When you take out a mortgage, you generally get to choose a term of between 15 and 40 years. The majority of consumers take the entire term to pay off their mortgage, and you certainly have that option. But if youd rather pay off mortgage faster, one of these simple, easy ideas could work for you:

Make mortgage payments once a week, or even biweekly. Although youre paying the same amount each month, making more frequent payments can dramatically reduce the amount of interest you pay over the term of your mortgage. This is because most mortgages compound interest daily. The more frequently you make small interest payments, the less you pay in interest overall. Using this method to pay off mortgage faster could reduce a loan from 25 years down to 21.

Large payments can greatly reduce the time you need to pay off your mortgage, as well as interest rates. Most people in the business world get a small raise each year. Your raise is a fantastic opportunity to take that 3% or 4% raise and put it into your mortgage where you will not only save that money from bad spending habits, but also save yourself interest down the road.

Throw some extra cash into that mortgage. If some unexpected money comes into your life, don’t use it on worthless spending. Putting that money towards your mortgage and watching the balance drop is something that will keep you content now and later when you realize you don’t have any more mortgage payments to make. Also, throwing the extra money into your mortgage will save you a great deal on interest rates.

Use those few extra bucks. This is maybe the easiest way to take a good chunk of time off of your mortgage. Don’t always make the minimum payments required. Rather, take a few extra dollars and put it in with your mortgage payment. A little bit of money goes a long way over a 15 to 40 year mortgage.

Use a few of these tips and strategies on a consistent basis, and you will find yourself saving money and time while watching that mortgage disappear.

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