FinancialBliss: My mortgage free journey…

llamahead

Hmm - ok - is this it?

$440,000 over 30 years = $539.420.60 interest.

365 x 30 = 10,950 days

$539.420.60 divided by 10,950 = $49.30 a day.

Does this seem about right to you? - psychology is my thing - not maths!

Massive incentive to overpay, look at the amount of interest!

Anyway - thanks in advance again!

gallygirl

LLamahead, according to https://www.whatsthecost.com you are spot on:

"The bottom line, is that this repayment mortgage for £440,000.00, over 30 years, will cost you £2,720.61 a month.

In taking out this loan, you'll pay a total of £539,420.60 in interest. The true cost of this loan is £979,420.60"

Round it up, your house is costing you €1,000,000 :eek::eek::eek::eek::eek::eek:.

Hmmm, that strikes me as an incentive to overpay

llamahead

gallygirl wrote: »

LLamahead, according to www.whatsthecost.com you are spot on:

"The bottom line, is that this repayment mortgage for £440,000.00, over 30 years, will cost you £2,720.61 a month.

In taking out this loan, you'll pay a total of £539,420.60 in interest. The true cost of this loan is £979,420.60"

Round it up, your house is costing you €1,000,000 :eek::eek::eek::eek::eek::eek:.

Hmmm, that strikes me as an incentive to overpay

Thanks for that Gallygirl - $1,000,000 :eek::eek::eek::eek::eek: Its a nice house but NOT that nice - already putting together a master plan for overpayments, we have an offset account so that should help.

JonnyBravo

llamahead wrote: »

Hmm - ok - is this it?

$440,000 over 30 years = $539.420.60 interest.

365 x 30 = 10,950 days

$539.420.60 divided by 10,950 = $49.30 a day.

Does this seem about right to you? - psychology is my thing - not maths!

Massive incentive to overpay, look at the amount of interest!

Anyway - thanks in advance again!

No.... well yes..... well kind of..... thats the average interest per day over the course of the loan.
You'll be paying more interest at the start of the loan than at the end.

In the first month I make it roughly $66.02/day in interest. This obviously declines (slower at first, but picking up speed as the capital owing drops) until it reaches zero as you pay off your loan.

llamahead

Good lord! It just gets worse - but thanks Jonny (love that cartoon btw!). I guess i'll have to recalculate after every payment will I?

Sorry FB I appear to have hijacked your thread entirely!

Just waiting for the new bank account to be set up then I can get on with overpaying - asap by the looks of it!

Thanks for your help everyone.

JonnyBravo

llamahead wrote: »

Good lord! It just gets worse - but thanks Jonny (love that cartoon btw!). I guess i'll have to recalculate after every payment will I?

Yes, the interest you are paying per day changes as you progress with paying off the capital (on a repayment mortgage, clearly not the case on an interest only mortgage of course)

llamahead wrote: »

Sorry FB I appear to have hijacked your thread entirely!

He he,,,, yeah sorry FB.

llamahead wrote: »

Just waiting for the new bank account to be set up then I can get on with overpaying - asap by the looks of it!

Thanks for your help everyone.

That's the spirit! Good luck.

CathT

Hi,

Discovered your story a couple of weeks ago and have steadily been reading through the posts! Initially I came onto the forums for advice/inspiration re: overpaying whilst rates are so low (on base rate +2.69% tracker) but now feel more inspired to knock years and interest off mortgage! Mentionned i'd been reading to hubby and he seemed quite keen!
I'm not financially minded but will give your spreadsheet a go.

So thank you FB and everyone else who has posted for making me a MFW!!!!

financialbliss

CathT wrote: »

So thank you FB and everyone else who has posted for making me a MFW!!!!

Cath - I replied to your PM.

FB.

financialbliss

Breakdown cover.
We're with Green Flag - we have 'Recovery Plus'. Unfortunatley, we had a car that refused to start the other week and in the end it turned out to be the battery (new one £62.95 :eek:), so we didn't get the no call out discount, although I've no idea how much that actually is.

Had a renewal notice for £83. However, I notice that they currently have a 40% off offer on Recovery plus on their website, which means that this drops the price to £54:
http://www.greenflag.com/

Anyone know if it's possible to renew at the lower price - obviously I'd rather pay £54 than £83.

Ideas / comments appreciated.

FB.

greent

financialbliss wrote: »

Breakdown cover.
We're with Green Flag - we have 'Recovery Plus'. Unfortunatley, we had a car that refused to start the other week and in the end it turned out to be the battery (new one £62.95 :eek:), so we didn't get the no call out discount, although I've no idea how much that actually is.

Had a renewal notice for £83. However, I notice that they currently have a 40% off offer on Recovery plus on their website, which means that this drops the price to £54:
http://www.greenflag.com/

Anyone know if it's possible to renew at the lower price - obviously I'd rather pay £54 than £83.

Ideas / comments appreciated.

FB.

Could you take it out in OH's name instead to get the lower price?