10 years to clear £334K - our FIRE journey

CCW007

Had a look at the projected amount outstanding at the end of our fix in 2032 and was dismayed to see it's considerably higher than I had calculated for some reason.

Discussion with OH and we have agreed to ring fence £1k a month for the mortgage to make one OP pay when the fix ends.  Will need to go through our spending to see where we can save this from but should be doable.  We will put the money into a cash ISA at this point as it will earn more than we would save in interest. 

Feel better for having something of a plan but it's also disheartening to think we won't be mortgage-free even with these savings at 55.  More plotting to be done!

CCW007

In more positive news, managed to get £32 + £50 cashback for spending on HSBC card in October and November. Hopefully max out at £50 for December as well.  This comes straight off the BT balance. Because we have BT I am paying off any spending as we go to avoid paying interest. The offer ends on 31 December so not much more juggling to go.

KajiKita

What was that projection based on? The mortgage company? They won’t know about your sneaky plan for OPing! 😉 Or was it your projection? 

Well done on the setting the £1K target to OP each month. I would be interested to know how you find that ….? 

KK

CCW007

I've got my own spreadsheet which calculates interest but there is something wrong with the formula as it's about £100 a month off hence why my projections are off. I need to work out why.

I used the OP calculator on MSE to work out what our balance would be without OPs.

KajiKita

CCW007 said:

I've got my own spreadsheet which calculates interest but there is something wrong with the formula as it's about £100 a month off hence why my projections are off. I need to work out why.

I used the OP calculator on MSE to work out what our balance would be without OPs.

Could it be that one is recalculating interest costs daily and the other monthly? That might you give you that level of variation?

How frequently does the mortgage company calculate the interest? 

KK

CCW007

I've redone the formula in my spreadsheet and it's pretty close to the MSE prediction so it was my spreadsheet that was the issue. Not sure why but it's resolved now.

YouGov is at £44 so hopefully will be able to cash out some time in the not too distant future. Transferred money from savings to cash ISA to increase interest by 0.6%. not much else MSE going on.

savingholmes

Well done on the ins wrangling. Good you have a plan for the mortgage. 

KajiKita

Well done on fixing the spreadsheet 👏😊
I have to confess that I find this kind of forward modelling very difficult. 

KK

CCW007

£10 bonus from PA - £58 OP this month so far.  MM parcel sent back and received today so hopefully £7 to come from that.  Posting to try and keep my motivation as feeling rather flat at present.

Job is really stressful and I need to keep going until end of Thursday when I get a break for 11 days.

CCW007

On a more upbeat note, used my non-working day to sort out admin issues which needed to be done on a weekday and completed some chores so they don't roll over to next weekend.