Things You'll Need:
- Money
- Creativity
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Step 1
It doesn't matter if you have a 15 year or a 30 year mortgage. You can pay your home mortgage off early and save a lot of money on interest. One way to do this is by refinancing. If you currently have a high interest rate on your home mortgage talk with banks in your area about refinancing your home mortgage at a lower rate. This can save you thousands of dollars on interest and help you pay off your home mortgage quicker.
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Step 2
Add an extra mortgage payment every year. Instead of making just 12 payments a year add a 13th payment. You can make one additional payment or you can add a little extra to each payment to equal a 13th payment throughout the year.
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Step 3
If you pay off another debt like a car loan or a student loan add the amount you were paying on that debt to your home mortgage payment. If your car payment was $300 and you paid it off you could pay an additional $3600 a year on your home mortgage.
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Step 4
Change can make a big difference. Save your spare change and every month cash it and add it to your home mortgage payment. $20 in change every month would be an additional $240 paid down on your mortgage each year.
