We’re trying to pay off our mortgage by December 2017, and every month I track our progress.
*NOVEMBER 2013 STATS
- Original Mortgage: £138,485 (April 2006)
- Original term: 300 months (March 2031)
- Balance last month: £74,700
- New Balance: £74,140
- Paid off to date: £64,345
- Monthly payment: £542.34
- November over payment £80.46
- Actual payments left: 200
- Months until goal date: 49 (31st Dec 2017)
Months until stretch goal date: 27 (31st Dec 2015)
46.5% of mortgage debt repaid!
Just a small over payment this month (because of travel expenses), but next month should see us back on track. The next payment will be our last for 2013 and we’re hoping to have the balance down to £73,000. Then it’s on to 2014! Yipes!
We’ve already set our mortgage goal for 2014, and we’re both hoping to stay on course a little better. We got a little distracted this year, but still made a lot of progress!
I’ve been working on reducing our budget costs this week.
First up I swapped our energy plan (dual fuel) to a cheaper tariff. We’ve stayed with the same supplier as the differences in swapping were minimal (and the slightly cheaper companies have a bad service rep). Overall this should save us £15/£180.
Next up I moved my phone contract to SIM only. My current contract is up next month and I’m not interested in an upgrade, so I was in a good position to negotiate. I used Bill Monitor to find out my average monthly usage and then found a plan that suited me before ringing the phone company. Because I had all the information required the switch was easy – I even got my final bill on my current contract reduced. Yay! Overall saving £20/£240 + £15
Are you getting ready for 2014?