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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,459Posts
    • 11,254Thanks
    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 101,444 (Apr '18)
    2018 MFW #56: 3,202/105,000 2% / MFiT-T4 #15: 58,056/90,000 64%
Page 30
    • Blibble
    • By Blibble 4th Apr 18, 8:47 AM
    • 407 Posts
    • 709 Thanks
    Blibble
    #163 reporting a further OP of 207.00 this month

    207.00 total for the month.
    Wedding fund - 2090.92 (1135.00)
    OP fund - 1288.56 (207.00)
    Emergency fund - 135.00
    • chocoholic_chick
    • By chocoholic_chick 4th Apr 18, 9:54 AM
    • 626 Posts
    • 3,110 Thanks
    chocoholic_chick
    #112 reporting in with the usual 995 OP for April.




    Thanks!
    New House... New Mortgage! February 2017: 144,000
    Current Mortgage Balance: 127,469.13
    2017 OP's:5,935 2018 OP's: 3,980
    Total Debt 29,209 0 Debt free 6/8/16
    • pinkypig
    • By pinkypig 4th Apr 18, 11:10 AM
    • 1,130 Posts
    • 9,400 Thanks
    pinkypig
    #157 . reporting capital reduction of 1844.11 for March
    • Rachiedabbler70
    • By Rachiedabbler70 4th Apr 18, 6:53 PM
    • 222 Posts
    • 2,010 Thanks
    Rachiedabbler70
    Hi All

    #169 reporting payment of 1,174.62 for April Total to date is 4,606.44/ 12,000.

    Well done everyone and thanks to Hiddenshadow for keeping everything up to date
    Blitz that mortgage
    Jun 2016 152,000
    Jun 2017 142,575 (6.2% paid)
    Apr 2018 130,923 (13.9% paid)
    GC Apr 18 34.17/240
    MFW 2018 #169 4,606.44/12,000 (38.4%)
    • originalmiscellany
    • By originalmiscellany 4th Apr 18, 10:48 PM
    • 1,607 Posts
    • 3,881 Thanks
    originalmiscellany
    119 - another 500 overpaid - total of 2k this year, with a max of 2 months overpayment in me! Then the rest of the year to overpay the final 500 to meet my target

    And thank you HiddenShadow for your hard work
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • A Frayed Knot
    • By A Frayed Knot 4th Apr 18, 11:42 PM
    • 2,309 Posts
    • 10,365 Thanks
    A Frayed Knot
    No27 with an o/p of 107.41 for March

    Making Total so far 2875.64

    Thanks Hiddenshadow
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • A Frayed Knot
    • By A Frayed Knot 5th Apr 18, 7:31 AM
    • 2,309 Posts
    • 10,365 Thanks
    A Frayed Knot
    Hi, No. 30 with a rather late report of 500 for March. 10,724.48 plus interest still to go but under 400 left of the smallest subaccount. Maybe I'll be down to two subaccounts next time I post here?
    Originally posted by Cherryfudge

    Do all your accounts (sub) have interest added to them? I have 1 sub account left but no interest added, so that is staying as it is.
    Watch out though as I cleared off my other sub account that interest was added to each month as it was annoying only to find - (i'm sure they are still putting the amount I was paying to that account each month to that account when the balance is zero, as my two balances don't add up to my total balance mortgage. Hope that makes sense.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • NewMoneySaver13
    • By NewMoneySaver13 5th Apr 18, 8:02 AM
    • 77 Posts
    • 328 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

    MFW No 86 reporting in with an OP of 325 for the month of April.

    Thanks
    2017 MFW No.86
    OP Target 2018: 3750
    Monthly Total: 325
    Year To Date: 1300/3750
    • Lomcevak
    • By Lomcevak 5th Apr 18, 9:26 AM
    • 696 Posts
    • 4,161 Thanks
    Lomcevak
    #11 with an OP of 600 for April, 2,520 for the year so far.

    No mini-milestones this month, but next month I should go through the 80k barrier and down into the 70ks.
    MFiT-T4#126, 135k to 60k: 53,379/75,000(71.19%), 2017 MFW#11 2,520/12,000 (21.00%)
    30k-in-18#11 12,338.56/30,000 (41.13%)
    • f0xh0les
    • By f0xh0les 5th Apr 18, 5:25 PM
    • 1,356 Posts
    • 11,081 Thanks
    f0xh0les
    #161 checking in with the firtst overpayment of the year.

    Tidied it all down to 108,000 so can I please claim 118.40 for my shiny new mortgage for March please.

    All kids residentials paid for, all the elderly relatives visited for Easter, kids accounts filled back up, so should be able to make regular payments from now!
    MFW START DATE May 16 118,340 : Oct17 - 109,495.00Dec17 108,800Jan 18 108,392.98 March 18 108,000April 107.---
    NEXT GOAL is sub 105k before JulyMortgage-free wannabe 2018 #161
    • Aliliva
    • By Aliliva 6th Apr 18, 1:50 PM
    • 129 Posts
    • 353 Thanks
    Aliliva
    Finally the weather has turned for the best and I can cycle to work. So my new mini-challenge is to cycle to work as many times a week as possible, and put 50% of the tickets money I save towards the mortgage. The rest will go as treat for myself, possibly in the form of a more substantial breakfast when I get to work
    MFW #37 540.43/2000
    27%done, 73% to go

    Virgin CC to pay by 30 June 2018
    Barclaycard to clear by May 2018
    JL CC to pay by 1 Dec 2018
    • ajmoney
    • By ajmoney 7th Apr 18, 4:52 PM
    • 4,863 Posts
    • 55,597 Thanks
    ajmoney
    No 70 reporting an OP for April of 500, thanks for all you do on this thread
    2018 MFW No. 70 2088.14/6000
    MFiT-T4 No. 70 26184.33/29544
    Mortgage 113798.65 Savings 87537.68
    Total left to pay/save 26260.97
    • michelle09
    • By michelle09 7th Apr 18, 6:04 PM
    • 772 Posts
    • 4,215 Thanks
    michelle09
    #28 with an OP of 198.78

    Brings us to 20k knocked off the capital. Slowly but surely getting there!
    • juststuff123
    • By juststuff123 7th Apr 18, 9:17 PM
    • 211 Posts
    • 612 Thanks
    juststuff123
    #152 reporting in again for April (A spur of the moment payment) of 5000 this takes my April payment up to 5600
    NEW GOAL Mortgage Balance 0k & 50k Savings by Feb 2020
    MORTGAGE: 24173 / 0
    SAVINGS: 51357 / 50000
    CREDIT CARD: 7880 / 0
    COMPLETE - MFW & DFW - Goal - Debt Neutral COMPLETE
    2018 MFW #152: 7400/14,326 / MFiT-T4 #80: 26,609/45,232
    • icklehelen
    • By icklehelen 9th Apr 18, 2:09 PM
    • 288 Posts
    • 1,242 Thanks
    icklehelen
    #6 (a little late) reporting in with a further 165 making a total of 335.54 for March
    2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000
    2015 1226.64
    /1200 2016 1775.50/1200 2017 10068.90/5500
    OP Target 2018 - 1631.28/2500
    MFiT-T4 #03 MFW2018 #6
    • A Frayed Knot
    • By A Frayed Knot 9th Apr 18, 9:48 PM
    • 2,309 Posts
    • 10,365 Thanks
    A Frayed Knot
    No27 with an o/p of 500.00 for April

    Making Total so far 3375.64
    Thanks Hiddenshadow
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 20 months 4/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • f0xh0les
    • By f0xh0les 10th Apr 18, 7:18 AM
    • 1,356 Posts
    • 11,081 Thanks
    f0xh0les
    #161 checking in with April's first overpayment of 88.82 from tidying up (rounding down) account balances so they look neater.
    MFW START DATE May 16 118,340 : Oct17 - 109,495.00Dec17 108,800Jan 18 108,392.98 March 18 108,000April 107.---
    NEXT GOAL is sub 105k before JulyMortgage-free wannabe 2018 #161
    • Tahlullah
    • By Tahlullah 10th Apr 18, 7:45 AM
    • 870 Posts
    • 4,871 Thanks
    Tahlullah
    #135 reporting an overpayment of 100 for April.

    Thank you.
    Striving to be mortgage free.
    2018 MFW #135

    600 of 2000
    • Schoolworker
    • By Schoolworker 10th Apr 18, 8:46 AM
    • 237 Posts
    • 540 Thanks
    Schoolworker
    No 72 reporting in to say that an overpayment of 80 was made last week for the month of April.

    Don't think I will make my goal since we are planning to buy a new car soon but will plod along and see how far I manage to get o my goal.
    • juststuff123
    • By juststuff123 11th Apr 18, 7:02 AM
    • 211 Posts
    • 612 Thanks
    juststuff123
    #152 - just checked the spreadsheet and my March update for 600 is missing. Can you add?
    Thanks
    NEW GOAL Mortgage Balance 0k & 50k Savings by Feb 2020
    MORTGAGE: 24173 / 0
    SAVINGS: 51357 / 50000
    CREDIT CARD: 7880 / 0
    COMPLETE - MFW & DFW - Goal - Debt Neutral COMPLETE
    2018 MFW #152: 7400/14,326 / MFiT-T4 #80: 26,609/45,232
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