3 Small Ways To Pay Your Mortgage Off Faster

You might love being a homeowner. One thing that you might not love, however, is being locked in to a mortgage payment for the next 15 to 30 years. The idea of being able to pay off your mortgage early might be incredibly overwhelming, but you should know that it's not impossible. These are a few small changes that you can make that can help you pay your mortgage off a little more quickly. This can help you save a ton of money in interest and can make it that much sooner that you can have a paid-for home. 

1. Round Up Your Payments

When making your payments, consider rounding up to a number that you feel comfortable with. Just make sure that you note that you want this amount paid toward your principal and not the interest. By simply rounding up, you may be paying a small enough extra amount that you will barely even notice the difference in your budget, but these extra small payments -- particularly if you make them every month -- can make a huge difference over time.

2. Put Unexpected Cash Toward Your Mortgage

If you end up with unexpected cash, such as if you get a raise at work, get a bonus check from your employer, get a cash gift from a family member or get an inheritance, it can be easy to "blow" the money without even realizing how you did it. Consider putting this unexpected money toward your mortgage; then, you will know that it will be used wisely, and you can make a big difference in how much you owe your home.

3. Make Biweekly Payments

If you are like many people, you might get paid every two weeks. If this is the case, then you may want to consider making biweekly payments on your home. Basically, this means that you will make half of your house payment on one pay date and then the other half two weeks later. This can add up to an extra house payment being made every year, which can shave time off of your mortgage and save you money in interest. Plus, a lot of people find that it's easier to budget for their mortgage in this way rather than having to pay out a lump sum at one time, so you might find that this will make it easier for you to stay on top of your bills as well.