Getting rid of your mortgage is one of the biggest financial goals for many people. After all, once you are mortgage-free, you’ll be able to relax, be more financially flexible, and plan for retirement sooner. Although there is no one-size-fits-all solution for becoming mortgage-free faster, there are a few things you can do to speed up the process.
1. Make Larger Monthly Payments
The simplest way to become mortgage-free sooner? Make larger payments than the required minimum. Of course, how much extra money you can devote to your mortgage will determine this. However, if you can pay $50 or $100 more each month, it will add up over time and help you pay off your mortgage more quickly.Using a mortgage calculator, you can calculate how much faster you can pay off your mortgage by making larger monthly payments.
