A way to pay! Clear this mortgage before 30 years!
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Nothing much going on this morning, for some reason whenever I add a payment to my online account at my mortgage company it shows arrears for some reason, phoned them up yesterday and they said this is perfectly normally, which, I don't know, doesn't seem so normal to me, but as long as I am 'OK' and up to date that's fine by me!!
I've worked out at my rate of interest per day I am being charged £20.35/day.
I am hoping to get that down to at least £15, I think that's how it works, does anyone know the calculation to take it down to this figure and what I need to pay to get it to this figure?
I'll aim for that..[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
Hmmm. I will do my best with this one.
£15 per day interest
4.82% mortgage rate
365 days per annum
So we need to switch interest paid to annual amount paid.
£15 x 365 = 5475
To work out annual interest amount paid you pay you multiply the total amount by the interest rate. To go "backwards" you need to divide
So 5475/0.0482 is £113,589.21
This is simple interest conversion. Mortgages are usually processed on daily compound payments.
Don't use your first mortgage payment as a reliable guide for the amount of interest you pay because it could be skewed by the mortgage company trying to stabilise your mortgage start date with your monthly payment date.0 -
Good luck! 10k in two years shouldn't be unachievable if you've got the funds.0
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Ouch £20.35 per day! I thought mine was nasty at about £11 per day.
Just keep that figure in mind when your spending money. It will really help you to not overspend on unnecessary things.Total Mortgage OP £61,000Outstanding Mortgage £27,971Emergency Fund £62,100I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>0 -
Ouch £20.35 per day! I thought mine was nasty at about £11 per day.
Just keep that figure in mind when your spending money. It will really help you to not overspend on unnecessary things.
That's what you get when no other lender bar a wonga type of company lend to you.
It's a bit unfortunate but I really wanted to get on the ladder. Checking out some of the deals that we COULDVE got kinda sucks as well as we could've been quite happily sitting at around £500/month
Best not think about it and work to paying down the mortgage as much as I can.[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
Hmmm. I will do my best with this one.
£15 per day interest
4.82% mortgage rate
365 days per annum
So we need to switch interest paid to annual amount paid.
£15 x 365 = 5475
To work out annual interest amount paid you pay you multiply the total amount by the interest rate. To go "backwards" you need to divide
So 5475/0.0482 is £113,589.21
This is simple interest conversion. Mortgages are usually processed on daily compound payments.
Don't use your first mortgage payment as a reliable guide for the amount of interest you pay because it could be skewed by the mortgage company trying to stabilise your mortgage start date with your monthly payment date.A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effortMortgage Balance = £0"Do what others won't early in life so you can do what others can't later in life"0 -
That's what you get when no other lender bar a wonga type of company lend to you.
It's a bit unfortunate but I really wanted to get on the ladder. Checking out some of the deals that we COULDVE got kinda sucks as well as we could've been quite happily sitting at around £500/month
Best not think about it and work to paying down the mortgage as much as I can.
Exactly. I used to drive myself mad looking at all the other deals that became available after my fix startedTotal Mortgage OP £61,000Outstanding Mortgage £27,971Emergency Fund £62,100I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>0 -
Obay I'd recommend you play about with a spreadsheet of your own making - when you've got to grips with it you can see how much you need to overpay to get the interest down to £20 a day, then £19 etc. Very motivating .
Where can I find a spread sheet?[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
Ho obay!
Congrats on the new house and the work you are doing on it
try searching for locoblades spreadsheet - I'm obsessed by it:j PAID VERY, Barclaycard x3, Vanquis, Natwest, O/D, Tesco & MBNA x2 PAID :j LBM 24/07/15 - Original Debt: £0/31010.23 (100% paid) :eek:
Mortgage - £151.316.54 :eek:0 -
kirtsypoos wrote: »Ho obay!
Congrats on the new house and the work you are doing on it
try searching for locoblades spreadsheet - I'm obsessed by it
Thank you SO much for that! This is simply awesome!
So, I've already paid an over payment of £30.74 for this month already
That means my monthly interest rate has reduced from £610.92 to £610.23
That's already a saving of 0.69p that I will never have to pay interest on again.
Jesus christ lol that's some good working out..
One thing I don't understand is; it's not a monthly overpayment, it's simply just a payment whenever i feel comfortable.. How to work the spreadsheet out like that?
If I pay £500 as an over payment, my interest goes down to £599... so that's saving me an entire £12.. - That is what I will aim for! Still seems a lot on this stupid interest rate!![STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370
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