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

obay

NorthernMonkey1 wrote: »

Looks like you're doing well.

I've stolen loads of ideas from the DFW board that I'm using to pay down my mortgage, including no spend days, and bringing lunch to work, then paying down a few pounds a day.

Today, I sold something else on ebay and overpaid an extra £13.60

That's great, do you have a diary? I'd like to view! I can't take my work to lunch, my work is at home, so lunch is cheap!

NorthernMonkey1

I only update it once a month, but I do keep one.

I use a spread sheet to track how many days I've knocked off the mortgage, I'm trying to get myself into a position where it's all paid off before im 45 (I'm 37) but thats quite a stretch. It's due to be paid in 16 1/2 years with no OP

lippy1923

Great progress. I love the fact you keep track of ownership as a %. I never thought of that and will be stealing your idea

obay

lippy1923 wrote: »

Great progress. I love the fact you keep track of ownership as a %. I never thought of that and will be stealing your idea

You can have it! I stole it from another diary on here!

http://www.bankrate.com/calculators/mortgages/ltv-loan-to-value-ratio-calculator.aspx

Is what I am using to calculate!

obay

Seems I did have the right figure in my mind.

£150,939.23 - is currently left on my mortgage, seems to be a small enough for now. I will check back in a few days and see where I am at to see if I can overpay a bit more. It's exactly £500.74 that I have put onto the debt this month and it seems to have had a dent

Let's see when the mortgage has added it's interest on where I am at.

obay

I've decided to bite the bullet and send another £50.23 to the mortgage, the 23 was to just get it down to a straight figure, that's a total of £550.97 sent to the mortgage this month after yesterday's takings.

The carpets have been paid for also which is good, they're being fitted on Tuesday so will make the house a bit more homie .

NorthernMonkey1

I like to count how much has come off the mortgage total each month.

Every month I 'waste' £270 in interest, and pay off £350 of balance. I like to think of how many extra months I've paid in this month. An overpayment of £350 would be a full extra month of the balance, and an OP of £700 would mean I've managed 3 months in 1.

I know that those are months of freedom that I'll get in a few years time

NorthernMonkey1

Just looking at your numbers. Your normal payment is £805, and your interest is £600, so you pay £205 capital off a month.

Your £550 OP means you've paid off 3 1/2 months mortgage in December. That's got to be worth a virtual high five. 2 1/2 months in one month is the highest I've yet to manage

obay

NorthernMonkey1 wrote: »

Just looking at your numbers. Your normal payment is £805, and your interest is £600, so you pay £205 capital off a month.

Your £550 OP means you've paid off 3 1/2 months mortgage in December. That's got to be worth a virtual high five. 2 1/2 months in one month is the highest I've yet to manage

Hey,

With the £550 over payment I've paid of 2 1/2 months?

I see how your looking at this, and actually that seems pretty good, might use this on my spreadsheet! If you don't mind!

NorthernMonkey1

Well, 3 1/2 months including your base payment, 2 1/2 if you're just counting the OP. No overpayment means you still get to pay off 1 month every month.