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.

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.

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

ReplyDeleteI 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