What would you do with the money you spend on your mortgage if you didn’t have a mortgage on your house anymore?  Would you save it?  Would you invest it in a 401K or IRA?  Would you have a giant party when you pay off your mortgage?  Yeah, I would choose party.

Totally serious.  I will have a party when our house is paid off.  Invite over a big group of friends and just celebrate because that is a milestone baby.

Ok so down to the bottom line.  How do you go about paying off your mortgage earlier.  Here are some ideas for you to pay off your mortgage earlier without spending more every month.

  • Pay your mortgage every 2 weeks.  You can actually pay half your mortgage payment every two weeks and essentially you end up making an additional month’s payment every year.  According to U.S. News and World Report, that could mean that you knock 5 and a half years off your mortgage. Check with your bank to see if they will allow this.



  • Refinance your loan.  If your interest rate on your mortgage loan is high, check the rates and see if there is a way you can refinance the loan to get a cheaper interest rate.  This can save you money on the loan.  If you can get a cheaper rate, continue paying what you are paying toward the loan and you will pay additional money each month to knock down the principal essentially cutting down the length of the loan.


  • Consider doing a 15 year mortgage if you are in the process of buying a new home.  I had to include this in case someone is in the process of buying a new home now.  You will save BIG on interest if you decide to take out only a 15 year mortgage on a property instead of a 30 year mortgage.  I am seriously talking about 10’s of thousands of dollars…BIG.


  • If you don’t spend as much on one item in your budget for a month, put that towards your mortgage.  This is an option, however, I am a firm believer that if you have other debt, go towards smaller amounts of debt first to get something paid off.  It is very rewarding to have small debts paid off and gets the momentum moving toward the larger debt.  But, if you only have your mortgage left, throw every single cent you have extra towards your mortgage.  Remember the GIANT party you could have when your house is paid off:)


  • Use a tax refund to make another full payment.  If you get some extra money at tax time, consider making one extra payment from that money.  Making just one extra payment a year can significantly cut down on the interest you will pay on your home.

If you haven’t read Dave Ramsey’s book “The Total Money Makeover,” you may want to look into reading it.  It is a great book and it is how we got our start with paying off debt.  Let me just summarize his thoughts on a home mortgage.  Get the damn thing paid off!

Ok, I don’t think he put it in those words, but nevertheless, get all your debt paid off.  It will feel so rejuvenating to not owe anyone anything.

If you currently have a mortgage on your home and you feel as though maybe you could get more paid off if you didn’t have the giant mortgage, it is ok to consider selling your home and moving into another home.  I just wanted to mention that.

Never for a second think you are stuck in any situation because you just aren’t.  You can make the decision to gain control of your finances at any time you want.

Ok.  I will get off my soapbox.

Home mortgages are generally the largest debts we have.  When you are considering paying off debt, I personally feel that it is a good idea to work on getting smaller debts paid off first, but if there are a couple tweaks in the budget you can make to pay down your mortgage quicker, go for it.  Check with your lender to see if there are ways you can save right now on your home mortgage.


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