Monday, 6 October 2014

Mortgage Overpayment ~ 1



 Wizard of Oz. The part where Miss Gulch turns into the witch was so frightening!


The weather has been unbelievably miserable today, raining sideways, blowing a gale and freeeeezing cold.  I have been layered up and slippers were on, I decided I was going to have a hibernation day and caught up with my OU and drank hot chocolate.  I did put the heating on this evening for the first time this season. There's defintely no place like home.

The good news is we have made our first overpayment on our mortgage today.  Very exciting and very much addictive.  It was going to be the year of the mortgage this year, but because of one thing and another it didn't really happen.  We have done some work on the house and had 2 holidays - so I am not complaining.

Anyway I will hopefully be making a overpayment every month so I will blog and you can watch it slowly decrease (if you are interested).  My date for total repayment is September 2018 which I think is just do-able.  This is when my fixed rate ends - so that is my goal.

Mortgage total                  £99000
overpayment                          800

Total                                £98200

This is obviously a bit of a guess, it will be less because of the interest we are saving.  But this figure will have to do until we get an updated statement. 

 MSE mortgage overpayment calculator 

We used this mortgage overpayment calculator to play with, it estimates that we have saved £363 over the term of the mortage.  How exciting!


Have a lovely evening everyone!


2 comments:

  1. We paid off our mortgage many years ago- houses were cheaper then so it wasn't as big! We had to pay a minimum of £500 to make a capital repayment, when we had managed a few we would ask for the term to be reduced by a year, which is another way to save interest. I'm not sure if this is possible nowadays as mortages are different.

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  2. Well done , the more you see it go down the more determined you will get x

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