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  • FIRST POST
    • Lomcevak
    • By Lomcevak 23rd Dec 15, 8:39 AM
    • 807Posts
    • 4,733Thanks
    Lomcevak
    2016 mfw
    • #1
    • 23rd Dec 15, 8:39 AM
    2016 mfw 23rd Dec 15 at 8:39 AM
    Welcome to the Mortgage Free Wannabe thread for 2016

    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 2016. 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 until 31st December 2016, and you can join or change your target at any time up until that point. And if you're expecting to be mortgage-free before then, you're still very welcome.

    Links to previous challenges are here
    To join, please post on the thread and I'll allocate you a number - if you want to keep your number from this year then let me know, I won't start allocating numbers until the end of the year. After that, or if you don't have a preference, it will be first come, first served. Then to provide updates or change your target, just post on the thread - I'll 'thank' posts when I pick up the update but 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 MFW2015 number and the month 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 signature or say where you've got to when you post an update 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, although I juggle very busy work and family lives so may be gone for a bit longer at times.

    See how we are all doing on the big MFW 2016 spreadsheet HERE

    List of 2016 MFW numbers, participants and targets: (last updated 03/07/16)

    1 elentan 1,000
    2 shangaijimmy 6,500
    3 froddington 3,000
    4 Mysteek 4,600
    5 clarew 3,072
    6 Mrs_Rachel_Trelfa 7,000
    7 becky170 2,000
    8 stewby 6,600
    9 ourcornercottage 6,000
    10 Maybe_its_because 5,000
    11 secondtoughest 7,000
    12 Lomcevak 12,000
    13 Xspender 20,000
    14 midnight child 6,000
    15 Miss Pinky 6,000
    16 Southernman 2,500
    17 ang4k 4,000
    18 sarahevie1 5,600
    19 Sedge123 2,000
    20 SavvySaver007 5,400
    21 newgirly 30,000
    22 pavlovs_dog 6,000
    23 Petal88 1,500
    24 bunty109 3,000
    25 jodles16 3,820
    26 apple muncher 13,333
    27 A Frayed Knot 3,000
    28 Mortgagefreemimi2 30,000
    29 selloptape 1,000
    30 freshcooton 24,000
    31 chocoholic_chic 4,000
    32 laura_hoggle 1,500
    33 norfolkdream 2,070
    34 lorriedriver1988 750
    35 ecoelle 1,500
    36 dark^knight 25,000
    37 Tree house 9,000
    38 Cazzaswfc 1,500
    39 MoneyMission 3,300
    40 Crumpets 2,000
    41 Bossypants 20,000
    42 emg 3,600
    43 utopiah 10,000
    44 Yorkielass 14,000
    45 5erge 5,000
    46 Mortgage Minimiser 3,500
    47 Wombatchops 3,000
    48 Newme2014 5,000
    49 PrincessLou 6,469
    50 Miss money penny 4,090
    51 Luckyinlife 4,000
    52 raino144 20,000
    53 SueP19 4,800
    54 Beckyy 2,500
    55 runninglea 17,000
    56 hiddenshadow 30,000
    57 worklifebalance 25,000
    58 Lexi-lu 18,900
    59 PiggyBankShaker 6,000
    60 jb_lord 5,000
    61 Ali-OK 12,991
    62 nv200 11,000
    63 pathtofreedom 4,000
    64 UnionGirl 1,500
    65 My Lovely Carrot 13,000
    66 grastgirl 4,800
    67 e4rly 6,000
    68 skaps 8,500
    69 Nsc-68 6000
    70 ajmoney 2,000
    71 linzpinz 5,000
    72 Welshlassie 3,500
    73 skye blue 6,000
    74 rasputin_thorpedo 12,389
    75 ldee2111 1,200
    77 mortgage_girl 11,000
    78 iquit 12,000
    80 catslovelycats 9,000
    82 girlafraid 1,000
    85 TwentySomethingGirl 2,500
    89 diamondsonly 24,000
    90 darcyboo 8,000
    91 cookie9 4,000
    92 turtlemoose 1,132
    93 Chutney86 1,500
    97 Durban 3,000
    100 mortgage destroyer 5,000
    102 twistedhazel 10,000
    105 anna42hmr 4,500
    108 purplevamp 5,000
    110 Bluefire 2,308
    120 sweepster 10,000
    123 Sundaysgirl 24000
    132 kbl €600
    137 Kerfuffle 12,000
    148 NewMoneySaver13 4,250
    Last edited by Lomcevak; 03-07-2016 at 7:56 AM.
    MFiT-T5#6, 50k to zero: 19,912/49,907 (39.90%), 2019 MFW#8 28,972/40,000 (72.43%)
    60k-in-19#6 35,952.48/60,000 (59.92%)
Page 1
    • Lomcevak
    • By Lomcevak 23rd Dec 15, 8:40 AM
    • 807 Posts
    • 4,733 Thanks
    Lomcevak
    • #2
    • 23rd Dec 15, 8:40 AM
    • #2
    • 23rd Dec 15, 8:40 AM
    <this post reserved>
    MFiT-T5#6, 50k to zero: 19,912/49,907 (39.90%), 2019 MFW#8 28,972/40,000 (72.43%)
    60k-in-19#6 35,952.48/60,000 (59.92%)
    • SueP19
    • By SueP19 23rd Dec 15, 9:32 AM
    • 1,706 Posts
    • 14,488 Thanks
    SueP19
    • #3
    • 23rd Dec 15, 9:32 AM
    • #3
    • 23rd Dec 15, 9:32 AM
    Me me me me me me please

    Target 4,800 for 2016 at 400 per month

    Looking forward to it and many thanks your spreadsheet is sooooo impressive
    Mort Oct 15 70,353 66,422 58,804 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 700/1,000 Debt May 09 30,217Oct 17 14,093Nov 18 6,336.12[/B]
    • diamondsonly
    • By diamondsonly 23rd Dec 15, 10:17 AM
    • 240 Posts
    • 733 Thanks
    diamondsonly
    • #4
    • 23rd Dec 15, 10:17 AM
    • #4
    • 23rd Dec 15, 10:17 AM
    Hiya can I have no. 89 again for 2016 please?
    Our target will be 24000

    Thank you for organising all of us and our quest again Lomcevak...its much appreciated x
    1.7.15: 157,469.64, 10.02.16: 93,434.74
    FIT-4 #34, MFW 2016 #89 (7350/24000)
    Target MFW Dec 2018
    • ourcornercottage
    • By ourcornercottage 23rd Dec 15, 10:18 AM
    • 1,514 Posts
    • 7,508 Thanks
    ourcornercottage
    • #5
    • 23rd Dec 15, 10:18 AM
    • #5
    • 23rd Dec 15, 10:18 AM
    could I keep #9 and set my target to 6000 this year!!!
    target under 89k by end of 2018 & under 75k by end of 2019
    • elantan
    • By elantan 23rd Dec 15, 10:50 AM
    • 19,870 Posts
    • 53,344 Thanks
    elantan
    • #6
    • 23rd Dec 15, 10:50 AM
    • #6
    • 23rd Dec 15, 10:50 AM
    Yay its back, really do find this a help every year tbh,

    Can I join again ? This year I would like to try and pay off 1k ( am hoping for more but it is going to be a tight year)
    march 2011-july2019 8 years and 4 months ... or 100 months and counting
    "what would you do if you knew you couldn't fail.... enjoy the adventure" " to my own self be true"
    • shangaijimmy
    • By shangaijimmy 23rd Dec 15, 11:17 AM
    • 2,994 Posts
    • 15,116 Thanks
    shangaijimmy
    • #7
    • 23rd Dec 15, 11:17 AM
    • #7
    • 23rd Dec 15, 11:17 AM
    Im in. Gonna stick with 6,500 as targets again. I've fallen short this year so am even more determined for 2016.
    MFW: Turning June 2036 into March 2025 (or March 2026)...
    50 out of 120 (or 132)Payments - Total Reduction: 53,731.73
    Current Balance: 82,268.27
    MFiT-T5 #8 - 8.79% of 41,000
    • Mysteek
    • By Mysteek 23rd Dec 15, 11:50 AM
    • 221 Posts
    • 529 Thanks
    Mysteek
    • #8
    • 23rd Dec 15, 11:50 AM
    • #8
    • 23rd Dec 15, 11:50 AM
    Me please! I aim to pay the maximum of 10% overpayment allowed for next year. It will be 10% of the balance as at 31 January and I think it will be around 4,600 mark but will update exact amount when I know what it will be.
    • Mrs_Rachel_Trelfa
    • By Mrs_Rachel_Trelfa 23rd Dec 15, 12:14 PM
    • 400 Posts
    • 830 Thanks
    Mrs_Rachel_Trelfa
    • #9
    • 23rd Dec 15, 12:14 PM
    • #9
    • 23rd Dec 15, 12:14 PM
    Hi,

    Please may I join? I am hoping that we can overpay 7,000 in 2016.
    House purchased November 2013
    Original MF Date: January 2045 - 104,400
    Current MF Date: March 2036 - 83,501.33
    MFW 2016 #6 7,350/7000
    • cookie9
    • By cookie9 23rd Dec 15, 12:16 PM
    • 747 Posts
    • 3,709 Thanks
    cookie9
    Hello


    Can I have 91 again


    Target to be finalised but going for 4000 at the moment
    MFW 91 op 2014 410/1000
    MFW 91 op 2015 4051/4000
    MFW 91 op 2016 4040/4000
    MFW 91 op 2017 812/4500
    • twistedhazel
    • By twistedhazel 23rd Dec 15, 12:37 PM
    • 215 Posts
    • 1,398 Thanks
    twistedhazel
    Hi, please could I join again? If I could keep number 102 that'd be grand.

    Haven't got a final budget for next year so we'll start at 10000 and see how we go.

    Thanks
    • Lomcevak
    • By Lomcevak 23rd Dec 15, 12:44 PM
    • 807 Posts
    • 4,733 Thanks
    Lomcevak
    No problems if anybody doesn't have a final target yet - easy to change
    MFiT-T5#6, 50k to zero: 19,912/49,907 (39.90%), 2019 MFW#8 28,972/40,000 (72.43%)
    60k-in-19#6 35,952.48/60,000 (59.92%)
    • becky170
    • By becky170 23rd Dec 15, 2:08 PM
    • 503 Posts
    • 4,291 Thanks
    becky170
    Can I join please? Our target is 2000 for 2016.

    Thanks!
    MFW 2019 #7 846/1615
    Grocery challenge May...loss track
    • secondtoughest
    • By secondtoughest 23rd Dec 15, 3:50 PM
    • 232 Posts
    • 259 Thanks
    secondtoughest
    Can you assign me a number for 2016 please? I'm going to try for 7k.
    2016 diet challenge 16lbs/42lbs lost

    2014 MFW #114: 5000 overpayments made
    2015 Savings Challenge #65: 6000 saved
    • midnight child
    • By midnight child 23rd Dec 15, 4:57 PM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    I've followed the 2015 thread with interest and would like to join in for 2016 please.

    Initial target of 6000

    Thanks
    MC
    Initial mortgage (Dec 2012) 108,000 3.84%APR MF date Jan 2038

    Mortgage remaining 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • Miss Pinky
    • By Miss Pinky 23rd Dec 15, 5:30 PM
    • 40 Posts
    • 217 Thanks
    Miss Pinky
    Whoop!

    Been waiting for this to open. Can I be assigned a number please? I can pay 500 a month and this might be hard to achieve this coming year but will give it a go! I'll be aiming for 6000.00 please :-)

    Miss Pinky x
    • dark^knight
    • By dark^knight 23rd Dec 15, 8:41 PM
    • 470 Posts
    • 961 Thanks
    dark^knight
    Hi,

    Thanks for setting up this challenge.

    I want to sign up to pay off 25k of my mortgage in 2016.

    If possible, I would like the number 36 please. If not, any number is fine.

    Good luck everyone. Fingers crossed.
    Aiming to be mortgage free by Dec 2018.
    • Southernman
    • By Southernman 23rd Dec 15, 9:16 PM
    • 587 Posts
    • 1,952 Thanks
    Southernman
    Me please!!! I want to go for 2500 for 2016!
    • sarahevie1
    • By sarahevie1 23rd Dec 15, 9:22 PM
    • 529 Posts
    • 2,751 Thanks
    sarahevie1
    Can I join please? I'd like to go for the maximum 10% I'm allowed, so 5600.
    Home - Cash purchase 350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    Savings 105,000 (109,000 needed to complete on a house purchase.)
    • UnionGirl
    • By UnionGirl 23rd Dec 15, 9:34 PM
    • 180 Posts
    • 508 Thanks
    UnionGirl
    I'm in again. Target of 1500 and would like to keep No. 64 if possible.

    Thanks.
    As my Mum always said "Look after the pennies and the pounds will look after themselves"
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