A way to pay! Clear this mortgage before 30 years!

kirtsypoos

I spend hours messing with that spreadsheet for our new house....we don't move in until next weeks so I currently have a current mortgage version and a new mortgage version :rotfl:

I just add my monthly overpayments up as I make them and add that for that months overpayment amount, if that makes sense?

obay

kirtsypoos wrote: »

I spend hours messing with that spreadsheet for our new house....we don't move in until next weeks so I currently have a current mortgage version and a new mortgage version :rotfl:

I just add my monthly overpayments up as I make them and add that for that months overpayment amount, if that makes sense?

Yup! I see, that's what I am doing pretty decent!

obay

Just had a new order so I shoved £100 over to the mortgage to round me up to £130.74, which brings my interest down to £607.98 A total saving of £2.94 in interest that i'll never have to pay again.

Does this mean, that every time I pay my regular payment £804.33 £2.94 extra goes to capital repayment?

kirtsypoos

It should do, if I understand it right

obay

kirtsypoos wrote: »

It should do, if I understand it right

Bit of a shame that I've got to spend £500/month to reduce the interest by only a little £10 every month...

Oh well, I suppose it's better then anything..

With this fantastic new spread sheet I have, I have set my aim by the end of December next year, I aim to have my interest down to £15/day and I'd get that with paying around £6,000, or £500/month to the mortgage.

I will try as much as I can, I highly doubt I'd get it. But with the original payment of £803 going out plus a few over payments here and there, I am sure I'd get it.

obay

So had a good night at work had 3 new orders come in over night while I was sleeping so setting them up now, I will be sending 10% of what I've had to the mortgage this morning! So it should work out as £230.74 that I have sent in total since the 1st.

Problem is, my mortgage company's online portal don't update automatically. Still shows I owe £1209/month until the 31st of December, even though it's paid!

lantran

I think I am going to follow martin's guide for overpayments so I'm going to stick around the 400-500 mark per month once the house is renovated a bit more

obay

So, just paid that £100 overpayment which takes it to £230.74 in an overpayment for this month already, I will shove some more shortly once some more money comes in.

That brings my monthly interest rate to
£605.74 a reduction of £5.18 in monthly interest so far.

I have also started off with a daily interest of £20.36 of which it is now £20.19 a total saving of 17p a day.

So, little overpayments kind of work here, which is awesome, I can't believe it works like this.

obay

I've just sent another payment of £70 making a grand total of £300.74 sent this month to the mortgage. Of which that's what I kind of wanted it around, I will more then likely send another £200 to drop £10 off my interest payment for the next month, hopefully some good effect will have when I do that.

So with a overpayment of £300.74 my monthly interest now reduces to £604.17 saving my self £6.75 per month.

Which now brings my daily interest down to £20.13

Oh, I can see being mortgage free! haha

kirtsypoos

It's addicitive obay!!