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  • FIRST POST
    • julicorn
    • By julicorn 7th Dec 18, 12:43 PM
    • 748Posts
    • 3,128Thanks
    julicorn
    2019 Mortgage-Free Wannabes
    • #1
    • 7th Dec 18, 12:43 PM
    2019 Mortgage-Free Wannabes 7th Dec 18 at 12:43 PM
    Welcome to the Mortgage Free Wannabe 2019 thread!

    First of all, huge thanks to hiddenshadow for setting up and running the last few challenges, and also for pawlala for updating the spreadsheet last year. Without you, I doubt we would have been able to overpay anywhere near as much as we did.

    Because I don't think it can be said any better, here is the intro text from the previous years:

    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 2019. 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 January 1st-December 31st 2019, 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 2019 spreadsheet HERE

    Links to previous challenges are here:

    TO JOIN

    If you've participated in the last few years, please let me know by the end of January whether you want to take part again and what your goal is for this year. Please also let me know whether you would like to keep your number or whether you don't mind - I want to re-allocate some of the 'lower' numbers, so now is your chance to snap up one that isn't triple digits.

    For all the new participants, please post on the thread and I'll allocate you a number - numbers will be first come, first served.

    Bear in mind that the challenge runs for the 2019 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 MFW2019 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 also don't have to be limited to just your stats - a bit of chat and encouragement can be hugely motivating.

    Finally: It's a new spreadsheet, and (as much as I hope not!) it may have the odd teething problem to start with. If you spot any mistakes, let me know, and I'll try and fix them ASAP. Similarly, if you have any requests for additional stats/features, let me know, and I'll see what can be done.
    Last edited by julicorn; 05-01-2019 at 7:31 AM.
Page 47
    • Dobbibill
    • By Dobbibill 15th May 19, 7:43 PM
    • 3,717 Posts
    • 5,010 Thanks
    Dobbibill
    #45 here Julicorn.

    OP day again - another 188.11 to go with my mahooosive 6.08 at the beginning of the month.

    Jan - 205.34
    Feb - 260.11
    March - 189.21
    April - 119.60
    May - 194.19

    YTD - 968.45
    I don't foresee anymore updates in May but you never know


    Dobbi
    • Nichelette
    • By Nichelette 15th May 19, 9:50 PM
    • 1,840 Posts
    • 2,919 Thanks
    Nichelette
    #86 reporting an overpayment of 1169.10. Am hoping for more in the next couple of weeks but will have to see!
    Finally bought a home
    Starting mortgage 289,500 31.01.19 - Current outstanding 280,267.84
    MFW #86 - Aiming for 15k in 2019
    Overpayments since 27.03.19: 5897.11
    • teameffort
    • By teameffort 16th May 19, 6:19 PM
    • 103 Posts
    • 466 Thanks
    teameffort
    #49 Here reporting our normal over payment of 720 so far.

    Hoping to add more, but it's already a longgg month

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

    2019 #49 MFW 5,438.78/9,600.00
    2018 #143 MFW 6,903.63/6500.00
    MFW balance as at Dec 18 91,000.00. Original end date 2043 goal 2023
    • frugal_lass
    • By frugal_lass 17th May 19, 1:48 PM
    • 54 Posts
    • 623 Thanks
    frugal_lass
    #19 overpayment of 447 this month
    MFW2019 #19 Target 2019 1398.75/2019
    Make 2019 in 2019 #43 1299.01/2019
    • MrsMouse
    • By MrsMouse 17th May 19, 2:53 PM
    • 28 Posts
    • 168 Thanks
    MrsMouse
    OP of 12.42 to log please
    MrsMouse

    #47 - 2019 MFW (Target: 542.59/1000.00)
    #15 - 3/6 month Emergency Fund Challenge
    • More tea please
    • By More tea please 18th May 19, 10:32 AM
    • 23 Posts
    • 148 Thanks
    More tea please
    #93 with a May overpayment of 206
    • CrowdieSaver
    • By CrowdieSaver 18th May 19, 3:49 PM
    • 37 Posts
    • 125 Thanks
    CrowdieSaver
    Hi everyone

    #97 checking in with an overpayment for May of 300. This takes my total to 1,350/2,500

    Jan: 460/Mar: 290/Apr: 300/May: 300

    Things have changed for me personally and financially, so this may be my last overpayment for a while....I hope to be back very soon, but am not sure when this will be....fingers crossed it won't be long....

    CS x
    Mortgage at Jan 17: 60,000. Mortgage now: 53,139 Mortgage end date: WAS Jan 2034. NOW May 2033....
    Hoping to be mortgage free by February 2022.....
    2019 MFW #97 1,350 / 2,500
    Overpayments of 250 (unless stated): 2017: April/Sept. 2018: Feb. 2019: Jan (460) Mar (290) Apr (300) May (300)
    • Elvie100
    • By Elvie100 19th May 19, 5:48 PM
    • 40 Posts
    • 42 Thanks
    Elvie100
    Hi all

    #60 - overpayment of 450 for May.

    Thanks,

    L
    MFW#60
    • chocoholic_chick
    • By chocoholic_chick 20th May 19, 3:12 PM
    • 640 Posts
    • 3,231 Thanks
    chocoholic_chick
    No 112 checking in with my usual 999 OP for May


    Thanks
    New House... New Mortgage! February 2017: 144,000
    Current Mortgage Balance: 110,881.77
    2017 OP's:5,935 2018 OP's: 11,956.00 2019 OP's: 5,994
    Total Debt 29,209 0 Debt free 6/8/16
    • Bargainhunter30
    • By Bargainhunter30 21st May 19, 7:33 AM
    • 4 Posts
    • 25 Thanks
    Bargainhunter30
    #139 reporting in for the first time

    Just made a payment of 2534 in May so the total overpayment so far is also 2534.

    Can't make anymore overpayments now until October, so will report back then!!

    Good luck everyone
    • julicorn
    • By julicorn 21st May 19, 7:46 PM
    • 748 Posts
    • 3,128 Thanks
    julicorn
    #139 reporting in for the first time

    Just made a payment of 2534 in May so the total overpayment so far is also 2534.

    Can't make anymore overpayments now until October, so will report back then!!

    Good luck everyone
    Originally posted by Bargainhunter30
    Congratulations on your first update!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 170,300
    • skippie
    • By skippie 22nd May 19, 8:09 AM
    • 72 Posts
    • 92 Thanks
    skippie
    Number 144 470 OP please.
    MFW #144 0/5000 2019
    • CTricky80
    • By CTricky80 22nd May 19, 10:12 AM
    • 20 Posts
    • 81 Thanks
    CTricky80
    #13 checking in with overpayment of 266 for May.

    I think that my target of 10k for the year was a tad ambitious - could I lower it to 5k please Julicorn. That way I won't be showing as 'Must try harder' hopefully...
    Original Mortgage: February 2010 = 150,000
    MFW #13: January 2019 - 126,155
    Current Apr 2019 = 123,420
    • weenemo
    • By weenemo 23rd May 19, 8:11 PM
    • 16 Posts
    • 80 Thanks
    weenemo
    Number 76 reporting in with a further overpayment for May. Other half had a tidy up of accounts and the garden isn't being dealt with until the end of the summer so might as well not sit around not making any interest.
    Adding 2025.73 to May's overpayments to make a total of 6889.73 for the month
    • varfor
    • By varfor 24th May 19, 6:15 AM
    • 12 Posts
    • 106 Thanks
    varfor
    I missed April but am back on it this month! I'm really happy to have made our yearly target. My partner has got a new job quicker than anticipated. It's on lower pay but will hopefully be less stressful! It also means that we can probably still overpay. I'll leave the target as is for now but may revisit it next month.

    #118
    May total: 750
    2019 total: 4030/4000
    Last edited by varfor; 24-05-2019 at 6:42 AM.
    MFW 2019: 4030/4000
    • lindez
    • By lindez 24th May 19, 4:24 PM
    • 509 Posts
    • 2,260 Thanks
    lindez
    Good afternoon all
    #44 with 35.00 over payment for may. total so far for May is now 340.00 I will try and do another payment next week.
    Thank you Julicorn
    MFWB#44
    MFTT5 #28
    save 12k in 2019 #71
    • julicorn
    • By julicorn 24th May 19, 4:40 PM
    • 748 Posts
    • 3,128 Thanks
    julicorn
    Number 76 reporting in with a further overpayment for May. Other half had a tidy up of accounts and the garden isn't being dealt with until the end of the summer so might as well not sit around not making any interest.
    Adding 2025.73 to May's overpayments to make a total of 6889.73 for the month
    Originally posted by weenemo

    Looks like you hit your target, congratulations! Would you like me to increase your goal for the year?
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 170,300
    • Hettyhound
    • By Hettyhound 24th May 19, 4:58 PM
    • 160 Posts
    • 1,086 Thanks
    Hettyhound
    #90 with a final May payment of 40. So total for May is 300!
    SPC #120
    MFW #90 Mortgage start Dec 2015 79,950; May 2019 61,445.52; 2019 OP 893.87/1500
    • weenemo
    • By weenemo 24th May 19, 9:55 PM
    • 16 Posts
    • 80 Thanks
    weenemo
    Looks like you hit your target, congratulations! Would you like me to increase your goal for the year?
    Originally posted by julicorn

    Yes please. I hoped we would reach our target early but not this soon. So motivating seeing it add up over the months.
    Can you change my target to 23000 please?
    Many thanks
    • julicorn
    • By julicorn 25th May 19, 7:41 AM
    • 748 Posts
    • 3,128 Thanks
    julicorn
    Yes please. I hoped we would reach our target early but not this soon. So motivating seeing it add up over the months.
    Can you change my target to 23000 please?
    Many thanks
    Originally posted by weenemo
    That's all done. You can still see your progress against your original target towards the right in the spreadsheet
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 170,300
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