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Paying Off Your Mortgage Early: Methods for Getting Debt-free Faster

Paying Off Your Mortgage Early: Methods for Getting Debt-free Faster

A mortgage is one of the biggest financial obligations a person will take on in their lifetime. With rising interest rates and fluctuating real estate markets, the cost of borrowing can quickly add up. Paying off your mortgage early may seem like an impossible task, but with the right strategies and commitment, it can be achieved. In this article, we will discuss some proven methods for getting debt-free faster.


1. Make Bi-weekly Payments

Instead of paying your mortgage once a month, consider switching to a bi-weekly payment schedule. By doing so, you'll make 26 half payments a year, which is the equivalent of 13 full payments. This results in one extra payment each year, which can help to substantially reduce the length of your mortgage. Moreover, making bi-weekly payments can help you save thousands of dollars in interest in the long run.


2. Round Up Your Mortgage Payment

Rounding up your mortgage payment is another effective way of paying off your mortgage faster. This means that if your monthly mortgage payment is $1,200 a month, you can round it up to $1,300, and pay the additional $100 on your principal balance. This method works by chipping away at the principal, which can significantly reduce the amount of interest paid over the term of the loan.


3. Make Extra Mortgage Payments

Another strategy to pay off your mortgage early is to make extra payments whenever you can. If you receive a bonus from work, an inheritance, or any other unexpected windfalls, consider applying a portion of the funds towards an extra mortgage payment. You can also make a small extra payment each month or increase your payment by a specific amount each year. Any extra mortgage payments you make will help you pay off your mortgage faster.


4. Refinance Your Mortgage

Refinancing your mortgage is a great way to pay off your mortgage sooner, especially if you can obtain a lower interest rate. If you're currently paying a higher interest rate than the current market rate, refinancing could potentially save you thousands of dollars in the long run. Moreover, you can reduce the length of your mortgage by refinancing to a shorter term. For example, if you have a 30-year mortgage, you could refinance to a 15-year mortgage. This will increase your monthly payment, but it will also help you pay off your mortgage faster.


5. Rent Out a Part of Your Home

If you have an extra room or basement that is not being used, you can consider renting it out to generate extra income. This additional income can be applied towards your mortgage payment. Just make sure to find responsible tenants who will respect your home and pay their rent on time.

6. Cut Down on Expenses

Finally, it's essential to cut down on expenses to free up extra cash to apply towards your mortgage payment. Consider canceling subscriptions or memberships you no longer use, eating out less, and shopping smartly to reduce your grocery bill. Every penny counts when you're trying to pay off your mortgage early, so be sure to track your expenses carefully.



In conclusion, paying off your mortgage early may seem like a daunting task, but it is achievable if you're committed to a sound financial plan. By making bi-weekly payments, rounding up your mortgage payment, making extra mortgage payments, refinancing your mortgage, renting out a part of your home, and cutting down on expenses, you can significantly reduce the length of your mortgage and potentially save thousands of dollars on interest. Remember to stay disciplined and consistent in your efforts, and you'll be debt-free faster than you think.

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