Getting the right balance - aka 'wanting my cake and eating it too'!

jackieblack

Update:

OP'd £66.21 in April and £54.36 so far this month
New total = 13.66 MPs

According to an online calculator I've just used this puts the estimated remaining term at 13 years 6 months - not sure exactly how that works but I guess it's something to do with reduced interest due to OPs ?

jackieblack

Update:

Total OP'd in May = £109.82 would be great to do this every month but is unlikely
New total = 13.93 MPs

Kittenkirst

Fab overpayment for May there Jackieblack!!

Some months my OPs are big and some months they are small but the key thing is we're still overpaying and making headway!

jackieblack

Kittenkirst wrote: »

Fab overpayment for May there Jackieblack!!

Some months my OPs are big and some months they are small but the key thing is we're still overpaying and making headway!

Thanks! Yes, was quite surprised when I added them all together, but it included an interest payment from an old account I don't use anymore so a 'one off'. I doubt it'll add up to anything close to that this month.
But 'every little helps' as a certain supermarket tells us!

Jelllibeanz

You're making great progress

jackieblack

Total OP'd in May = £65.22

Have worked out that mortgage interest is working out about £80 per month, so aim is for overpayments of around this amount (on average) each month, meaning that as much of the monthly mortgage payment as possible will go to reducing the capital amount.

jackieblack

Oops!
Realised the above post should have said June, not May

July has been disappointing, only managed £25.12

But have 'cashed out' a couple of survey vouchers which, when they arrive, I'll use to buy a birthday present for next month and pay the same value as an OP, so this should boost August's OPs

jackieblack

£77.44 OP in August :j
Only £25.46 in September, mainly due to a last minute unexpected opportunity to take a trip which, due to it's last minute timing was more expensive than it might have been with more advance planning (although each element was the best value I could get).
Consequently, I don't anticipate huge OPs for the next couple of months while I'm playing catch up with my finances (it was SO worth it though )

Total OPs currently = 14.84 MPs According to the OP calculator this reduces my mortgage term by 2 years, from 15 years to 13 years and save me £1932 interest

The minimum OP I am aiming for each month is £25. This would reduce the term to 11 years 4 months and save me £2799 in interest:)

If I can average £50pm OP, that would reduce the term to 10 years with £3457 interest saved :j

Betterthanever

Any OP is better than none. It all makes a difference, especially when added together with all those other small payments. Keep going, you're doing great just fine!!

jackieblack

OP for October = £59.15! Much better than I expected, mainly due to a couple of survey rewards paying out