FinancialBliss: My mortgage free journey…

financialbliss

Finally...

My standard mortgage payment for January has now cleared:

Opening Balance: 48,499.96

Overpayments in Blue.
Interest in Red.
Balance in Green.

Month: Payment (Std / OP) / Interest (day) / Net reduction / Balance / Nationwide completion

January: 1,398.03 (898.03 / 500.00) / 31.09 (6.22) / 1,366.94 / 47,133.02 / September 2015

Totals: Payment / Interest / Net reduction.

Minimum: 1,398.03 / 31.09 / 1,366.94
Maximum: 1,398.03 / 31.09 / 1,366.94
Average: 1,398.03 / 31.09 / 1,366.94
Grand Total: 1,398.03 / 31.09 / 1,366.94

Balance outstanding: 47,133.02

I'm presuming you can all half £95,000 ???

Which means, as of today, we are below £47,500 therefore we have paid off 50% of our mortgage!

:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j

So, the half way mark numbers...

I kid you not - I did not know this, nor did I plan for this, but it's took us 2121 days to get to this half way mark, or 5 years 9 months and 20 days...:eek:

Dividing £47,500 by 2,121 days gives a reduction of £22.40 per day.

But in order to hit my 12/12/12 target, I must repay the remaining £47,500 in just 2 years, 11 months and 7 days or 1,072 days or at a rate of £44.31 per day - almost double the payments made to date :eek::eek::eek:

And that's just looking at the capital and ignoring the interest...

Interest so far has been (as per bar chart on post #1)

2004 - 3,495.83
2005 - 4,095.55
2006 - 3,734.41
2007 - 3,427.29
2008 - 3,057.87
2009 - 2,558.46
2010 - 31.09

Total: 20,400.50

So, yes, we've come a long way, but still have a long way to go. I'm hoping I can get the mortgage completed before the interest hits £25,000

Think I'll be here for a while yet though...:rotfl:

Financial Bliss.

evab_2

Fantastic fb, well done on getting half-way a great achievement and a boost to set off the New Year!

laurasavon

well done - what a great achievement

shangaijimmy

Congrats. I hope we will have been dedicated enough to have a similar post in 5 years time!!

setmefree2

SmlSave

Well done FB!

keld

You're an inspiration to us all:A

financialbliss

Thanks for the support everyone!

The bank of england base rate was unchanged today at 0.5%
http://newsvote.bbc.co.uk/1/hi/business/8445893.stm

I'm now using my mortgage account as my savings account, so will be keeping a close eye on the base rates for when they start increasing.

Currently need to have a savings account paying 6.0% to beat the mortgage account at 4.79%

FB.

TallGirl

Thats really good well done and good luck for the MFi3 take2 I am sure you will all do well. Looks very impressive.

financialbliss

Just noticed that the house price index (HPI) site I use has been updated to reflect December. So here's a final look at 2009, as far as HPI goes:

2008 year end house value: 232,022.54

Month: Change / Value / LTV

January: 1,990.83 / 234,013.37 / 24.94%
February: 859.68 / 233,153.69 / 24.63%
March: 3,167.24 / 229,986.45 / 24.65%
April: 135.73 / 230,122.18 / 24.20%
May: 5,474.79 / 235,596.97 / 23.29%
June: 3,031.50 / 232,565.47 / 23.18%
July: 2,760.01 / 235,325.48 / 22.55%
August: 1,809.84 / 237,135.32 / 22.12%
September: 4,253.14 / 241,388.46 / 21.28%
October: 859.67 / 242,248.13 / 20.83%
November: 271.47 / 242,519.60 / 20.53%
December: 2,398.04 / 244,917.64 / 19.77%

So, if you believe what the index is saying, our house went up in value for the last 6 months of the year, ending on £244,917 making a gain of £12,895 in 2009.

Loan To Value (LTV) is again lowest yet at 19.77%

Edit:
My £12,895 isn't quite the 1.1% increase as reported here:
http://news.bbc.co.uk/1/hi/business/8445260.stm

but it's close.

FB.