Strategies for Paying Off Your Mortgage Sooner Than Planned


Paying off a mortgage is a long-term financial commitment that can often feel daunting. After all, it may take 15, 20, or even 30 years to pay off your home loan. However, for many homeowners, the thought of being mortgage-free is a dream worth striving for. The good news is that it is possible to pay off your mortgage sooner than planned by implementing certain strategies. In this blog post, we will explore some effective strategies for paying off your mortgage faster.

1. Make extra payments whenever possible

One of the most straightforward and effective ways to pay off your mortgage sooner is by making extra payments whenever you can. These additional payments can significantly reduce the amount of interest you pay over the life of your loan. For instance, you can make bi-weekly or weekly payments instead of monthly payments, effectively cutting the life of your loan in half. Another way to make extra payments is to use bonuses, tax refunds, or any unexpected windfalls towards paying off your mortgage.

2. Consider refinancing to a shorter term

Refinancing your mortgage to a shorter term can help you pay it off sooner. For example, if you have a 30-year mortgage, you could consider refinancing to a 15-year mortgage. While your monthly payments may be higher, you will save on interest payments as the loan will be paid off much sooner. Keep in mind that refinancing comes with closing costs, so make sure to calculate the costs and make sure the savings on interest will offset the expenses.

3. Make one extra payment per year

Making one extra payment per year can also make a significant impact on reducing your mortgage term. By making just one extra payment per year, you could take off several years off your mortgage. This extra payment will go directly towards the principal amount, reducing the interest that would have otherwise accumulated over the years.

4. Consider a bi-weekly payment option

Some lenders offer a bi-weekly payment option, wherein you pay half of your monthly mortgage amount every two weeks. This adds up to 26 payments per year, equivalent to 13 monthly payments. It may not seem like a significant difference, but it can help you save thousands of dollars in interest and pay off your mortgage faster.

5. Cut back on unnecessary expenses

An effective way to free up more money to put towards your mortgage is by cutting back on unnecessary expenses. Take a close look at your budget and identify areas where you can cut back on spending. For example, consider bringing lunch to work instead of buying it or cancelling a subscription service you don’t use. These small changes can add up and give you more funds to put towards paying off your mortgage.

6. Use any windfall towards your mortgage

Any unexpected windfalls, such as bonuses, tax refunds, or inheritance, should be used towards paying off your mortgage. Instead of splurging on a vacation or buying something extravagant, consider putting the money towards your mortgage payments. This will not only bring you closer to paying off your loan faster, but it will also save you a significant amount on interest.

7. Make your mortgage a priority

When paying off your mortgage sooner, it is essential to make it a priority. This means making sacrifices and budgeting accordingly to ensure you can meet your mortgage payments. Consider setting a specific amount aside each month towards your mortgage and treating it like any other bill payment. By making your mortgage a priority, you can stay on track towards achieving your goal of paying it off sooner.

8. Make use of any prepayment options

Many mortgages come with prepayment options, allowing you to make additional payments towards your mortgage without any penalties. Make sure to take full advantage of these options whenever possible. By putting extra money towards your mortgage, you can save on interest and pay off your loan faster.

9. Look into a home equity loan

If you have built up equity in your home, you may be able to take out a home equity loan and use the proceeds to pay off your mortgage. Home equity loans often have lower interest rates and allow you to pay off the loan over a shorter period. However, keep in mind that this option also comes with closing costs and could put your home at risk if you are unable to make the payments.

10. Seek professional advice

Lastly, consider seeking professional advice from a financial advisor or a mortgage specialist. They can walk you through your options and provide personalized advice based on your financial situation. They may also be able to help you find ways to reduce your interest rate or consolidate your debt, making it easier to pay off your mortgage sooner.


In conclusion, paying off your mortgage sooner than planned is not an unattainable dream. By implementing some of these strategies and making your mortgage a priority, you can significantly reduce the life of your loan and save a considerable amount on interest. It may require sacrifices and discipline, but the financial freedom of being mortgage-free is worth it in the end. Remember to seek professional advice and make smart financial decisions to achieve your goal of paying off your mortgage sooner.

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