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    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,478Posts
    • 11,342Thanks
    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.).

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

    Links to previous challenges are here

    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!

    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 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
Page 36
    • Clarity1972
    • By Clarity1972 14th May 18, 9:22 PM
    • 1 Posts
    • 6 Thanks
    #60 updating as follows:

    April 1911

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

    Thank you
    • twistedhazel
    • By twistedhazel 15th May 18, 2:34 PM
    • 214 Posts
    • 1,386 Thanks
    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
    • 8 Posts
    • 46 Thanks
    #177 with an OP of 600 for May.

    • hiddenshadow
    • By hiddenshadow 15th May 18, 3:28 PM
    • 2,478 Posts
    • 11,342 Thanks
    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?
    Originally posted by juststuff123
    Go you! I've updated your target.
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • hiddenshadow
    • By hiddenshadow 15th May 18, 3:30 PM
    • 2,478 Posts
    • 11,342 Thanks
    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 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • erin_transport
    • By erin_transport 16th May 18, 1:04 PM
    • 522 Posts
    • 2,307 Thanks
    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
    • 85 Posts
    • 224 Thanks
    #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
    • 248 Posts
    • 1,101 Thanks
    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.
    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
    • 142 Posts
    • 391 Thanks
    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 #34 911.33/2000
    45.6%done, 54.4% 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
    • 522 Posts
    • 2,307 Thanks
    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
    • 2,463 Posts
    • 1,082 Thanks
    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 1076.30 as at May
    Total OP since mortgage started in 2015 = 19,737.66
    • Urbanshyne
    • By Urbanshyne 19th May 18, 8:22 PM
    • 34 Posts
    • 147 Thanks
    Howdy, No. 171 here

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

    Many thanks,

    Neither a borrower or lender be; for loan oft loses both itself and friend.
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