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Over the span of your mortgage, you might pay tens or even hundreds of thousands of dollars in interest, and you are paying this in addition to the cost of your home. Paying off the mortgage in advance can reduce your monthly expenses and save a great deal of money that you can put toward other goals. Below are a few strategies accountants recommend for paying off your mortgage early.

How to Pay Off Your Mortgage Early

1. Make Bi-Weekly Payments

Instead of paying the full amount on the due date, send in half of your mortgage payment every two weeks. Over the course of the year, this will add up to 13 payments, which could shave up to six years off of a standard 30-year mortgage term.

2. Deliver One Extra Payment Per Year

If bi-weekly payments are too labor-intensive, making one extra payment per year will have a similar effect on your finances. This can be a great way to put your tax refund or year-end bonus to use.

3. Pay a Little Extra Each Month

accountant The simplest way to pay off your mortgage is to send in more than the payment due every month. However, whether these extra funds will be applied to the principal depends on the terms of your loan, so you may want your accountant to review your documents before adopting this strategy.

4. Consider Refinancing

Mortgage rates are changing all of the time, so refinancing may result in reduced interest and lower monthly payments. You may also consider refinancing for a shorter term. While your monthly housing expenses might be higher, you’ll get out of debt more quickly with a 15-year mortgage than a 30-year loan.


If you need an established accountant, turn to Tostrud & Temp, S.C. in La Crosse, WI. This team has provided detailed financial planning to families throughout the area for over 35 years. Their team will take the time to understand your situation, and are committed to helping you achieve your dreams. Visit their website for more on their personal services and get more financial tips on Facebook. Call (608) 784-8060 to meet with an accountant today.

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