My husband and I bought a house about a year ago right after we got married. While I love being a homeowner, I'm not so keen on the 25 year mortgage we have! I've been doing quite a bit of research regarding early mortgage payoff and I've come across a handful of good tips to help pay off a mortgage faster than the given term, so I thought I'd share (don't I always?) with all you other homeowners! Bi-Weekly Payments
Instead of making monthly payments, make a payment every two weeks that’s equivalent to half of the regular monthly payment. This results in an extra payment every year (13 instead of 12) which will help decrease your interest rate and pay off your principal. Round Up
If your mortgage is $1450 a month, pay $1500 or as much as you can afford. When it comes to your mortgage, the little things can really add up and the extra you pay a month will be put towards the principle. Apply the Extras
Whether it’s a bonus from work, tax refund, or even lottery winnings, apply any extra money you come into towards your mortgage. Again, that extra money will be put towards the principal and it’s not money that is factored into your monthly budget. Mortgage Prepayment Programs
Putting your extra hard-earned cash towards your mortgage is much easier said than done. Using a mortgage prepayment program can encourage fiscal accountability and compel you to do just that.