Simple Ways to Pay Off Your Mortgage Faster

With a bit of planning and a few smart habits, you can shorten your mortgage term and save thousands in interest. Here are some easy ways to get ahead:

  • Make payments more often.

    Switching to weekly or bi-weekly payments instead of monthly means you’ll make the equivalent of one extra payment each year  helping reduce your interest and take years off your mortgage (for example, 25 years down to about 21).

  • Increase your payments when your income goes up.

    Got a raise or bonus at work? Use a portion of that extra income to boost your mortgage payments. Even small increases each year can make a big difference without impacting your day-to-day spending.

  • Make lump-sum payments when you can.

    If you get unexpected money, like a bonus, tax refund, or inheritance –  consider putting it toward your mortgage. Most lenders let you make extra payments directly on your principal each year, helping you pay it down faster.

By applying these simple strategies consistently, you can save money, pay less interest, and be mortgage-free years sooner — all with just a few small changes over time.