Paying off a mortgage early is nearly every homeowners dream. Not only is it a feasible thing to do, it will save you tons of money. There are certain things you can do to make this happen.
One way to make this happen is by avoiding getting short term mortgage. Not only does this place more stress on you, it can also put you in a bind. Rather than trying to pay off a 15-year mortgage, but pay more each month on a 30 year mortgage.
Be sure you’re paying down the principle. This will ensure that you pay off your mortgage faster rather than just throwing money at interest. Find a way to pay a little more on the principal. A great way of doing this is by paying bi-weekly on your mortgage. This is known as the 13th payment principle. You are accomplishing this by spacing out your 13th payment through the entire year.
If this isn’t feasible, then try to figure out how to make 4 additional payments on the home every year.