Alion's Mortgage Reduction Diary

matthill1981

Is it possible for you to provide a copy of the spreadsheet minus your personal figures, it's just the calculations I'm interested in.

Thanks

Alion

PM me and I'll email it across to you (unless there's a way to send it on here, I can't see one)

setmefree2

Alion wrote: »

Right, another month another overpayment (if a little late this month)

£750 gone. It was meant to be £500 but our repayments are about £250 less than they were on the fixed rate so we decided to put that in too as we had it ready to pay.

well done on the op :T:T

Alion

And another £750 - we're rapidly approaching £150k now and it really feels like we're ploughing through this.

Every month we're taking around £1300 off the value now, what with the increased payments and the lower interest rates. Compare that with the £330 we took off in our very first month and the £550 we'd be taking off now without overpaying and it's clear why it's rocketing down

Pity we've both started to get really really broody - I don't think this will be carrying on as long as we'd planned...

setmefree2

well done on those OPs and I'll be reading for any further developments on the broody front:cool:

evab_2

Well done on beating your targets, it stuns me each time I calculate how many months and how much interest even the smallest over payment makes! Keep it going x

Alion

Right then, another month and we're overpaying again tonight. Rates are still low so it's another £750. If we keep going at this rate we'll be heading for £113k instead of £125k at the end of the 5 years.

The growing broodiness seems to have been slowed by the actual arrival of friends' babies and the effect they've had on people's lives...making us realise how much we want to do first

setmefree2

Alion wrote: »

Right then, another month and we're overpaying again tonight. Rates are still low so it's another £750. If we keep going at this rate we'll be heading for £113k instead of £125k at the end of the 5 years.

well done on that :T

Alion

Another £750 down - it's so satisfying now - when we started it felt like we were getting nowhere, but now with 2 1/2 years behind us we are starting to see the big picture because what we've achieved is massive

Alion

oooh forgot my statistic of the month

If we keep going at the same rate, we will have paid off 1/4 of our mortgage in October - that's 34 months out of the original 300 and without overpayments would have been achieved in...let's see...Jan 2016 after 109 months!!!