Ways to pay off your mortgage early:
- A small amount goes a long way. Making just an extra $20 on your mortgage payment, and applying it to your principal, can save you an estimated $7,000 on interest over the course of your mortgage.Don’t knock those small amounts…they can save you chunks in the long run!
- Extra Quarterly Payments.Making an extra principal and interest payment every quarter can save you close to $65,000 in interest and pay your mortgage of 11 years early!
- Bi-weekly payments.Simple concept.12 months equals 12 full payments.52 weeks, divided in half, equals 26 half payments.Those extra 2 half payments save you loads in interest while getting your mortgage paid off early!