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Just started mortgage and hence mortgage free journey
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You're doing great. I love paying weekly. I call it overpayment Thursday and as soon as I make a payment, I highlight it in my amortization schedule. That keeps me super motivated. Best wishes.Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20230 -
Mine is on a Wednesday. This week as well as the £1.78 which was a psychological overpayment I also paid £27.67 (my presents budget was over by that amount, so I have reallocated the funds) on top of my regular £10. I'll be paying £10 tomorrow as normal am going to aim to add the remaining £12.33 as well this week. Then with the £10 next week that will take me under £78500 for a short while until they add the interest.LeighofMar wrote: »You're doing great. I love paying weekly. I call it overpayment Thursday and as soon as I make a payment, I highlight it in my amortization schedule. That keeps me super motivated. Best wishes.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0 -
Made a small payment this evening that will take me to under £78500 outstanding on the mortgage. Another £10 to be taken off on Wednesday. Interest will be added on Thursday which will take it back over the £78500, but I will be back under the £78500 on Friday when monthly mortgage payment goes in.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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Gosh been a while since I posted on this thread re my mortgage. Have been continuing to overpay. Have increased the weekly over payments to £20 plus change. At this time. When my pay arrives it has a varying amount of pence after it. Hence if the pence is 79p I put in 20.79, if 53p 20.53 etc. I am also paying in some extra bits as I get it. I am trying to keep my bank accounts rounded to zero so the mortgage gets the spare pennies. Can certainly see the progress.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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There's something quite satisfying about bank accounts being rounded. It's a great way to save without even noticing too.0
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Still plodding away with the extra payments. I changed from weekly to monthly.. Rather than £20 a week I now pay it monthly (works out to £86.66* a month so I round up to £87). I also round up my mortgage payment to £500 from £498.47. If nothing else round figures help with budgeting. Pennies still going to the mortgage. Always satisfying when you know you can get it into the next £ down.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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Well my first 5 years of my mortgage have been paid. I am already ahead on my mortgage balance- it is over £5000 less than without over paying. Had my new fix confirmed and with my new LTV now 51% due to property value and over payment. AND my monthly payments are going down
Now this time I will be building up my savings rather than over paying as the interest rate on my savings is currently more than the new interest rate on my mortgage. (I set my fix back in March when rates were much lower)Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.2 -
Great that you got a good fix earlier in the year!0
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Have been looking at my mortgage and predicted remaining balance at end of my fix. Now it will be less due to the odd and sods of pennies and pounds I pay off each month on top of my obligated payment. I do something I call pay the change- i.e. any account which ends a day with a pence value greater than 0p gets transferred to pay mortgage. It is surprising how it mounts up. It looks like for a relatively small amount set aside each week I should be able to cover this.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.1
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