting on!

Jodles

coxj2901

jodles16 wrote: »

I love your graphs and determination!
How do you work out your daily interest? I normally wait to see how much has been added on over the month then divide it!! Not very scientific and if I randomly overpay that month it all goes wrong anyway!
Jodles

Hi Jodles, I keep a spreadsheet which calculates how much interest I am charged each day and has a column for my normal payment and any overpayments I make so I've found it tends to be fairly accurate. It's usually out by a couple of pence each month but I can live with that!

wantabetterlife

Love this diary...will be watching with interest. Fantastic well done on what you have achieved so far!!

coxj2901

This will be my last overpayment for February as I am leaving things very tight but, hey ho, this overpaying lark is kind of addictive :rotfl:The Overpayment of £215.19 made today means I have smashed my Feb target :beer:

Feb 2016 Target

Monthly overpayment target . . . £1,750.00
Actual monthly overpayments . . . £2,261.19
(Shortfall) / Surplus . . . . . . . . . . . . £511.19

Cumulative Targets to date

Cumulative overpayment target . . . £7,000.00
Cumulative actual overpayments . . . £7,923.19
(Shortfall) / Surplus . . . . . . . . . . . . . £923.19

Other stats

Cumulative interest saved. . . . . . £6,575.00
New estimated daily interest . . . . . £15.10
New mortgage balance . . . . . . . . . . £235,244

Annex

The Annex is now complete and we are just waiting on virgin to install a new box before my mother in law can move in. Here is an almost finished picture of the garage transformation (Excuse the mess!)

wantabetterlife

It looks beautiful...can oaks where you bought the curtains? I just love them!