2021 Mortgage-Free Wannabes

miss_undastood

#20 reporting first regular monthly op of £757.59. I need to have a look and see if I can get this rounded up to £800. 

Almost dipping under the 300k owing Mark, it will be nice to see a balance starting with a 2...

Qtipps44

#61 additional payment for January of £831.93 bringing jan total to 3379.21.

this is a big push with a final pay from completed work that will bring us into 50ks by end of Feb or jan if possible. Again this is due to lockdown and not spending money on activities etc. We seem to be cheap to keep when we have to stay home.

thanks for updating

Moneyminded

#15 checking in with another OP for Jan of £50 making a Jan total of £150
Thanks for updating Julicorn 

hannahnightmare

Hello please could I join in, I was part of it way back in 2013 and well.......life went a bit upside down! I have a £20000 mortgage and would like to pay £5000 off this year. I don’t actually want to pay the mortgage off quickly because it’s actually a really handy mortgage as I can get the cash back from it but I would like to lower my monthly payments and as the interest rates in the banks are so terrible I figure it’s probably the best option (more then welcome any thoughts on this though!) thanks again

twinklie

#6 finally checking in with my first OP of the year £62.06. I've been so impatient waiting to make my first OP, it's been driving me potty. But I'm much happier now.

hannahnightmare

twinklie said:

#6 finally checking in with my first OP of the year £62.06. I've been so impatient waiting to make my first OP, it's been driving me potty. But I'm much happier now.

Hello sorry to jump on your post, I just noticed on the bottom bit of your post that you have worked out your daily monthly interest and your reduction interest and your % of house owned, can I ask how you worked this out? It’s amazing! thanks

OhtobeMortgageFree

#59 - I've just overpaid another £25, taking me to £405 for January so far.
Thanks for updating! 😊

julicorn

hannahnightmare said:

Hello please could I join in, I was part of it way back in 2013 and well.......life went a bit upside down! I have a £20000 mortgage and would like to pay £5000 off this year. I don’t actually want to pay the mortgage off quickly because it’s actually a really handy mortgage as I can get the cash back from it but I would like to lower my monthly payments and as the interest rates in the banks are so terrible I figure it’s probably the best option (more then welcome any thoughts on this though!) thanks again

Hi there, welcome to the challenge! Great to have you back on the MFW train  
You're #115.

julicorn

hannahnightmare said:

twinklie said:

#6 finally checking in with my first OP of the year £62.06. I've been so impatient waiting to make my first OP, it's been driving me potty. But I'm much happier now.

Hello sorry to jump on your post, I just noticed on the bottom bit of your post that you have worked out your daily monthly interest and your reduction interest and your % of house owned, can I ask how you worked this out? It’s amazing! thanks

Hi, I'm not twinklie, but daily interest is relatively easy to work out. 
Just take your outstanding balance today, multiply it by your (annual) interest rate, and then divide by 365 (days in the year).
Example:
My outstanding balance is £115,500
My interest rate is 1.88%
So my daily interest is £115,500 * 0.0188 / 365 = £5.95.

Monthly interest is the same principle, but divide by 12 (months in the year) rather than 365 (days in the year). 

twinklie

hannahnightmare said:

twinklie said:

#6 finally checking in with my first OP of the year £62.06. I've been so impatient waiting to make my first OP, it's been driving me potty. But I'm much happier now.

Hello sorry to jump on your post, I just noticed on the bottom bit of your post that you have worked out your daily monthly interest and your reduction interest and your % of house owned, can I ask how you worked this out? It’s amazing! thanks

@julicorn has already said about the daily interest, so I won't cover old ground. I worked out what my starting interest rate too and just took away the difference between what it was and is now to work out the difference. 

It's a similar thing for % of house owned too. So I use what the house was valued at when we bought it (it is worth a bit more now but nothing is certain so I just stick with what we bought it for). I then take away what is left to pay on the mortgage from the house value and times by 100 to give the % I own. It's all pretty simple but keeps me motivated because it means I can see little bits of progress as I go along.