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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,488Posts
    • 11,431Thanks
    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 98,229 (Aug '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
Page 44
    • jackieblack
    • By jackieblack 3rd Jul 18, 7:09 AM
    • 8,235 Posts
    • 12,374 Thanks
    jackieblack
    Thread / spreadsheet up-to-date.
    Originally posted by pawlala
    That's brilliant! Many thanks
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 3rd Jul 18, 7:12 AM
    • 1,740 Posts
    • 8,833 Thanks
    wishingthemortgaheaway
    Thank you Pawlala, wasn't expecting it all so soon.
    Wish.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1600ish/2,500
    • starnac
    • By starnac 3rd Jul 18, 9:25 AM
    • 5,344 Posts
    • 25,212 Thanks
    starnac
    You're in at #182 - enjoy! What's you're 2018 target?
    Originally posted by pawlala
    Thank you pawlala. Hope everything is okay?

    For now my target is 1208.15 to offset the yearly interest. If I make that then I will increase my target if that's okay?

    So #182 total so far 200/1208.15
    Savings 2235.59
    Overpayments #182 made 467.13/1208.15
    Make 2018 in 2018 #70 688.42/2018
    • icklehelen
    • By icklehelen 3rd Jul 18, 1:47 PM
    • 312 Posts
    • 1,368 Thanks
    icklehelen
    #6 with my first OP for July of 22.54

    Thanks pawlala for stepping in and for the speedy catch up of all of our updates!

    ickle
    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 - 4306.58/2500
    MFiT-T4 #03 MFW2018 #6
    • Aliliva
    • By Aliliva 3rd Jul 18, 2:55 PM
    • 145 Posts
    • 429 Thanks
    Aliliva
    Thank you for picking up the thread!

    I'm thinking on giving up the extra OP over the summer and relay on the regular ones only...this world cup is proving expensive
    MFW #34 1423/2000
    71.2%done, 28.8% 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
    • lindez
    • By lindez 3rd Jul 18, 3:47 PM
    • 342 Posts
    • 1,198 Thanks
    lindez
    Hi thank you Pawlala,
    #44 27.70 over payment for July.
    Payment A Day Chapter 18:
    MFWB#44
    • skye blue
    • By skye blue 3rd Jul 18, 6:50 PM
    • 140 Posts
    • 639 Thanks
    skye blue
    Hi

    Thanks for helping out thats very kind of you - no easy task but you caught up

    NO 158 reporting 160 for June

    Thanks again
    • pinkfluffybabe
    • By pinkfluffybabe 3rd Jul 18, 9:43 PM
    • 2,537 Posts
    • 8,075 Thanks
    pinkfluffybabe
    #180 reporting a 45 overpayment for June
    Not buying unnecessary toiletries 2018 - 73/162 UU, 40 IN
    Mortgage Free Wannabe 2018 No.180 765/2000
    1% challenge No.15 - 17% 2 savers No.12 - 98 5p Savers No.3 - 4.75
    Virtual Sealed Pot No.12 - 110.47/150 1p a day Challenge 584.43/667.95
    • utopiah
    • By utopiah 4th Jul 18, 10:14 PM
    • 275 Posts
    • 978 Thanks
    utopiah
    Hi just updating op as haven't done so since May.
    #43 total for June 1384
    #43 total for July 1880
    I'm now down into the teens and have smashed my yearly op target so can I change it from 10,000 to 15000
    Mortgage Jan 2015 66,737.98 Now 14,800
    MFW 2018 target 15000/13,369

    MFD was JUNE 2028 now January 2021
    • Miss Pinky
    • By Miss Pinky 5th Jul 18, 7:48 AM
    • 35 Posts
    • 173 Thanks
    Miss Pinky
    2 major milestones!
    #15 checking in again this month.

    When I make an over-payment on the mortgage it can take a couple of days to show this on online banking so I avidly check it on a regular basis.

    Well blow me down with a feather. When it did update it showed that I had made 19'820.54 over-payments and my mortgage outstanding was around 50' 228.xx so I worked out if I paid another 250 it would take me over 20k in over-payments at the same point as bringing me under the 50k mark. After humming and haaiing, i did what every sensible person would and moved 250!

    Absolutely delighted!!!

    Just to clarify - #15 Miss Pinky with another 250 payment
    MFW #15 Total aim in 2018 = 8072. Paid to date 4322
    • clairebear_london
    • By clairebear_london 5th Jul 18, 8:03 AM
    • 9 Posts
    • 73 Thanks
    clairebear_london
    Thanks Pawlala
    New #161 reporting in for duty! Goal is to overpay 3,000 more by the end of the year which will mean we should be down a LTV bracket when we remortgage! 0/3,000 so far!
    • pawlala
    • By pawlala 5th Jul 18, 4:35 PM
    • 1,295 Posts
    • 3,675 Thanks
    pawlala
    Up-to-date
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • starnac
    • By starnac 5th Jul 18, 6:40 PM
    • 5,344 Posts
    • 25,212 Thanks
    starnac
    Up-to-date
    Originally posted by pawlala

    Thanks. Is the spreadsheet available for us to see our progress?
    Savings 2235.59
    Overpayments #182 made 467.13/1208.15
    Make 2018 in 2018 #70 688.42/2018
    • pawlala
    • By pawlala 5th Jul 18, 8:19 PM
    • 1,295 Posts
    • 3,675 Thanks
    pawlala
    link in first post
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • Chutney86
    • By Chutney86 5th Jul 18, 8:23 PM
    • 293 Posts
    • 2,705 Thanks
    Chutney86
    #93 with an overpayment of 312.16 for July

    Thanks
    SPC #23 - 2015 = 319.60 / 2016 = 315.50 / 2017 = 490.75 / 2018 = 295.50
    MFW #93 - 2017 = 1942.84/1900 / 2018 = 8530.08/9050
    MFiT-T4 #28
    • NewMoneySaver13
    • By NewMoneySaver13 6th Jul 18, 9:45 AM
    • 90 Posts
    • 377 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

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

    Thanks
    2017 MFW No.86
    OP Target 2018: 3750
    Monthly Total: 325
    Year To Date: 3575 /3750
    • julicorn
    • By julicorn 6th Jul 18, 8:38 PM
    • 388 Posts
    • 1,422 Thanks
    julicorn
    Hi pawlala, number 50 here with another overpayment of 300 (so currently on 900 for July, but hoping to make one more overpayment after we get paid later this month ). Thanks so much!
    • pinkypig
    • By pinkypig 7th Jul 18, 6:48 AM
    • 1,470 Posts
    • 11,343 Thanks
    pinkypig
    Thanks for picking up the thread Pawlala

    # 157 reporting a capital reduction of 2,157.92 for July
    MFW 2018 #157 Target 15,000

    21,220.89/15,000
    • Brambleberry
    • By Brambleberry 7th Jul 18, 8:49 AM
    • 246 Posts
    • 1,298 Thanks
    Brambleberry
    Hi everyone,

    Thanks to pawlala and hiddenshadow for being such great supporters of our MFW journeys.

    #110 reporting a 400 payment for July. On track for MF by 40!

    Cheers

    Bb x
    MFW 2018 #110 Mortgage 2004: 120k Mortgage Free Oct 2018
    Never underestimate the power of a beautiful spreadsheet.
    • f0xh0les
    • By f0xh0les 7th Jul 18, 9:20 AM
    • 1,870 Posts
    • 16,077 Thanks
    f0xh0les
    Morning

    July update - so far paid 766.11

    Hoping to add another 300 before the end of the month........
    MFW START DATE May 16 118,340 : Oct17 - 109,495.00Dec17 108,800Jan 18 108,392.98 Mar 18 108,504.72Apr 108,099May 106,999Jun 105,999.Jul 105,300Aug 103,999 Sept 102,999 Oct 101,999November 101,300.00
    NEXT GOAL is sub 100k before 2019Mortgage-free wannabe 2018 #65
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