How to Pay Off Your Mortgage Years Early

You can save yourself thousands of dollars in interest by paying off your mortgage early. A few easy and painless steps can help you pay off your mortgage years early with little to no effort. Here is your guide to how to painlessly pay off your mortgage years early.

1) Make a mortgage payment every four weeks, not once a month. By making a mortgage payment every four weeks instead of once a month you will make one extra payment a year. Over a thirty year mortgage you will have paid off your mortgage two and a half years early.

2) Round your mortgage payment up every month. For instance, if your mortgage payment is $641 a month you could round the payment to $650, $675, or $700. By making a habit of rounding up your mortgage payment you can easily and painlessly pay off your mortgage early.

A $641 payment rounded to $650 pays off your mortgage five months early.

A $641 payment rounded to $675 pays off your mortgage nineteen months early.

A $641 payment rounded to $700 pays off your mortgage thirty three months early.

3) Use your tax refundto make an extra mortgage payment every year. As a home owner you should be saving receipts for tax deductible home purchases throughout the year and claiming the deductions on your tax return. Treat your tax return as a rebate check for home purchases throughout the year instead of a bonus check. By thinking of your tax return as a rebate check it only makes sense to use that money to make a mortgage payment. By using your tax return to make a mortgage payment you will have paid your mortgage off two and a half years early.

4) Skip the extras when eating out. When getting fast food skip the oversized meals, when ordering coffee choose a smaller size, or when eating at a sit down restaurant skip the soda. There are many other small ways that you can save a few dollars. Keep track of these saved dollars and add them onto your already rounded mortgage payment every month. Depending on how many dollars you tack onto your mortgage you can shave months or years off of your mortgage.

By using any of the three tips above you can save yourself thousands of dollars in interest and pay your mortgage off years early. These steps are easy and painless and should not affect even the tightest budget.