How to pay off your mortgage faster
Is paying down your mortgage faster a good idea? That depends on your circumstances, as every homeowner must evaluate what is best for them. If you can, making some choices to pay your mortgage off faster will help reduce the principal balance more quickly to save money spent on interest.
Select a shorter amortization period if you can.
Make more frequent payments. Weekly or bi-weekly payments shorten your mortgage and reduce interest paid.
Increase your payment to more than the minimum amount.
Make lump sum payments when you can. Be sure to check your mortgage details for how often you can make a lump sum payment without penalty.