5 Ways to Pay Off Your Mortgage Faster

A mortgage might be the biggest debt you’ll ever take on—but it doesn’t have to be one you carry for 30 years. Paying off your mortgage early can save you thousands in interest and free up your finances for other goals like retirement, travel, or investing.

1. 🔁 Make Biweekly Payments

Instead of making one monthly payment, split it in half and pay that amount every two weeks. This method results in 26 half-payments per year, which equals 13 full payments instead of 12. That extra payment goes directly toward reducing your principal.

🧠 Why it works:

Over time, even one extra payment a year can shave several years off a 30-year mortgage.

2. 💵 Put Extra Money Toward the Principal

Whether it’s a tax refund, work bonus, or cash gift, consider applying extra income directly to your loan’s principal.

🔧 Pro Tip:

Specify that the payment is for principal only when sending additional funds—otherwise, your lender may apply it toward interest or future payments.

3. 📈 Refinance to a Shorter Term

If your financial situation has improved since you bought your home, refinancing to a 15- or 20-year mortgage can help you pay it off faster while potentially securing a lower interest rate.

⚠️ Keep in Mind:

Monthly payments will be higher, but you’ll pay less interest over the life of the loan—and build equity much faster.

4. 🚫 Avoid Taking on New Debt

Staying clear of high-interest debts like credit cards or car loans means you’ll have more money available to put toward your mortgage. The more financially disciplined you are, the faster you’ll reach your goal of mortgage freedom.

5. 📊 Reevaluate and Adjust Annually

Review your mortgage and budget once a year. Can you add $100 more per month? Did your income increase? Small adjustments made consistently can make a big impact over time.

💡 Bonus Tip:

Use online mortgage calculators to visualize how extra payments affect your payoff timeline.