If you feel like your mortgage is hanging over your head, and you want to get it from under your mortgage and start living a debt free life, you need to make some changes to how you look at and approach your mortgage. Here are three tips that can help you pay off your mortgage faster. Pretend Your 30 Year Mortgage Is A 15 Year Mortgage You don’t have to go through the cost of refinancing and getting a 15-year mortgage instead of your current 30 year mortgage in order to pay off your mortgage in half the time. If you have a good interest rate locked into your 30 year mortgage, all you need to do is change how you approach your mortgage. Take your current mortgage balance, and divide it by 15 to figure out how much you would need to pay each year in order to pay off your balance in 15 years instead of 30 years. Then, take that amount and divide it by 12 to figure …show more content…
Although this may not exactly reflect what your payments would look like if you were to refinance, and doesn’t take into account how interest would change if you paid your loan off faster, it will give you the basic idea and allow you to achieve your goal For example, if your currently monthly mortgage payment is $1,500, increase it to $3,000 per month. Then, instead of making the payments you are required to make each pay for your 30 year mortgage, make the payment you would need to make if you had a 15 year mortgage. You don’t need to refinance to change how you make your payments. Pay Every Two Weeks Instead Of Once A Month Next, instead of making your mortgage payment once a month, divide your monthly mortgage payment in half (using the new monthly amount you calculated above). Every two weeks, pay half of your mortgage. If you keep this up throughout the year, you will end up making two extra mortgage payments throughout the year, which is an entire extra month worth of