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Mortgage free in 48 months, £75.2k to go...
sassman
Posts: 32 Forumite
I'm fortunate with a 1.89% repayment deal expiring May 2027, there's £75.2K to go.
With regular payments, overpayments (to 10% limit), I should have an outstanding balance of £22.4K at deal-end which I plan to pay off in cash, which will saved by Sept-2025.
I've taken known facts of the monthly payment, 10% overpayment limit and the monthly interest dropping by approx. £1/month. Extrapolating forwards gives me a financial plan without sacrificing quality of life. I have an emergency fund, will pay off the Harley and a PCP on a new car arriving in August.
Not an exact calculation but works at the moment.
I'll update monthly as I go!
With regular payments, overpayments (to 10% limit), I should have an outstanding balance of £22.4K at deal-end which I plan to pay off in cash, which will saved by Sept-2025.
I've taken known facts of the monthly payment, 10% overpayment limit and the monthly interest dropping by approx. £1/month. Extrapolating forwards gives me a financial plan without sacrificing quality of life. I have an emergency fund, will pay off the Harley and a PCP on a new car arriving in August.
Not an exact calculation but works at the moment.
I'll update monthly as I go!
0
Comments
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Sounds great!
you must have a good disposable income as that is £1,600/ month ish 😃:j Proud Member of Mike's Mob :j1 -
Good luck with your journey sassman 🙂Mortgage Balance as of September 2025 £11,700
Starting Mortgage Balance (June 2019) £72,000.
Aiming to be mortgage free by my 40th birthday, June 2026!1 -
Look forward to reading your progress
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.1 -
Hi all,
Just a quick update - the mortgage is where is should be now (£69.7K) for an end year milestone of £66.4K
Recently I used some AI models (GPT, Claude) to confirm my plan, and most confirmed my calcs.
However, playing with private AI Models and Excel on my PC suggested some slight tweaks:
1. Don't overpay the mortgage in months 1 to 4 for years 2024 and 2025.
2. 2024 Month 4 - Pay off the motorbike
3. 2025 Month 5 - Pay off the car
4. 2026 - Return to monthly mortgage payments
5. 2027 Month 5 - Final mortgage lump sum to be paid
I confirmed this payment schedule and model with friends who confirmed it.
Some of parameters I used were a minimum savings level, when various finance deals would be paid off, any holiday amounts and final mortgage lump sum payment.
I love AI data modelling. It's improved my plan!
1
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