How To Pay Off Your Mortgage Early

How to Pay Off Your Mortgage Early

Are you tired of being in debt and paying off your mortgage for the rest of your life? You’re not alone. Many homeowners dream of paying off their mortgage early and becoming debt-free. Fortunately, there are several ways to achieve this goal. In this article, we’ll explore different strategies to help you pay off your mortgage early.

Make Extra Payments

One of the easiest and most effective ways to pay off your mortgage early is to make extra payments. By paying more than the minimum amount due each month, you can reduce your principal balance and save on interest over the life of your loan. Even small extra payments can make a big difference in the long run. Consider rounding up your monthly payment or making an extra payment once or twice a year.

Refinance Your Mortgage

If you have a high-interest rate on your mortgage, refinancing may be a smart move. By refinancing to a lower interest rate, you can reduce your monthly payment and pay off your mortgage quicker. You can also consider refinancing to a shorter loan term, such as a 15-year mortgage. While your monthly payment may be higher, you’ll save thousands of dollars in interest over the life of the loan.

Make Bi-Weekly Payments

Another strategy to pay off your mortgage early is to make bi-weekly payments instead of monthly payments. This means you’ll make 26 half-payments each year, which is equivalent to 13 full payments. By doing this, you’ll pay off your mortgage faster and save on interest. Just make sure your lender accepts bi-weekly payments and there are no fees involved.

Consider a Lump-Sum Payment

If you come into a windfall of cash, such as an inheritance or bonus, consider using it to make a lump-sum payment towards your mortgage. This can significantly reduce your principal balance and save you thousands of dollars in interest. Just make sure there are no prepayment penalties or fees involved with your mortgage.

Cut Expenses and Increase Income

To free up extra money to put towards your mortgage, consider cutting expenses and increasing your income. This may involve downsizing your home, reducing discretionary spending, or taking on a side job or freelance work. Every little bit counts when it comes to paying off your mortgage early.

Consider a Mortgage Acceleration Program

Another option to pay off your mortgage early is to enroll in a mortgage acceleration program. These programs typically involve making extra payments, refinancing, or restructuring your mortgage to pay it off quicker. However, be wary of scams and do your research before signing up for a program.


Q: Can I pay off my mortgage early without penalty?

A: Most mortgages allow you to make extra payments without penalty. However, some mortgages may have prepayment penalties or fees. Check with your lender before making extra payments or refinancing.

Q: How much can I save by paying off my mortgage early?

A: The amount you can save by paying off your mortgage early depends on your interest rate, loan term, and principal balance. Use an online mortgage payoff calculator to estimate your savings.

Q: Should I pay off my mortgage early or invest the money instead?

A: This depends on your financial goals and situation. If you have high-interest debt or little savings, it may be wise to pay off your mortgage early. However, if you have a low interest rate on your mortgage and can earn a higher return on your investments, it may make sense to invest the money instead.


Paying off your mortgage early may seem daunting, but it’s achievable with the right strategies and mindset. Whether you make extra payments, refinance, or enroll in a mortgage acceleration program, every little bit counts. By becoming debt-free, you’ll have more financial freedom and peace of mind.