9 Strategies I Used to Pay Off My Mortgage Early
I found simple yet effective ways to pay off my mortgage ahead of schedule, saving thousands in interest and gaining financial freedom faster.
- Chris Graciano
- 4 min read
I’ll never forget the feeling of signing those mortgage papers for the first time. It was a proud moment—finally owning our home—but also a heavy one. Thirty years felt like a lifetime commitment, and the thought of all that interest made my stomach turn. A few years in, after reviewing how much we’d paid just in interest alone, I decided enough was enough. I wanted that mortgage gone sooner rather than later, so I came up with a plan to chip away at it faster.
Maybe you’ve wondered if it’s even possible to pay off your mortgage early without sacrificing everything else. I’ve been there too. Today, I’m sharing nine strategies that helped me knock out my mortgage ahead of schedule—and five that you can start using right now.
1. Made Biweekly Payments
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Instead of sticking to monthly payments, I switched to a biweekly schedule. This small adjustment meant I was making one extra mortgage payment per year. Over time, it shaved years off my loan and saved me a fortune in interest. Best of all, I barely felt the difference in my budget.
2. Put Extra Cash Toward the Principal
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Anytime I got a tax refund, bonus, or side hustle income, I threw it at my mortgage. These lump-sum payments went straight to the principal, reducing my overall debt faster. Even small amounts added up over time, accelerating my payoff date. Watching the balance shrink was incredibly motivating.
3. Refinanced to a Shorter Term
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I refinanced my 30-year loan into a 15-year mortgage with a lower interest rate. My monthly payments increased slightly, but the long-term savings were massive.
4. Lived Below My Means
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Instead of upgrading my lifestyle with every raise, I kept my expenses low. I drove my old car longer, avoided unnecessary luxuries, and funneled the savings into my mortgage. The sacrifices were temporary, but the financial freedom was forever. Owning my home outright was worth every small trade-off.
5. Rented Out Extra Space
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I turned an unused room into a source of income by renting it out. Whether it was a long-term tenant or short-term Airbnb guests, the extra money went directly to my mortgage. This passive income helped me make bigger payments without changing my lifestyle. My house literally paid for itself faster.
6. Rounded Up My Payments
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I started rounding up my mortgage payments to the nearest hundred dollars. It was a small, painless habit that chipped away at my balance faster. Over time, those extra dollars added up to thousands in interest savings. It was like an automatic debt-reduction strategy.
7. Avoided Lifestyle Inflation
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As my income increased, I resisted the urge to spend more. Instead of upgrading to a bigger home or buying expensive gadgets, I stayed focused on paying down my mortgage.
8. Used Windfalls Wisely
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Unexpected money, like work bonuses, inheritance, or stimulus checks, went straight to my mortgage. Instead of splurging on things I didn’t need, I treated it as an opportunity to get ahead. Every lump sum payment knocked down my principal, reducing my overall interest. It was a shortcut to financial freedom.
9. Cut Unnecessary Expenses
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I took a deep dive into my budget and eliminated wasteful spending. Unused subscriptions, expensive coffee runs, and impulse buys were replaced with intentional financial choices. Redirecting those savings toward my mortgage made a bigger impact than I expected. Trimming the fat from my budget made debt-free living a reality much sooner.
Paying off our mortgage early wasn’t something that happened overnight. It took years of small, steady efforts—but each extra payment gave me peace of mind and one less monthly bill to worry about. Looking back, I’m grateful we stayed focused. It freed up our finances and allowed us to focus on other goals without that debt hanging over our heads. Here’s how you can get started:
Make biweekly payments: Instead of one monthly payment, we split it in half and paid every two weeks. It added one extra full payment each year without feeling like a big stretch.
Round up payments: Every month, I rounded up our payment to the nearest hundred dollars. Even an extra $50 or $75 shaved off years of interest.
Apply windfalls directly to the principal: Every time we got a tax refund, work bonus, or unexpected cash, we sent it straight to the mortgage instead of spending it.
Cut unnecessary expenses: We canceled subscriptions and downsized extras, using the savings to make additional payments toward the mortgage.
Avoid refinancing to a longer term: When interest rates dropped, we refinanced but stayed on a shorter loan term, resisting the temptation to lower monthly payments at the cost of paying longer.
You don’t need to overhaul your entire budget to make progress. Start small, stay consistent, and you’ll be amazed how quickly those extra efforts add up to real freedom.