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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,488Posts
    • 11,430Thanks
    hiddenshadow
    2018 Mortgage-Free Wannabes
    • #1
    • 2nd Dec 17, 2:52 PM
    2018 Mortgage-Free Wannabes 2nd Dec 17 at 2:52 PM
    Welcome to the Mortgage Free Wannabe thread for 2018

    Mortgages can seem so huge and long-lived that it often feels pointless to make over-payments - what's the point in paying 50 off a 100k mortgage? But even small overpayments have a dramatic effect; that 50 extra a month would cut almost four years and 10k of interest off the mortgage. And 200 a month? Without any overpayments you'd still owe more than half the original balance after 15 years, with the 200 ... you'd owe nothing and be mortgage free ten years early. Big difference, and that's why chipping away at the mortgage with whatever extra cash we can muster is (for most of us, at least) one of the best long-term steps to improve our finances we can make.

    Still, even when you 'do the math' the long road to getting rid of your mortgage still feels hard on your own, so we have this thread to set targets and report progress during 2018. Whether you're a brand new mortgage free wannabe, a veteran on the final stretch of the long slog, or someone who has cleared the mortgage and wants to provide some help and encouragement for others, this is for you. The challenge runs from Jaunary 1st-December 31st 2018, and you can join or change your target at any time up until December 31st. And if you're expecting to be mortgage-free before then, you're still very welcome. Likewise if you're saving towards something house-related (extension, new OP allowance, etc.).

    SPREADSHEET
    See how we are all doing on the big MFW 2018 spreadsheet HERE

    Links to previous challenges are here

    TO JOIN
    Please post on the thread and I'll allocate you a number - if you have a number from previous year(s) that you would like to keep, let me know, otherwise it will be first come, first served.

    Bear in mind that the challenge runs for the 2018 calendar year when setting your target. You're welcome to track total payments, overpayments, savings, etc. - whatever motivates you!

    UPDATES
    To provide progress updates and/or change your target, just post on the thread - I'll 'thank' posts when I pick up the update. I do make mistakes from time to time, so if I miss an update or get it wrong then please let me know.

    A few requests from me to make keeping track easier:
    • When providing updates, please include your MFW2018 number and the month(s) you are updating
    • Multiple overpayments in a month are fine and most certainly encouraged, but it will really (really, really) help me if you keep a running total when reporting updates (e.g. ...another OP of 200, which makes 600 in total for April...)
    • It's fine to miss a month or two and then provide updates for several months if you prefer, but please make it clear what you want allocating where.
    • It is helpful for me if you keep a running total for the year in your update post and/or your signature as I can cross-check the spreadsheet against your overall total, but this isn't required.

    Updates on the thread can be as long or short as you like - we like a bit of talk too as it's motivational for everyone else, but post what you feel like

    I'll try and update the spreadsheet weekly.
    MFW: 197,100 (2013) to 98,229 (Aug '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
Page 36
    • Clarity1972
    • By Clarity1972 14th May 18, 9:22 PM
    • 2 Posts
    • 18 Thanks
    Clarity1972
    #60 updating as follows:

    April 1911

    Total year so far :3745
    • Simon1999
    • By Simon1999 15th May 18, 7:58 AM
    • 11 Posts
    • 70 Thanks
    Simon1999
    #13 May 2018
    Overpayment for May 2018 = 788.09

    Thank you
    • twistedhazel
    • By twistedhazel 15th May 18, 2:34 PM
    • 215 Posts
    • 1,398 Thanks
    twistedhazel
    No 102 with an extra 82 for April making April's total 385 and 53 to start May off. Thanks as always Hidden
    • denzal2k4
    • By denzal2k4 15th May 18, 3:18 PM
    • 9 Posts
    • 64 Thanks
    denzal2k4
    #177 with an OP of 600 for May.

    Thanks
    • hiddenshadow
    • By hiddenshadow 15th May 18, 3:28 PM
    • 2,488 Posts
    • 11,430 Thanks
    hiddenshadow
    Hi Hidden,
    #152 here. Since I'm so close, I've decided to just smash it this year. So I'd like to increase my target from 14,346 to 26,100 and completely pay it off!
    Is that ok?
    Thanks
    Originally posted by juststuff123
    Go you! I've updated your target.
    MFW: 197,100 (2013) to 98,229 (Aug '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
    • hiddenshadow
    • By hiddenshadow 15th May 18, 3:30 PM
    • 2,488 Posts
    • 11,430 Thanks
    hiddenshadow
    Hi Everyone,

    Hope you all had a good bank holiday weekend.

    Mortgage has dipped below 80,000 this month, now aiming for the next 10k milestone, there's just no let up in this mortgage game

    May OP 525, total for year 2070. Thanks HS.
    Originally posted by Roxie
    Congrats on the milestone.

    Can you please include your MFW number (78) in your future updates? Thanks
    MFW: 197,100 (2013) to 98,229 (Aug '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
    • erin_transport
    • By erin_transport 16th May 18, 1:04 PM
    • 660 Posts
    • 2,794 Thanks
    erin_transport
    Hi
    2018 MFW #138
    100 payment today 16/05/18
    Total to date 2445/6500 = 37.6%
    On a mission!

    2018 MFW #138
    • Durban
    • By Durban 16th May 18, 2:56 PM
    • 93 Posts
    • 273 Thanks
    Durban
    #175 here with a payment of 426 so total for May is 426.
    Thanks again hiddenshadow
    Mortgage at highest start date - 25/9/2014 - 92000
    Mortgage now 13/4/2018 - 48,674
    MFD - October 2025 MF Goal Date 2021
    • Marie27lol
    • By Marie27lol 16th May 18, 10:27 PM
    • 249 Posts
    • 1,106 Thanks
    Marie27lol
    Hello Hiddenshadow,

    I am jinxed, I am so certain that I signed up and have been updating my info... but here is No. 127 signing back on again.

    New target for 2018 is 5,500, as we have since changed mortgage and have a fabulous lower mortgage rate.

    So what have we paid to date:

    Jan - 600
    Feb - 600
    Mar - 700
    Apr - 850
    May - 400 currently

    So currently OP is 3,150.

    Happy OP'g everyone.
    Marie
    Got the House, MF aim to do this WAY before 60, and preferably out of it by 50!

    MF2018 #127 3,150 / 5,500 WOOT lower M rate!

    2012-3k ; 2013-3,1k ; 2014-3,325 ; 2015-3,825 ; 2016-2,050 (reduced to 2k) ; 2017-3,275
    • Aliliva
    • By Aliliva 17th May 18, 8:54 AM
    • 145 Posts
    • 429 Thanks
    Aliliva
    May is going a bit more sluggish than April, with a couple of bills higher than I thought. So far I managed to OP only 45, but I'm still waiting for my rent deposit to be returned (two months after moving out of rental!) and when it comes I can easily throw half of it to the mortgage and half to the "I'd love to have a new kitchen" found
    MFW #34 1423/2000
    71.2%done, 28.8% to go

    Virgin CC to pay by 30 June 2018
    Barclaycard to clear by May 2018 done
    JL CC to pay by 1 Dec 2018
    • erin_transport
    • By erin_transport 18th May 18, 5:30 PM
    • 660 Posts
    • 2,794 Thanks
    erin_transport
    Hi
    Back again
    2018 MFW #138
    100 payment today 18/05/18
    Total to date 2545/6500 = 39.1%
    On a mission!

    2018 MFW #138
    • anna42hmr
    • By anna42hmr 18th May 18, 10:08 PM
    • 2,481 Posts
    • 1,178 Thanks
    anna42hmr
    Hello, number 105 here with this months op, please can you put me down for my usual 215.26 for May please, so year to date is 1076.30.

    well done everyone on the OP's

    Thanks again for running this challenge.
    MFW # 105
    2015 Target 7000/ Overpaid 8095
    2016 Target 6000 / Overpaid 6983.24
    2017 Target 3500 / Overpaid 3583.12
    2018 Target 2500 / OP so far 2152.60 as at October
    Total OP since mortgage started in 2015 = 20,813.96
    • Urbanshyne
    • By Urbanshyne 19th May 18, 8:22 PM
    • 60 Posts
    • 246 Thanks
    Urbanshyne
    Howdy, No. 171 here

    Just a little addition of 18.47 to May bringing this month's total to 1268.47.

    Many thanks,

    US
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • MM10
    • By MM10 23rd May 18, 2:30 AM
    • 57 Posts
    • 183 Thanks
    MM10
    #5 reporting overpayment + principal payments as follows:


    April 3553 and May 2429


    Really appreciate this Hidden!!!
    Total mortgage when started 256,809 in May of 2011; 2018 MFW #5
    Main mortgage was 214,309; now 110,716 at Feb 2016 ; 63,645 at Feb 2017 ; 10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019 June 2018
    • beanielou
    • By beanielou 23rd May 18, 1:36 PM
    • 57,444 Posts
    • 235,251 Thanks
    beanielou
    #5 reporting overpayment + principal payments as follows:


    April 3553 and May 2429


    Really appreciate this Hidden!!!
    Originally posted by MM10
    Blimey, your totals are awesome
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Lomcevak
    • By Lomcevak 24th May 18, 6:44 AM
    • 738 Posts
    • 4,336 Thanks
    Lomcevak
    #11 with an OP of 630.99 for May, making 3150.99 for the year so far and taking me just under the 80k mark at 79,884

    The rather odd amount (an extra 30.99 over my normal 600) marks the last month of my 'old' 5-year fixed mortgage, and makes it a nice round 55,000 in overpayments and saved interest since I took the mortgage out in 2013.
    Originally posted by Lomcevak

    Well I've messed up the nice round numbers another OP of 2145.45 for #11, making a total of 2,776.44 for May and 5,296.44 for the year so far
    MFiT-T4#126, 135k to 60k: 66,633/75,000 (91.15%), 2018 MFW#11 12,913.83/15,000 (86.09%)
    30k-in-18#11 35,129.12/30,000 (117.10%)
    • allmannerofthings
    • By allmannerofthings 25th May 18, 1:24 PM
    • 96 Posts
    • 582 Thanks
    allmannerofthings
    #115 with an overpayment for May of 501 please, making a total of 1,501 overpaid so far this year.
    Mortgage March 2017 borrowed 115,000. Balance August 2018 98029.08
    Overpayments 2018 2252/Target 3500
    • teameffort
    • By teameffort 25th May 18, 7:06 PM
    • 82 Posts
    • 344 Thanks
    teameffort
    We've done it!

    We've managed to pay off 1,000.00 off the balance this month, bringing the mortgage down to 98,000.00.

    Hope we can keep it up.

    So #143 checking in with May's total over payments worth 739.91

    (Total over payments year to date of 1742.32)

    Thanks Hidden
    Debt Free
    and Saving like mad
    Emergency fund 10,000.00/10,000 We did it!

    2018 #143 MFW 4,705.37/6500.00
    MFW balance as at Dec 17 105,560.00. Original end date 2043 goal 2026
    • julicorn
    • By julicorn 26th May 18, 7:29 AM
    • 363 Posts
    • 1,283 Thanks
    julicorn
    #50 checking in, reporting May overpayments of 1,200
    • newgirly
    • By newgirly 26th May 18, 9:02 AM
    • 6,471 Posts
    • 45,039 Thanks
    newgirly
    Hi hiddenshadow

    Mfw 21 newgirly checking in for may with 2,540

    Many thanks, have a great bank holiday.
    MFW 21

    77,580
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