Motivation graph?

maddyfharris

The Co-operative Bank have a really good mortgage calculator. They do the whole thing; overpayments, graphs etc. They even do a mock mortgage statement for you to show you your payments and the affect on the ammount owed. So in my case, I put in my 'normal' mortgage payments (£830) and full years (19), then add in the average overpayments we intend to pay each month (£800), then I can see the whole mortgage statement for 7.5 years. We've got a fixed mortgage with Co-op. It has flexible features, so we can overpay by 10%. You can get at your overpayment fund at any time. So we see it as a savings account. The interest is charged daily. I'm only writing this as I've never seen anybody mention the co-op calculator. Good Luck to all the mortgage-free wannabes! I have great respect for all you.

http://www.co-operativebank.co.uk/servlet/Satellite?c=Page&cid=1170748477586&pagename=CB/Page/tplStandard

Alion

I have a spreadsheet with how much we would have paid if we didn't overpay and the 5 year plan. Then I plot what we actually do.

It's all on a graph and I find it very motivational and it makes me happy

bunking_off

Ditto to Alion.

Apart from I update my "plan" every year, so my graph consists of a series of curves...original plan / plan at end of year 1 / plan of year 2 .... current plan.

This shows how my plans have got more aggressive over the years, from initially being due to pay off in 300 months thru to the current plan of taking 118 (currently at "month 90"). It means I can also have a sheet that says that I'm £X0,000 ahead of my original plan so I have the feelgood factor of not having massive in savings accounts, but having yielded more.

Lotus-eater

maddyfharris wrote: »

You can get at your overpayment fund at any time. So we see it as a savings account. The interest is charged daily.

Just received my year end mortgage details from Nationwide this morning and apparently they do exactly the same, You are able to get back what you have payed in overpayments. Not sure if there will be a penalty of any type yet.