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I'm paying how much interest a year??!!

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  • beanielou
    beanielou Posts: 95,999 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    That's great.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    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.
  • here_for_the_tips
    here_for_the_tips Posts: 129 Forumite
    100 Posts Photogenic Name Dropper
    Okay so I had the target of £53,215.87 for the 1 September, I did and did not reach this. Balance on the day was £53,722.34 once the direct debit came out BUT the initial OP of £600 on the same day does take us under the target but it was a rough August. Kids only at home for 18 days of it but the cost! 

    It's not ending there either. Looking at £50 for prom, £210 for girls brigade camp and £350 for the P7 residential as well, pay up options to be confirmed so hoping the bigger ones don't need fully paid in advance. Someone tell me high school gets cheaper, financially happy our youngest has a current fix on ballet classes and that's all!

    Still got the focus until the end of the year but my hat is off to the MFWB's who have stuck this out for 4 to 7 years to hammer the balance down I've read about in the roll of honour. Today I have the notion of us doing this for 2025, fixing for 2 years and max out the 10% OP, then blitz it again in 2028. Maybe, will need to see.  
    MFWB 2025 #35: £9,162.04 / £10,000
    Prolific 2025 £286.65 / £500
    MFWB Diary
    Mortgage 1 Jan 2025: £63,215.87
    Mortgage 1 Feb 2025: £61,655.16
    Mortgage 1 Mar 2025: £60,635.55
    Mortgage 1 Apr 2025:  £59,422.35
    Mortgage 1 May 2025: £58,164.35
    Mortgage 1 June 2025: £57,055.79
    Mortgage 1 July 2025: £55,918.13
    Mortgage 1 August 2025: £54,624.07
    Mortgage 1 September 20025: £53,722.34
  • rachmac3
    rachmac3 Posts: 477 Forumite
    Part of the Furniture 100 Posts Photogenic Name Dropper
    edited 3 September at 6:48PM
    I've just read your whole diary - wow! 
    You started with roughly the same amount of mortgage as I have, but I have a few debts to clear before I can hammer the mortgage (don't laugh, I round up and overpay by £7 a month, just to feel like I'm doing it). Still, I like to read the MFW's sometimes to keep my motivation up. I've book marked your diary now, so looking forward to following your progress. Well done! 

    Debts                 04/01/25        01/09/25   

    Tesco CC          £6,509.97       £5,930 (now NatWest2)
    NatWest CC      £7,612.74      £6,905
    Lloyds CC          £6,112.60      £4,943.12
    1st Direct CC     £176.03         £6.68
    CC total             £20,411.34   £17,784.80
    TSB OD             £500             £0
    1st Direct OD     £600             £250 (0%)
    Car loan             £4,000          £4,000
    1st Direct Loan  £10,684.44   £9,005
    Total                  £36,195.78   £30,789.80
    EF £500
  • beanielou
    beanielou Posts: 95,999 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    High school is definatly not cheaper!!
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    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.
  • here_for_the_tips
    here_for_the_tips Posts: 129 Forumite
    100 Posts Photogenic Name Dropper
    beanielou said:
    High school is definatly not cheaper!!
     :( sad times
    MFWB 2025 #35: £9,162.04 / £10,000
    Prolific 2025 £286.65 / £500
    MFWB Diary
    Mortgage 1 Jan 2025: £63,215.87
    Mortgage 1 Feb 2025: £61,655.16
    Mortgage 1 Mar 2025: £60,635.55
    Mortgage 1 Apr 2025:  £59,422.35
    Mortgage 1 May 2025: £58,164.35
    Mortgage 1 June 2025: £57,055.79
    Mortgage 1 July 2025: £55,918.13
    Mortgage 1 August 2025: £54,624.07
    Mortgage 1 September 20025: £53,722.34
  • powerspowers
    powerspowers Posts: 1,348 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    here_for_the_tips said:
    beanielou said:
    High school is definatly not cheaper!!
     :( sad times
    And then they want driving lessons…
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £6,055
    MFW 2025 #27 £2,850/£5,000


  • beanielou
    beanielou Posts: 95,999 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Then help with university accommodation. 
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    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.
  • South_coast
    South_coast Posts: 5,939 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    But at least they're out from under your feet once they're driving and at Uni 🤣!
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • here_for_the_tips
    here_for_the_tips Posts: 129 Forumite
    100 Posts Photogenic Name Dropper
    @rachmac3 I wish I had overpaid consistently from the the start of the term. 100% you're on the right track I should have been on 8 years ago.  
    MFWB 2025 #35: £9,162.04 / £10,000
    Prolific 2025 £286.65 / £500
    MFWB Diary
    Mortgage 1 Jan 2025: £63,215.87
    Mortgage 1 Feb 2025: £61,655.16
    Mortgage 1 Mar 2025: £60,635.55
    Mortgage 1 Apr 2025:  £59,422.35
    Mortgage 1 May 2025: £58,164.35
    Mortgage 1 June 2025: £57,055.79
    Mortgage 1 July 2025: £55,918.13
    Mortgage 1 August 2025: £54,624.07
    Mortgage 1 September 20025: £53,722.34
  • here_for_the_tips
    here_for_the_tips Posts: 129 Forumite
    100 Posts Photogenic Name Dropper
    Oh dear, this sounds like one for 2027 Mr Tips to plan for lol
    MFWB 2025 #35: £9,162.04 / £10,000
    Prolific 2025 £286.65 / £500
    MFWB Diary
    Mortgage 1 Jan 2025: £63,215.87
    Mortgage 1 Feb 2025: £61,655.16
    Mortgage 1 Mar 2025: £60,635.55
    Mortgage 1 Apr 2025:  £59,422.35
    Mortgage 1 May 2025: £58,164.35
    Mortgage 1 June 2025: £57,055.79
    Mortgage 1 July 2025: £55,918.13
    Mortgage 1 August 2025: £54,624.07
    Mortgage 1 September 20025: £53,722.34
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