How to Pay Off a Mortgage Sooner

Pay off your mortgage loan early and you won't have to spend the next 30 or so years making home loan payments. Consider re-payment options to help you pay off your mortgage sooner.

Instructions

1. Change your schedule. Rather than pay your monthly mortgage once a month on the 1st or 15th, consider bi-weekly mortgage payments and plan two payments a month to knock a few years off your loan term and pay off the mortgage early.

2. Pay a higher amount. Add extra money to your mortgage payment each month to reduce the principal quicker. You'll build additional equity and pay off your mortgage in less than 30 years. Aim for an additional $200 or more a month.

3. Opt for a shorter loan term to pay off the mortgage early. Typical mortgage terms allow 30 years to repay a mortgage. Refinance your home loan and inquire about 15 or 20 year mortgage terms. Reduce terms increase the mortgage balance. Consider whether you can afford a higher payment before agreeing to these terms.