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

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Comments

  • diamondsonly
    diamondsonly Posts: 241 Forumite
    #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
    1.7.15: £157,469.64, 10.02.16: £93,434.74
    FIT-4 #34, MFW 2016 #89 (£7350/24000)
    Target MFW Dec 2018
  • catriona79
    catriona79 Posts: 855 Forumite
    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.
    * * * Catriona's Credit Card Countdown * * * from -£16k to debt neutraldom - for my debt diary click here
    Barclaycard -£5,867.52;
    mbna1 - 3,009.22
    mbna2 - 1,755.70
    Savings £5,017 MFiT #25 £2,627/£10k; daily interest £5.04
  • tattycath
    tattycath Posts: 7,175 Forumite
    Part of the Furniture 1,000 Posts
    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
    GE 36 *MFD may 2043
    MFIT-T5 #60 £136,850.30
    Mortgage overpayments 2019 - £285.96
    2020 Jan-£40-feb-£18.28.march-£25
    Christmas savings card 2020 £20/£100
    Emergency savings £100/£500
    12/3/17 175lb - 06/11/2019 152lb
  • hiddenshadow
    hiddenshadow Posts: 2,525 Forumite
    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
    tattycath Posts: 7,175 Forumite
    Part of the Furniture 1,000 Posts
    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
    GE 36 *MFD may 2043
    MFIT-T5 #60 £136,850.30
    Mortgage overpayments 2019 - £285.96
    2020 Jan-£40-feb-£18.28.march-£25
    Christmas savings card 2020 £20/£100
    Emergency savings £100/£500
    12/3/17 175lb - 06/11/2019 152lb
  • catriona79
    catriona79 Posts: 855 Forumite
    Hello Tattycath,

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

    Congrats on the super low daily interest!
    * * * Catriona's Credit Card Countdown * * * from -£16k to debt neutraldom - for my debt diary click here
    Barclaycard -£5,867.52;
    mbna1 - 3,009.22
    mbna2 - 1,755.70
    Savings £5,017 MFiT #25 £2,627/£10k; daily interest £5.04
  • Trying_to_be_good
    Trying_to_be_good Posts: 1,989 Forumite
    Part of the Furniture 1,000 Posts
    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 :-)
    Mortgage Free thanks to ill-health retirement
  • mrsp1987
    mrsp1987 Posts: 815 Forumite
    Fourth Anniversary 500 Posts Wedding Day Wonder Cashback Cashier
    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
    mrsp1987 Posts: 815 Forumite
    Fourth Anniversary 500 Posts Wedding Day Wonder Cashback Cashier
    Actually make that 2pence!! It was £8.68 last month!!!!
  • tattycath
    tattycath Posts: 7,175 Forumite
    Part of the Furniture 1,000 Posts
    mrsp1987 wrote: »
    Actually make that 2pence!! It was £8.68 last month!!!!

    It all helps! :)
    GE 36 *MFD may 2043
    MFIT-T5 #60 £136,850.30
    Mortgage overpayments 2019 - £285.96
    2020 Jan-£40-feb-£18.28.march-£25
    Christmas savings card 2020 £20/£100
    Emergency savings £100/£500
    12/3/17 175lb - 06/11/2019 152lb
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