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Ninety months to pay off mortgage - or as near as dammit!

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skint_spice
skint_spice Posts: 12,771 Forumite
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edited 23 May 2021 at 6:55PM in Mortgage-free wannabe
So I'm back with a shiny new mortgage all of my own which is supposed to take me up to April 2036 but I hope to be rid of it by November 2028, ambitious I know but I can but try.  

I am looking forward to getting my online mortgage account set up so I can start overpaying although there are a few things I would like to do to the house too.

Wages are low but hopes are high!


Mortgage End Date: Apr 36/Aiming for Aug 28/Current May 35

Mortgage OP 2024 £3300/7000

Mortgage balance: £50112

Make £100 extra a month: June £218. Boiler £376/2000

47 pay days until freedom!
«134567120

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  • ElmoR
    ElmoR Posts: 400 Forumite
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    Hello and welcome!

    It can be a bit of a marathon and having a spreadsheet can help keep up motivation for the long slog. Once you see what difference a small additional overpayment makes, shaving a penny of the monthly interest paid for example, it starts to get more addictive and it helps keep you focused for the long haul. :)


  • powerspowers
    powerspowers Posts: 1,134 Forumite
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    Welcome skint spice!

    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,850 / £3,600


  • Porridgecat
    Porridgecat Posts: 311 Forumite
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    Good luck with your overpayments, as ElmoR says some sort of spreadsheet is great to keep motivation high.
    Mortgage Free 23 December 2020
    Savings £9671 / £20 000 goal
    Emergency Fund £216 / £1000 goal
  • skint_spice
    skint_spice Posts: 12,771 Forumite
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    Thank you all, is there a spreadsheet around that can work the new end date out for me?  I used locoblades in the past but I just downloaded it and it doesn't seem to be working for me? 
    Mortgage End Date: Apr 36/Aiming for Aug 28/Current May 35

    Mortgage OP 2024 £3300/7000

    Mortgage balance: £50112

    Make £100 extra a month: June £218. Boiler £376/2000

    47 pay days until freedom!
  • L9XSS
    L9XSS Posts: 438 Forumite
    First Anniversary Mortgage-free Glee! Name Dropper First Post
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    Best of luck, you can do it, you won’t regret it!
  • skint_spice
    skint_spice Posts: 12,771 Forumite
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    L9XSS said:
    Best of luck, you can do it, you won’t regret it!
    Thank you, I look forward to seeing the balance go down.  I want it gone early so I can retire while I am still young enough to enjoy it!
    Mortgage End Date: Apr 36/Aiming for Aug 28/Current May 35

    Mortgage OP 2024 £3300/7000

    Mortgage balance: £50112

    Make £100 extra a month: June £218. Boiler £376/2000

    47 pay days until freedom!
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