8 ways to pay off your mortgage faster

Spreading out payments over three decades not only allows you to have an  affordable monthly payment, but also gives you enough room in your  budget for other expenses.

How amortization works

This schedule shows you how much of your monthly payment is going toward your principal loan balance, as well as the  interest over the entire life of your loan.

If you split that monthly total in half and make a payment every two  weeks, you can actually pay down your loan more quickly and save a significant amount in interest.

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Make biweekly payments

Pay extra on your loan principal each month

Another strategy is to make higher payments each month and put the extra money toward your loan principal.

Refinancing into a shorter loan term is perhaps the most straightforward  way to speed up paying off your mortgage — but, there are caveats.

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Refinance into a shorter-term loan


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