Financial independence – quarterly #mortgage update 2016 Q2

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For some reason our mortgage term hasn’t been updated since February, although we’ve been making overpayments every month. Anyway, the balance has roughly halved in the last three months

  • Mortgage balance at start of year: £27,655.74
  • Current mortgage balance: £7661.13
  • Interest charged: £285.19
  • Overpayment allowed in year: unlimited
  • Current overpayment total: £10,232
  • Mortgage term at start of year: 39 months (March 2017)
  • Current mortgage term: 39 months (March 2017)
  • Months to go: 9
  • Estimated months to go with continued overpayments: 2

We’re still on target to pay off the mortgage in August, although I’ll probably have to use a bit of savings to pay off the final amount. I’d rather do that than wait until September though.

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