New MFW saying hi...

Squiggly_Diddly

I found one calculator that told me I've saved £130 by paying that £40... will have a look at the snowball one & see if I can figure it out :-)
And look at the ISA's too, cheers!

Sadly I can't see the details online which is a shame, but I can phone up & ask anytime, so at least if I'm desperate to know I can find out somehow!

catshark88

Hi Squiggly Diddly!

What calculator did you use? i have found ones that calculated interest saved for regular overpayments but haven't been able to worl out the affect of a lump sum...

Thanks!

Squiggly_Diddly

I used this one - just put in the amount of my mortgage, that I wanted to overpay £40 in month 2, and it says I have saved £133.07!

It gives the option to select weekly, monthly or one-off overpayments too - thought it was great :-)

http://www.the-mortgagestore.co.uk/mortgagecalculator.asp

Hope it helps!

catshark88

That's a great calculator, thank you! Every £1 I pay off as a one off payment, saves me £3. That will be enough inspiration to keep me going ages!!

setmefree2

"Every £1 I pay off as a one off payment, saves me £3. That will be enough inspiration to keep me going ages!!"

Too True- I'll remember this when I'm next thinking off spending money - even a quid:money:

Squiggly_Diddly

I know, it's a fantastic way of looking at - I found that really inspiring too, just remembering that even a little bit will make a big difference in the long run! I have a feeling I could get obsessed......

Aj_eye

Hi all,

I'm completing on a house on 14/12/07 and I'm joining this thread because I truely believe It is possible to be mortgage free without selling ones soul to the banks.

So like when I joined the DFW club I want to learn as much as I can from all you seasoned experts. I'll apologise now for the bad spelling, and the stupid questions because I'm sure they will come.

Thanks in advance
regards
Aj_eye

setmefree2

Hi Aj,

Welcome & Good Luck:money::T:T:T

Squiggly_Diddly

Welcome too - I'm no seasoned expert at all - but there are loads who are! Just about to make 2nd overpayment of £40 - so that's another £120/£130 saved :-) Once the credit cards are rid of by March I aim to up the overpayment to £250 a month as often as possible - but am also not going to deprive myself/my kids... It''s the balance of being MF but also quality of life while I get there...

catshark88

Another thought to keep me on the straight and narrow....

I have a horribly large south east England mortgage so figs are a bit scary but..

Every one off payment of £5,000 takes one year off my mortgage term.

Who needs heat and food anyway...:rotfl: