Four Fascinating Ways to Pay Off Your Mortgage Early!

how to pay off your mortgage early 4 ways

Clearing off a Mortgage as soon as possible is one of many homeowners’ biggest responsibilities and hurdles. Suppose you sign-up for a 30-year mortgage loan; it clearly means that you’ll remain in debt for over 30 years. Thirty years is a massive time, and probably you would want to clear the obligation as soon as you can. Wondering what ways could help you clear the obligation and give you peace of mind? Don’t worry! Here we have four amazing ways to help you pay off your mortgage early then you can fathom.

Overpay Mortgage

One of the easiest and most successful ways to pay your mortgage early is to make overpayments on your mortgage. Simply, you just have to pay an amount greater than the usual monthly payment. Suppose you have to pay around $900 on the current mortgage, due in 30 years. If you pay up to $990 each month extra, there is a strong likelihood you’ll end up clearing the entire mortgage in much less time.

Furthermore, make sure to instruct your lender to fixate the extra amount on the principal amount. In this way, your debt value will reduce over time.

Shorten Term

If you have a relatively long-term mortgage, for say, 20-30 years, the initial year payment counts more towards the interest payment and less on the principal. Besides signing up for a traditional 30-year mortgage, you can go for a 15-year term. The benefit is that you will save a lot of money on interest payments.

Secondly, sometimes you can even qualify for a relatively low rate on a low-term mortgage. While the payment is more than a 30-year term, the difference is not so significant. It’s manageable, and if you strive hard for it, you’ll likely meet the standard monthly payments for a 15-year term mortgage.


One of the most plausible ways to clear off your mortgage is to go for refinancing. Suppose you start with a traditional 30-year mortgage initially. However, you can always refinance and take out a loan at a lower mortgage rate than the current rate because rates fluctuate daily.

As you can meet high payments, you can move forward and refinance your loan to a lower-term mortgage at a low prevailing rate. Or you may decrease or “shave off” some years each time you refinance. The benefit is that while monthly payments may increase by a minor amount, you’ll still likely save tons of costs in interest payments.

Plus, you’ll decrease the term length over time and may clear your mortgage obligation in as little as 14 years.

Mortgage Recasting

This is another method that can help you in paying off your mortgage early. In a recasting situation, you pay a lump-sum amount for your mortgage, which reduces your loan’s pay-off schedule and shows a new balance. As a result, the lump-sum payment will likely reduce your mortgage term length.

Plus, the recasting fees are nominal, and the process isn’t very costly. In contrast, mortgage refinancing can have a high processing fee, which can take a toll on your bank balance.


Who wouldn’t love to pay off their mortgage early, reduce their burden, and enjoy their life without any worries? Therefore, if you’re always thinking of ways to pay off your mortgage early, you first have to create a budget and strategize it to clear off your debt. Obviously, it requires some sacrifices, but it’s better for the foreseeable future.

Nonetheless, if you’re looking for a mortgage for a home purchase or refinancing, you can check out Rate Checker. Visit our website to check out our numerous mortgage services and offerings.