How To Pay Off Your Mortgage Early

It’s everybody’s dream to live debt free, but for that to happen there are some pretty major debts a lot of us have to take care of first. Few of those are bigger than mortgage payments. The average American can take 20 to 30 years to pay off their mortgage, which means decades of living under debt. It doesn’t have to be that way, though. You can pay off your mortgage early and live with a clear mind, all it takes is a little determination and financial creativity.


You may have bought your house thinking that it was the one you are going to live in for the rest of your life, but look at that goal in real terms. If you have a big mortgage to go along with a big house, take a look out some different housing options out there. Downsizing your home or even moving into a much more affordable home that may require a bit of TLC could save you tens or even hundreds of thousands in the long run. Consider how much house you really need – what you actually use versus what you just like having – and buy on a budget to meet those needs.

Become A Super Saver

You probably have a budget for everything you currently spend money on, right? Well, think about those recurring expenses and what you could do to cut them down. Coupons at the grocery store, maybe? Cutting a landline off your phone/internet/cable package? Whatever your options may be, take the difference between what you budget and what you actually spend and roll that over into your mortgage payment. Don’t just stop there, either. Any unexpected money you get, whether it be a bonus from work, a holiday check from grandma, a tax refund, or anything like that – put it directly toward your mortgage. Save as much as you can so that you can put the money toward your home.

Get A Fixed Rate

If you’re still in the market for your mortgage, or if you are looking to refinance, getting a fixed rate mortgage could help you a lot in the long run. With a fixed rate mortgage, the interest doesn’t change from month to month, so you are paying a consistent amount, generally much lower than even the low variable rates. That does two things. First, it means you’re paying less every month overall, which will allow you to pay down a bit faster, in general. Second, it allows you to plan. If you’re looking to pay off a mortgage years ahead of schedule, knowing what you need to budget for is critical. A fixed rate mortgage lets you plan for exactly how much interest you’re going to be paying over the years so that you can set up a comprehensive plan to pay down your debts faster.

No matter what you decide to do, you will be able to get rid of your mortgage debt as long as you develop a plan and stick to it. With a little determination, you could be mortgage-free in no time.

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