Results of my homework

Mortgage as at beginning of the year £208k.

Payment due are £1222 per month. I pay £1346 per month.

If I paid just £1222 per month then finish date would July 2032 (eek!)
If I continue to pay £1324 per month then finish date will be August 2029
If I increase the amount by 5% every April then finish date will be October 2023
If I increase the amount by 10% every April then finish date will be May 2021

So if I seriously want to finish mortgage before I actually retire then 10% increase has to be my guide. My plans are to pay over any salary increase which I receive each year, assuming we ever go back to having salary increases again. Pay over any side income which I can make. I will do my best to ensure costs are under control so that the max can go to the mortgage.

Comments

  1. 2021 seems so far away until I remember that it is almost 2012! Seems so futuristic. Why don't we have hover-cars yet?

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  2. I know, its very scary. At the very least we should be wearing tin foil outfits and beaming around the place surely. Actualy the thought of being soixty when I am obviously so immature is also pretty scary!!

    ReplyDelete

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