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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,488Posts
    • 11,430Thanks
    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 50
    • kerry90
    • By kerry90 6th Aug 18, 1:53 PM
    • 23 Posts
    • 110 Thanks
    kerry90
    Hello,
    #51 here reporting OPs for July and August:
    July: 3015
    August 515

    Which means I have reached my target so could you please extend it to 14,000?
    Many thanks!
    Starting mortgage (Sep 2016): 314,124.00
    Current balance (Oct 2018): 268,200.00
    2018 OP so far: 13233.27/10,000 14,000
    • julicorn
    • By julicorn 7th Aug 18, 9:49 AM
    • 359 Posts
    • 1,278 Thanks
    julicorn
    #50 again, with a further 500 OP (August total so far: 700)
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 189,600
    • Schoolworker
    • By Schoolworker 7th Aug 18, 8:01 PM
    • 294 Posts
    • 627 Thanks
    Schoolworker
    No 72 reporting in to an overpayment made today of 140for August.
    • Roxie
    • By Roxie 7th Aug 18, 10:24 PM
    • 571 Posts
    • 439 Thanks
    Roxie
    No: 78 with Aug OP of 530, a little more than usual due to working some extra hours. Total for year so far 3230.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2018 no: 78 4350/5000
    • ang4k
    • By ang4k 8th Aug 18, 6:35 PM
    • 53 Posts
    • 326 Thanks
    ang4k
    Hi

    No 17 here with an august overpayment of 600 pounds.

    Thank you
    2015 MFW no 17 : 2600/2000
    2016 MFW no 17: 4000/4000
    2017 MFW no 17: 400/8000
    MFiT-T4- reduce mortgage from 61000 to 40000
    2018 MFW no 17 : 8000/7000
    • Unicorn cottage
    • By Unicorn cottage 9th Aug 18, 10:46 AM
    • 98 Posts
    • 183 Thanks
    Unicorn cottage
    Hi #35

    After a period of absence (boo!) I can report a 2000 overpayment for August.

    Good to be back!

    Unicorn
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness"
    • f0xh0les
    • By f0xh0les 9th Aug 18, 2:24 PM
    • 1,801 Posts
    • 15,336 Thanks
    f0xh0les
    Right, just had a mad half hour and have transferred money into the mortgage to bring my balance down to103,999.99

    So the revised full and final total for my August overpayments is 1442.35 please. This is the end of August overpayments as I am going to have to do 4 x school shoes and trainers and no doubt someone will have lost a tie somewhere along the line..

    Thank you. HS or P


    oops sorry #65
    Last edited by f0xh0les; 10-08-2018 at 8:49 AM.
    MFW START DATE May 16 118,340 : Oct17 - 109,495.00Dec17 108,800Jan 18 108,392.98 March 18 108,504.72April 108,099May 106,999June 105,999.99July 105,300.00
    Aug 103,999.99
    Sep 102,999.99 October 101,999.99
    NEXT GOAL is sub 100k before 2019Mortgage-free wannabe 2018 #65
    • puckishpixie
    • By puckishpixie 9th Aug 18, 6:37 PM
    • 5 Posts
    • 36 Thanks
    puckishpixie
    Hi #175

    Still only managed 40.1 each month from April to August. Making 320.8 total so far this year.

    Thanks
    Mortgage free wannabe 2018 #174 320.80/1000
    Mortgage 110500 Sep 2017, original MF date Sep 2042 must get cracking
    • Urbanshyne
    • By Urbanshyne 10th Aug 18, 8:30 PM
    • 60 Posts
    • 246 Thanks
    Urbanshyne
    No. 171

    Could I add 8.98 to August's total please. This should bring it to 1703.76.

    You're a star. Thanks
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • beanielou
    • By beanielou 10th Aug 18, 9:17 PM
    • 57,385 Posts
    • 234,884 Thanks
    beanielou
    Another 222.
    So 277 this month this far.
    No 144.

    Thanks
    Originally posted by beanielou

    Another 22 today.
    So 299 this month so far.
    No 144.


    Thanks
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • julicorn
    • By julicorn 11th Aug 18, 3:12 PM
    • 359 Posts
    • 1,278 Thanks
    julicorn
    No 50, drip feeding the mortgage this month!

    Got another 50 to report, so we're up to a total of 750 for August atm.
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 189,600
    • julicorn
    • By julicorn 12th Aug 18, 9:51 AM
    • 359 Posts
    • 1,278 Thanks
    julicorn
    Also, if possibly I'd like to adjust my goal for the year. I'd love for us to pay off 10% of our mortgage this year, which would need overpayments of 13,400 total. It's a real stretch, but I'd like to give it a shot
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 189,600
    • denzal2k4
    • By denzal2k4 13th Aug 18, 1:56 PM
    • 9 Posts
    • 64 Thanks
    denzal2k4
    #177 with an OP of 600 for June 600 for July and 200 for August

    Thanks!
    • Kempton
    • By Kempton 13th Aug 18, 2:33 PM
    • 2 Posts
    • 14 Thanks
    Kempton
    Hi,

    First post, but figured it was about time to put it in writing and start the slog to being MF!
    I hope this makes sense?

    MFW start date: 20th May 2018
    Mortgage start date: 1st Nov 2017, 195,388

    Current mortgage: 1st August 2018, 187,626
    Starting overpaying: 1st May 2018, 50 per month regularly
    Overpayment increased to 150 per month from 1st September 2018

    Once we finish the house refurbishment, I'll be aiming to pay additional chunks off and set a target for 2019.

    Good luck to all!
    • pawlala
    • By pawlala 14th Aug 18, 8:43 AM
    • 1,286 Posts
    • 3,638 Thanks
    pawlala
    Hi Pawlala

    #169 reporting my August payment of 1,684.92 made up of capital reduction from monthly payment and an overpayment. Total to date of 10,344.62/12,000. This will be my only overpayment this month as I've pinched some from my small contingency fund as I should get a work bonus next month to top back up.

    Good luck everyone for August overpayments
    Originally posted by Rachiedabbler70
    The spreadsheet makes that Total to date of 10,344.58/12,000. I know its only 4p off but can you check your figures if you're in any way itchy about it!
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • pawlala
    • By pawlala 14th Aug 18, 8:47 AM
    • 1,286 Posts
    • 3,638 Thanks
    pawlala
    Hi #175

    Still only managed 40.1 each month from April to August. Making 320.8 total so far this year.

    Thanks
    Originally posted by puckishpixie
    FYI you are #174 not #175
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • pawlala
    • By pawlala 14th Aug 18, 8:51 AM
    • 1,286 Posts
    • 3,638 Thanks
    pawlala
    Hi,

    First post, but figured it was about time to put it in writing and start the slog to being MF!
    I hope this makes sense?

    MFW start date: 20th May 2018
    Mortgage start date: 1st Nov 2017, 195,388

    Current mortgage: 1st August 2018, 187,626
    Starting overpaying: 1st May 2018, 50 per month regularly
    Overpayment increased to 150 per month from 1st September 2018

    Once we finish the house refurbishment, I'll be aiming to pay additional chunks off and set a target for 2019.

    Good luck to all!
    Originally posted by Kempton
    you are #184 if you want to give me your 2018 target and confirmed monthly payments
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • julicorn
    • By julicorn 14th Aug 18, 9:47 AM
    • 359 Posts
    • 1,278 Thanks
    julicorn
    Thanks for the update pawlala!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 189,600
    • beanielou
    • By beanielou 14th Aug 18, 9:03 PM
    • 57,385 Posts
    • 234,884 Thanks
    beanielou
    Thanks Pawala for all your hard work
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Freysmum
    • By Freysmum 15th Aug 18, 6:04 PM
    • 200 Posts
    • 1,379 Thanks
    Freysmum
    Number 81 checking in with an August OP of 1050 please pawlala

    Thanks
    Mortgage 10/2018 23,050
    EF savings 31,050/40,000
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