Mortgages can make you feel like you're literally tied to your home. The stress, the payments, wouldn't it be nice if there was a way to pay off your mortgage faster? Looking to ease your mortgage worries? Here are five ways you can pay off your mortgage faster.
Opt for bi-weekly payments
Most mortgages payments are made monthly in one lump some. By opting for bi-weekly payments, you're breaking that lump some into two equal payments paid twice a month. It will save you money in interest and shorten the length of your mortgage than if you paid one monthly payment. For example if you have a 25-year mortgage for $300,000 at 3% fixed interest rate, switching from monthly to bi-monthly payments will save you $16,058.57 in interest alone!