The key to paying off a mortgage early is to contribute extra to the principal balance. The lower your principal, the less interest you’ll have to pay. Accordingly, check with your lender whether you can make extra payments.


Some lenders will let you make extra payments but only at specified times.Lenders may also charge prepayment penalties.
Call up your lender and ask what happens to extra payments. Make sure they go to the principal because some lenders hold onto the extra payments and apply them to interest.;
, You can make an extra month’s payment each year by paying half of your monthly mortgage payment every two weeks. If you have a 30-year mortgage for $220,000 at 4% interest, then you’ll pay off your mortgage 11 years early.For example, your monthly mortgage payment might be $600. Pay $300 every two weeks—on the first and the fifteenth of every month. To make things easier, automate your bill paying.Alternately, you could divide your monthly mortgage payment by 12 and contribute the amount to each month’s payment. For example, your monthly payment might be $600. You can contribute an extra $50 and pay $650 each month. In this way, you’ll make an extra month’s payment each year.
 You might not make enough money to pay extra every month. However, if you come into a lump sum of money during the year, you should direct it toward your mortgage payments. For example, you might get a bonus or raise at work.You should also use any tax refund to pay down the principal on your mortgage.
If you inherit money from a relative, you can also contribute that windfall to your mortgage principal., If your mortgage payment is $712, then round up to $750 or $800. Every little bit helps.Choose an amount you can afford and budget for that amount.
 The sooner your early mortgage payoff efforts begin, the more money you will save. During the first five to seven years, the bulk of your payments go toward interest. Any extra amount goes directly toward the principal amount of your loan. Accordingly, pay more in the early years when your monthly installments are primarily interest payments.


However, it’s never too late to start paying off your mortgage early by sending in extra money each month or year.
To check how much you will save, use an online calculator. The AARP website has a calculator that is easy to use.
Check if you can make extra payments.
Pay your mortgage every two weeks.
Make an extra contribution each year.
Round up your payments.
Start early.
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