How to Pay Off Your Mortgage Early and Save Money

List: Posted: 09/12/11

Owning your own home is a wonderful thing, but the mortgage can be a heavy burden from some families.  However, there are ways that you can pay off your mortgage early, without too much stress.  This will help you pay off your home much more quickly, and will even help you save money in the long run. 

First, there is the option to refinance your mortgage to go with a shorter term.  If you have a traditional 30-year mortgage, refinancing to a 15-year mortgage will help you pay it off much more quickly.  However, you need to be prepared for higher mortgage payments with this scenario.  Unless you have a stable job, be a little careful that you don't over-reach yourself.

 

Another clever method is to pay half of your monthly mortgage payment every two weeks.  When you send in half of your payment every other week, you actually end up paying a full month's payment more per year, without missing the money at all.

 

If you can afford it, you can also go the traditional route and overpay your mortgage payment every month.  This can be as much, or as little, as you like, but it helps if you are consistent with it.  Simply sending in an additional $50 on your mortgage payment every month will add up over time and reduce the amount of time that you have to pay on your home in the long run.

 

Finally, you can simply send in any extra money when it becomes available.  This will help you pay off your mortgage more quickly, but not as fast as if you paid more than your monthly payment each month.  However, it does help ease the strain on your bank account.

Mortgage Companies, Home Loans, Real Estate Loans

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      The material in this article is for informational purposes only. The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of Local.com. See Additional Information

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