Paying off your mortgage early can save tens of thousands in interest and free up cash flow. The key is consistency and choosing the right strategy for your budget.
Adding just $100 per month to principal on a $350,000 mortgage at 6.5% saves over $50,000 and pays off the loan 3 years early.
Paying half your monthly payment every two weeks results in 26 half-payments, or 13 full payments per year. This one extra payment per year shaves years off your loan.
Switching from a 30-year to a 15-year loan at a lower rate can save massive amounts, though monthly payments will increase.