If you're looking for Foreclosure Homes in Your Area?

Just Enter your Zipcode into the box in the Banner.

Maximizing Savings with an Extra Payment on Mortgage Calculator

Scroll down to find our mortgage calculator to see How Much You Can Save with an Extra Payment Toward Your Principle!

There are many different strategies that you can use to pay down your mortgage early. Here are a few of the best and most common ways to do so:

Table of Contents

• How to And Why You Should Pay Extra On Your Mortgage?

• Making Extra Payments

• Refinance

• Pay off High-Interest Debt First

• Get a Roommate

• Sell Your Home

• Set a Goal

• Make a Budget

• Automate Payments

• Don't Give Up

• Use the Free "Mortgage Calculator" Below

• Free Calculator Tool

• Blog Posts

• Foreclosure list software tool from Foreclosure.com

Make Extra Payments

This is the most straightforward way to pay down your mortgage early. Simply making extra premium payments separate from your monthly minimum. Even a small increase can make a big difference over the time of the loan.

Refinance

If interest rates have fallen since you took out your mortgage, you may be able to refinance for a lower rate. Doing this can save you hundreds or even thousands of dollars in each year.

Pay Off High-Interest Debt First

If you have other debt with a higher interest rate than your mortgage, it may make sense to pay that off first. This will save you money on interest and free up more money to put toward your mortgage.

Get a Roommate

If you have a spare bedroom, you can rent it out to a roommate. This can help you cover your mortgage costs and even save some money each month or if you really want to pay down your mortgage faster and have the ability to still pay the whole mortgage payment every month. Then, you could just add the rent payment towards your mortgage as an extra payment towards the principal. This will help you to increase the equity of your home by a 1:1 dollar amount each and every month. This will also help you to payoff your mortgage sooner, from a couple of months to save yourself years off your mortgage payments.

Sell Your Home

If you have a rental property that is paid off, you can sell it and use the proceeds to pay off your mortgage. This can be a quick way to get out of debt and start building wealth.

No matter what strategy you choose, it is important to be consistent with your extra payments. The sooner you start paying down your mortgage, the sooner you will reach your goal to be debt-free from your mortgage.

Here are some additional tips that will help you if you use them pay down your mortgage early:

Set a Goal

Having and tracking your goal will help you stay motivated. The first step is to set a goal for yourself and your family. Knowing how much you have available to add each month towards the principal of your loan can help you to pay it down faster. Also, knowing when do you want to have your loan paid off gives you a target to aim for. As you track your progress it can motivate you as you watch your equity increase and your interest payments decrease.

Make a Budget

Once you have your goal, you need to make a budget for it. This will help you track your spending and make sure that you are able to afford the extra payments and even increase your payments as your debts decrease and your monthly income increases.

Automate Your Payments

One of the best ways to make sure that you make your extra payments on time is to automate them. This means setting up your bank account to automatically transfer money from your checking account to your mortgage account each month to pay down your principal. This is an easy way to just set it and forget it.

Don't Give Up

Paying down your mortgage early can be a big challenge, but it is possible. As long as you remember to stay focused by tracking your progress toward your goal and as long as you don't give up.

It takes discipline, planning, and sacrifice to reach this goal, but once reached... you have freed yourself from the biggest expense for your family and you have also created an asset to pass down to your children so that they can have a better life.

Use The Mortgage "Free Calculator" Below!

Play around with the calculator below to discover and read our blog to discover how quickly you can pay off your mortgage and all the ways there are to do so.

Blog Posts

Foreclosure Lists Software from Foreclosure.com

Updated Daily with new foreclosures. Come and find your next deal here. Test it out for yourself!