Budgeting to Speed Up Your Mortgage Payments

Paying down your mortgage early can save you significant interest costs. Before making extra payments, check for pre-payment penalties. Strategies to pay off your mortgage faster include paying more each month, making an extra payment annually, or switching to bi-monthly payments, which effectively adds an extra month’s payment each year. Refinancing to a shorter loan term can also help, but ensure the new interest rate is lower and that you can manage the higher monthly payments.