Paying Off Mortgage Early: 6 Ways And The Benefits

To pay off a mortgage early, consider these six strategies:

1. Make biweekly payments to reduce the loan term and save on interest.
2. Refinance to a shorter loan term for lower interest rates and payments.
3. Reevaluate your budget to free up funds for extra payments.
4. Round up monthly payments to the nearest hundred to reduce interest.
5. Direct extra payments toward the principal to decrease the loan balance.
6. Make an extra annual payment using bonuses or tax refunds to save on interest and shorten the term.