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!!My time to be mortgage free!!
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Not sure if this months Overy payment tips me over to enough to have paid it off a month early - will have to wait till it updates online tomorrow.. I'm not bright enough to figure that out lolPart time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe2 -
I think it is hard to work out full stop. There are apps that do it for you apparently...Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/251 -
Good progress.DFW (08/08) £64,346.53 Gone (02/19)
MFW (08/08) £118k Gone (09/23)2 -
Hello - great work with the OPs! £200 extra is an ambitious target but it’s great to have something to work for.happymum37 said:Not sure if this months Overy payment tips me over to enough to have paid it off a month early - will have to wait till it updates online tomorrow.. I'm not bright enough to figure that out lol
I played around with the mse calculator and worked out that an OP of £540 knocks a month off my mortgage. Obviously not completely accurate and I would love to find a better way but it will do for now 😀
ChickerMFW diary Adventures and Overpayments
Mortgage start: £240,945 Aug 2020
Mortgage now: £230,738
2021 OP total: £605.85 1 month off approx
MFW 2022 #39 £135.68/£12002 -
Well I pay 435 as a basic payment of the mortgage and ourc interest is 30 ish pounds so it must be about 465 .. so about 5 over payments I think to knock a month off. Which means per year including the extra I tend to stump up in trimming 2 months off, ideally 3.savingholmes said:I think it is hard to work out full stop. There are apps that do it for you apparently...
So - as I have 2 mortgages with the biggest being 8 years 8 months, so it should cut off 19ish months . The martin lewis app doesn't work with the 8 months - is only reliable for a full years calculations so I had to get out my trusty calculator.
My target is to get this paid off in 5 years 4 months.
Every little helps!Part time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe1 -
Yeah I can't physically see where I can get the extra 200 from but all money I get from cash back / surveys goes on it. Some months after more fruitful that others!!!!chicker said:
Hello - great work with the OPs! £200 extra is an ambitious target but it’s great to have something to work for.happymum37 said:Not sure if this months Overy payment tips me over to enough to have paid it off a month early - will have to wait till it updates online tomorrow.. I'm not bright enough to figure that out lol
I played around with the mse calculator and worked out that an OP of £540 knocks a month off my mortgage. Obviously not completely accurate and I would love to find a better way but it will do for now 😀
ChickerPart time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe1 -
Sounds like you are close to mortgage free. All the Extra income being put to good useAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/252 -
I am not that far off being mortgage neutral but that's not real as I know we have to buy a new car and get a new bathroom next year!!!savingholmes said:Sounds like you are close to mortgage free. All the Extra income being put to good usePart time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe1 -
My mortgage app took forever to update. Ots at 43300 but the same term. I'm sure with January's over payment it will knock it down that extra month.
Hopefully going to have 50 quid left this month. Aim to pay it off next year's holidaysPart time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe1 -
Good you have an app. Apparently my new mortgage doesn't
Nice to have a holiday to look forward toAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/251
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