Clearing 241k in 5031 days - let's go!

Finally decided to join the mortgage slayers  :) been here for ages and love reading everyone's diaries
The challenge - 241k in just over 5000 days  :#
The mortgage was originally due to be finished 28/05/2034 but between the period 2010-2014 we ended up on interest only due to redundancies so the end date is now sometime in 2039. However things are going good at the moment so I am really keen to overpay and claw back as much time as possible - hoping I can do it in 5000 days.
It'll be a big ask but sure if I don't try I'll never know!!!!!!! 
Current monthly payment is 1165 - I need to over pay by 385 a month to hit the target, it's doable at the moment so I'm ready to go  :)
«1

Comments

  • Welcome and best wishes on your mortgage journey. 
    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 2023 
  • Wow that's certainly the amount to clear in that time but I am sure it's possible! Welcome to the MFW crew and the best of luck on your journey :)
    Debt Free Date: 24th October 2023! £7402.10 Paid Off In 6 Months!
    3 Month Emergency Fund: £3500 / £3500
    #60 2024 Mortgage-Free Wannabes: £200/£2500
  • KP74
    KP74 Posts: 45
    Name Dropper First Post Photogenic First Anniversary
    Forumite
    Good luck!
  • Lily80
    Lily80 Posts: 8
    Name Dropper First Post
    Forumite
    August payment made €1165 plus OP €385  :) all going well so far.
    I know it's a hefty amount to clear  :# but sure I'm here to try!!!!
  • Lily80
    Lily80 Posts: 8
    Name Dropper First Post
    Forumite
    September payment made plus the OP - balance approx €238k - happy to see the numbers coming down  :)
    Luckily the interest rate is low so the capital is reducing by about 1,300 per month 
  • A good start!  What is your interest rate if you don't mind me asking?
  • Lily80
    Lily80 Posts: 8
    Name Dropper First Post
    Forumite
    Thanks Joshiesaunt - the interest rate is 1.15%. I'm in Ireland and it's a tracker linked to the ECB rate.

  • That's an excellent rate so it'll help you pay it down faster.
  • Hi Lily we started at 250,000 so I know how you feel! Our current repayment is  £ 1096 & 16 years left but I am secretly hoping we will be done by Feb 2030. 
  • pjcox2005
    pjcox2005 Posts: 1,013
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    Great challenge but with an interest so low, then I'd suggest making sure you have a balanced saving plan rather than just paying off a mortgage. Make sure you're contributing properly to a pension for example, saving into higher rate accounts and potentially investing for long term. With either tax incentives or savings rates you'd historically always be a lot better that way and will mean you can pay off the mortgage quicker.

    Good luck though.
Meet your Ambassadors

Categories

  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards