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Mortgage free mum
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I have called this morning and made an overpayment of £1000 saving me £602 in interest and knocking 1 month off the term :j:j
The money came from a refund from my old mortgage company and the child benefit payment.
Mortgage balance was 160424.50, now 159,424.50.
1/16th of my loving room paid for
Interest reductions
Annual from 4235.20 to 4208.80 (26.40)
Monthly from 352.93 to 350.73 (2.20)
Daily from 11.60 to 11.53 (0.07)
My mortgage pig 6.51Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming0 -
Congrats! 1 month knocked off and many more to come.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £3K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.6K updated 6/7/250 -
Thank you :beer:Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming0
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So, I have gone from buzzing in relation to my op to feeling a bit frustrated. It's the last month if mat leave pay for me so looking very unlikely an op will be made and if it is then it will be very small compared to my target. I knew this all along really but op is a bit addictive isn't it ��
So I have entertained myself by working out how much interest I will pay when looking at certain scenario's:
Based on 160424.50, 18 years and a rate of 2.64%
Interest only 76,172!! And still owe the capital (granted monthly payments would only be 353).
Repayment and no overpayment 41262!!
Monthly Overpayment of 1000 =16,887
Monthly Overpayment of 1100 = 15,954
Monthly Overpayment of 1200 = 15,120
Monthly Overpayment of 1300 = 14,369
Interesting to flip it this way and think of the interest which can be saved.
I appreciate the diary seems to be all figures atm but don't feel I can properly start until my salary is coming back in so just keep posting figures to keep me motivated.Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming0 -
Some more figures of the amount of interest I would pay if I made overpayments. Just handy to see if I need to make a smaller OP some months and helps to keep me motivated:
Op of 50pm saves 2810 = 38452 int
OP of 100pm saves 5257 = 36005 int
OP of 150pm saves 7407 = 33850 int
OP of 200pm saves 9313 = 31949 int
OP of 250pm saves 11013 = 30249 int
OP of 500pm saves 17350 = 23912 int
Op of 750pm saves 21475 =19787 int
So far I have saved 602 in interest and think I might keep track of it as it will be nice to see it build.Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming0 -
Just been to the park with my boys and have some work preparation to do for today.
Should be a NSD.
Made an OP of 140 which saves 80 in interest.
Balance 158700.04
Total OP 1140
Interest saved 686
Monthly interest now below 350 ��Onwards and downwardsMortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming0 -
You are doing really well longway2go
Really inspiring to hear your motivation! 01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
MFW #52 £9000/£120000 -
It's fun calculating different rates. Well done on the OP.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £3K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.6K updated 6/7/250 -
Thank you fruitloop04 and savinghomes.
It is nice to see the balance coming down and the interest saved going up. I have found 177.05 to OP today, its getting addictive.
I have had a teachers visit for my son today and been to visit nan with the boys ��
Balance 158515
Total OP 1317.05
Interest saved 792
Onwards and downwards. Looking forward to hitting the mini target of 155k balanceMortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming0 -
I am having a chilled day at home today, have made some mushroom soup as it feels a bit colder today.
I have opened an account with monzo as I really like the idea of pots for different things and think it will help me manage Christmas savings and shopping money a bit more.
I signed up to MFIT challenge and have put a 50k op target down to reach by Jan 22. This is based on a balance if 165k in Jan 19. It feels like a massive target but you have to be in it to win it. I have had a read through the thread and feeling inspired.
If I pushed at this rate then we could potentially clear the mortgage before I am 45 but changes to family may mean a delay to that which I would be more than happy to accept.
I have been playing around with spreadsheets and created an excel house, and worked out that we are 2 months ahead on the mortgage (not loads but I haven't been doing this for long so shows how fast it could grow if I stay focused).
The amount of equity we havin the house is 43.38 and I am looking forward to that being 50. All of these small targets are helping along the way.Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming0
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