The Mortgage Free in Three - Take 4 challenge (MFiT-T4)

diamondsonly

#34 I'd like to change my goal from completely clearing my mortgage to saving £72000 during the 3 years.
MFW is going to have to take a bit of a back seat as life and responsibility have got in the way lol

I will still be making smaller efforts to OP where ever possible

Diamonds xx

catriona79

Hello everybody.

I'm chuffed as I've just worked out my daily interest rate and it's £5.04 - which isn't bad.

Saving has commenced and I'm on target to increase my net worth by £1200 this month. Fingers crossed.

Hope you're all doing well also.

tattycath

catriona79 wrote: »

Hello everybody.

I'm chuffed as I've just worked out my daily interest rate and it's £5.04 - which isn't bad.

Saving has commenced and I'm on target to increase my net worth by £1200 this month. Fingers crossed.

Hope you're all doing well also.

That's brilliant Catriona. :j
Please can you tell me how you worked it out? I'd love to know what my daily interest rate is, but I haven't got a clue how to work it out,
TIA

hiddenshadow

tattycath, the formula is:

[mortgage balance] x [interest rate] / 365

Assuming £100,000 mortgage and 3.00% interest rate (for easy maths)

£100,000 x .03 = £3,000
£3,000 / 365 = £8.22

tattycath

hiddenshadow wrote: »

tattycath, the formula is:

[mortgage balance] x [interest rate] / 365

Assuming £100,000 mortgage and 3.00% interest rate (for easy maths)

£100,000 x .03 = £3,000
£3,000 / 365 = £8.22

Thanks for this.
I've just worked mine out and it's £4.07 :j

catriona79

Hello Tattycath,

It appears I'm late to the party - you have already had your answer.

Congrats on the super low daily interest!

Trying_to_be_good

Just hit my new overpayment allowance date, so another chunk paid off as savings rates are so low. So my daily interest is looking better, too, at just over £8 :-)

mrsp1987

My brain is obviously frazzled as I could not get that formula to work even though I've done it before. I got daily interest of £850 and £85. I blame being in Birmingham New Street :rotfl:

Anyway finally got it sorted and I'm now at £8.66 instead of I think £8.78 last month. Wow £526 knocks off a whole 12pence!!

mrsp1987

Actually make that 2pence!! It was £8.68 last month!!!!

tattycath

mrsp1987 wrote: »

Actually make that 2pence!! It was £8.68 last month!!!!

It all helps!