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How to Pay Off Your Monthly Mortgage Faster

Updated: Aug 1, 2020

Tired of that monthly mortgage payment? You might be able to get rid of it quicker than you think.

Here's how:

  • Make biweekly payments instead of monthly ones. This reduces your principal balance quicker (and reduces the total interest you pay over time).

  • Put any windfalls you get toward your loan balance. That means tax refunds, holiday bonuses, and more.

  • Make one extra payment per year. Commit to making just one extra monthly payment, and you could have your load paid off years early.

If you get a raise or start earning more, consider making higher mortgage payments, too. Even $50 more per month can mean significant savings over time.

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