Easy Ways To Pay Off Your Mortgage Early

This year my husband and I are really working hard at paying down the mortgage. Although we have always paid a little extra this year we are really making the mortgage a priority. I would love to get the mortgage paid off before the kiddo goes to college.

Mortgages often seem like such a high number we often ignore them. It seems so daunting to have to pay back such a large amount. However, with a little bit of work, you can pay off your mortgage early and save thousands in interest. There are easy ways to pay off your mortgage early.

Pay A Little Extra Every Month

We started doing this years ago and it has really paid off. Each time my husband got a raise we put a $25-$50 extra towards the mortgage each month. Over the years this amount has really started to add up. We will pay off our mortgage 8 years early just by making a small extra payment each month. The trick to this is remembering that you don't have to start big. Just an extra $25 each month will really add up over the years.

Track It On An App

If you want to get serious about paying off your mortgage you can start with a debt payoff app. I highly recommend the Debt Payoff Planner app. I use it and love it! You can set it up with how much you currently owe and how much you pay a month. From there you can see how much it will change the interest paid and end date when you make extra payments. It has a way to see the difference a one-time payment makes or paying a little extra over time. This free app has been such an encouragement to me. It really pushes me to find extra money to pay down the mortgage.

Make One Large Payment

If you can't afford to make smaller extra monthly payments every month try making a one-time larger payment. Tax returns or bonuses are a great way to pay down the mortgage. It may not sound like much against the mortgage but it really helps lower your interest paid and can help make last payment come sooner. I love using the extra money for fun things like vacations or house projects but I know we will be able to do those things again once the mortgage is paid off.

Pay One Extra Payment A Year

Another way to make that loan disappear is to make one extra mortgage payment per year. If your mortgage is $600 a month then pay an extra $600 one time during the year. It may not sound like a lot, but you can on average pay off the mortgage around 4 years earlier. I love the idea of being 100 percent debt free 4 years earlier.

Refinance To A 15 Year Mortgage

If you can afford to pay a lot extra on your mortgage you can always think of refinancing to a 15-year mortgage. Rates are often much lower with a 15-year mortgage than they are with a 30 year. This works really well if you don't have a great rate to begin with. You are able to save money in interest and are able to pay off your home even earlier.

Whether you are paying a little extra each month or a one-time extra payment it will really add up. You can be completely debt free with no mortgage. What are you doing to pay off your mortgage early?