The idea of paying interest for 30 years on a house you technically don’t even own yet can make for a sleepless night (or 10). So if you’re Googling ”how to pay off mortgage faster” more often than you’re brushing your teeth, it’s time to shake things up. Turns out, a few smart shifts (and some attitude) can help you burn that mortgage faster than you can say “fixed-rate refinancing.”
There’s no one best way to pay off mortgage debt, but here are some simple ideas to get you started. Find what works best for you — because the most brilliant way to pay off your mortgage is, quite simply, the one you’ll stick to.
Ready to turn the tables on that home loan? Let’s do it.
Looking to speed up your mortgage payoff without draining your savings? MoneyLion can help you explore personal loan offers of up to $50,000 from top providers. Compare rates, terms, and fees side by side and find an option that helps you make a smart lump-sum payment toward your mortgage or refinance on your terms.
1. Review and adjust your budget regularly
We know what you’re thinking: OK, so just how fast can I pay off my mortgage? First, let’s take a quick step back. Before you can throw extra money at your mortgage, you’ve got to know where your money’s going. Start by reviewing your budget — not just once, but every month.
Look for the usual suspects: unused subscriptions, dining out five nights a week, that fourth streaming service. Reallocate those dollars toward your loan. Even an extra $100 a month could slash years off your payoff schedule.
Not budgeting yet? Not to worry. Start here with our guide to building a beginner budget.
2. Make biweekly payments
This is one of the most underrated hacks for folks asking how to pay off your mortgage faster. Here’s how it works: instead of one monthly payment, split your mortgage in half and pay that amount every two weeks.
That adds up to 26 half-payments (or 13 full ones) per year. That one sneaky extra payment could shave years off your loan term and thousands in interest. Boom.
3. Increase payment amounts
Found money isn’t just for impulse shopping. Bonus at work? Use it. Tax refund? Toss it in. Birthday cash from Grandma? Mortgage. Any time you add a little (or a lot) to your payment and apply it directly to the principal, you shrink the total faster and pay less interest over time.
Looking for other ways to boost your income (which is a great idea if you’re wondering how to pay off your home mortgage faster)? Check out ways to make money from home.
4. Round up payments
Psych trick: Instead of paying $1,643.27, round it up to $1,700. Better yet, $1,800 if you can swing it. You won’t notice the change as much as you’ll notice the results.
Over time, these small add-ons snowball. Even rounding up $50 a month can shave off thousands in interest.
5. Consider the dollar-a-month plan
Want to ease into it? Try adding just $1 more to your principal every month and increase it by another $1 the next month. So $1 extra in month one, $2 in month two, $3 in month three…
It’s manageable, feels good, and after a few years you’ll be throwing serious cash at your mortgage without the upfront shock to your system.
6. Refinance your mortgage
If your interest rate is high, now might be the moment to strike. Refinancing to a lower rate or switching to a 15-year loan can seriously speed up the timeline—and save you big.
Yes, closing costs exist. But if you’re staying in the home for a while, the math could work in your favor. Curious if refinancing is the move? We break it down in our mortgage refinance guide.
7. Downsize your house
Hot take: You don’t have to keep the big house just because you bought it. If your home is too much space, too much cost, or too much maintenance, selling it and buying something smaller (or renting) could be your ticket to freedom.
It’s not for everyone, but if you’re wondering what’s the most brilliant way to pay off your mortgage, well, this could be it.
When should you consider paying off your mortgage faster?
How to pay off a home mortgage faster is one thing — when to do it is yet another consideration. Paying off your mortgage early makes the most sense when:
👉 Your mortgage has a variable interest rate and you expect rates to rise: Locking in your payoff now could save you lots of future interest if rates climb.
👉 You’ve already maxed out tax-advantaged retirement accounts: Once your 401(k) and IRA are topped off, your mortgage becomes a smart next target for extra cash.
👉 You have no other high-interest debt: Tackling your mortgage only makes sense if you’re not carrying credit card or personal loan balances with steeper rates.
👉 You want to improve cash flow for retirement: Eliminating a major monthly expense means more freedom to live how you want later on.
👉 You have sufficient emergency savings to cover unexpected expenses: Paying off your mortgage is less risky when your financial safety net is already in place.
👉 You want to build equity in your home more quickly: The faster you own more of your home, the more financial leverage you’ll have for future goals.
Still not sure? Check out our post on how to build financial stability to help prioritize your goals.
Smarter Strategy, Faster Freedom
Mortgage freedom doesn’t have to be a pipe dream. Whether you’re paying biweekly, rounding up, or going full minimalism and selling your house, there are real strategies to make it happen.
You’re not stuck – just ready for your next move.
FAQ
What is the best way to pay off your mortgage early?
There’s no one-size-fits-all, but making extra payments toward the principal, switching to biweekly payments, and refinancing to a shorter term are among the best ways to pay off your mortgage early.
Does making extra payments on your mortgage help?
Yes, when applied to the principal. It reduces your loan balance faster, meaning less interest paid over time and a shorter loan term.
Can you pay off a mortgage in 10 years?
Sure can! But it takes commitment, like refinancing to a 10-year loan or consistently making large extra payments. A strict budget and high income help too.
What happens if you make an extra mortgage payment each year?
One extra payment a year could knock 4 to 6 years off a 30-year mortgage, depending on your interest rate. It also saves thousands in interest.
Should I refinance to pay off my mortgage faster?
Refinancing can help if you land a lower rate or move to a 15-year term. Just make sure the closing costs don’t outweigh the long-term savings.
