Answer
The best way to pay off a mortgage faster is to apply consistent extra money toward principal while avoiding new high-interest debt. Strategies include making one extra full payment each year, rounding up every monthly payment, switching to biweekly payments that effectively add a 13th payment annually, or directing tax refunds and bonuses to principal. Before starting, confirm your loan has no prepayment penalties and instruct your servicer to apply extra amounts strictly to principal. Mortgagepaymentcalculator.com often has an early-payoff or extra-payments feature that lets you model these strategies, showing how many years you can cut off your term and how much interest you save.
To see the impact on your own loan, use our mortgage payment calculator and compare your base payment to a scenario with a small monthly extra principal amount.
Practical payoff strategies (and when they work best)
Most payoff plans fall into a few simple buckets. The right one depends on your cash flow, how stable your income is, and how much flexibility you want month to month.
Small monthly extra principal
Add a fixed amount (even $25–$200) to every payment and mark it as principal-only. This is often the simplest method because it’s predictable and easy to automate.
One extra payment per year
If your cash flow is seasonal (bonuses, commissions, tax refunds), one annual lump-sum payment can move the needle without raising your monthly budget.
Round-up payments
Rounding your payment up to the next $50 or $100 is a painless way to add principal while keeping the plan easy to maintain.
Biweekly payments
Paying half your mortgage every two weeks usually results in 26 half-payments a year (the equivalent of 13 full payments). It can work well-but confirm how your servicer applies the payments and fees, if any.
Two “don’t mess this up” checks before you pay extra
- Confirm principal application: Make sure extra money reduces your balance (principal) and doesn’t simply “prepay” future months. If needed, include a note like “apply to principal only”.
- Protect your safety net: An early payoff is great, but not at the expense of an emergency fund. If you’re one repair away from credit card debt, build cash reserves first.
If you’re weighing payoff versus other goals, it helps to step back and map your full plan-housing costs, savings, and affordability guardrails-so extra payments don’t create stress elsewhere.