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.