We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Clearing 241k in 5031 days - let's go!

Lily80
Posts: 8 Forumite

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

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 20231 -
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 journeyDebt Remaining: £8,781.53
3 Month EF: £1,000/£4,494
2025 MFW Challenge #9: £999.00/£4,0001 -
Good luck!1
-
August payment made €1165 plus OP €385
all going well so far.
I know it's a hefty amount to clearbut sure I'm here to try!!!!
1 -
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
0 -
A good start! What is your interest rate if you don't mind me asking?0
-
Thanks Joshiesaunt - the interest rate is 1.15%. I'm in Ireland and it's a tracker linked to the ECB rate.
0 -
That's an excellent rate so it'll help you pay it down faster.0
-
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 2030.1
-
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.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards