{"id":19139,"date":"2019-09-25T16:29:45","date_gmt":"2019-09-25T20:29:45","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=19139"},"modified":"2023-05-28T10:15:16","modified_gmt":"2023-05-28T15:15:16","slug":"4-ways-to-pay-off-your-mortgage-early","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/4-ways-to-pay-off-your-mortgage-early\/","title":{"rendered":"4 Ways to Pay Off Your Mortgage Early"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Although most fixed-rate mortgages are for 30 years, it doesn\u2019t have to take that long to pay it off.&nbsp; There are strategies you can use to speed up the process and save a ton of money on <a aria-label=\"interest (opens in a new tab)\" href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#magi\" target=\"_blank\" rel=\"noreferrer noopener\">interest<\/a>.&nbsp; If you\u2019re ready to own your home free and clear, here are some tips that can help you pay your <a aria-label=\"mortgage (opens in a new tab)\" href=\"https:\/\/en.wikipedia.org\/wiki\/Mortgage_loan\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage<\/a> faster.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-round-up-your-payments\"><strong>Round up your payments<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You won\u2019t make a big dent in your <a href=\"https:\/\/en.wikipedia.org\/wiki\/Debt\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"debt (opens in a new tab)\">debt<\/a> by paying exactly what you owe.  So, the next time you write a check for your mortgage, round up the payment.&nbsp; For example, if it\u2019s supposed to be $921, send them $930 instead.&nbsp; If you have more money to spare, make it $1,000. &nbsp;Be sure to indicate that you want the excess applied to the <a rel=\"noreferrer noopener\" aria-label=\"principal (opens in a new tab)\" href=\"https:\/\/en.wikipedia.org\/wiki\/Principal_balance\" target=\"_blank\">principal<\/a>.&nbsp; <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-increase-your-monthly-payments-by-one-twelfth\"><strong>Increase your monthly payments by one-twelfth<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Making one extra monthly payment each year can significantly shorten the life of your loan.&nbsp; The easiest way to come up with the money is to increase your monthly payments by one-twelfth.  If your mortgage is $2,400 that means you&#8217;ll pay an additional $200 each month.  By the end of the year, you will have made 13 full monthly payments instead of the usual 12.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-put-all-your-extra-cash-towards-the-principal\"><strong>Put all your extra cash towards the principal<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">From this point on, put any windfalls you receive towards your mortgage&#8217;s principal.&nbsp; You can use your birthday money, cash back you\u2019ve earned from online shopping or your holiday bonus to chip away at your debt.&nbsp; Using your <a rel=\"noreferrer noopener\" aria-label=\"tax refund (opens in a new tab)\" href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#taxrebate\" target=\"_blank\">tax refund<\/a> is also an option.&nbsp; This year, over 101 million taxpayers received a refund from the <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#interestincome\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"IRS (opens in a new tab)\">IRS<\/a> with the average amount being $2,729.&nbsp; Rather than blow yours in 2020, use it to get one step closer to being debt-free.&nbsp; When you file with <a rel=\"noreferrer noopener\" aria-label=\"ezTaxReturn (opens in a new tab)\" href=\"https:\/\/www.eztaxreturn.com\/\" target=\"_blank\">ezTaxReturn<\/a>, you\u2019ll get the biggest possible refund, guaranteed.&nbsp; &nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-refinance-to-a-shorter-term\"><strong>Refinance to a shorter term<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you plan to stay in your home for a long time and can afford a higher monthly payment, consider refinancing to a shorter term.&nbsp; A 15-year mortgage offers better interest rates than a 30-year mortgage.&nbsp; Plus, you\u2019ll pay your home off faster.&nbsp; Before you make your move, use a refinance calculator to see if refinancing is the right option for you.&nbsp; Keep in mind, you will need to pay closing costs which are about 3% of the loan.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">We make it fast and ez to get every homeowner tax deduction you deserve.  <\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-medium-font-size\"><a class=\"wp-block-button__link has-white-color has-luminous-vivid-orange-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.eztaxreturn.com\/ezrouter.html?action=start_return&amp;utm_source=blog&amp;utm_medium=blog&amp;utm_term=mortgageearly&amp;gid=mortgageearly\" target=\"_blank\" rel=\"noreferrer noopener\">Get Started Now<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Although most fixed-rate mortgages are for 30 years, it doesn\u2019t have to take that long to pay it off.&nbsp; There are strategies you can use to speed up the process and save a ton of money on interest.&nbsp; If you\u2019re ready to own your home free and clear, here are some tips that can help [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":22507,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-19139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>4 Ways to Pay Off Your Mortgage Early<\/title>\n<meta name=\"description\" content=\"There are strategies you can use to pay off your mortgage faster and save on interest. 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If you\u2019re ready to own your home, here are some tips.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.eztaxreturn.com\/blog\/4-ways-to-pay-off-your-mortgage-early\/\" \/>\n<meta property=\"og:site_name\" content=\"ezTaxReturn.com Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ezTaxReturn\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-25T20:29:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-28T15:15:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.eztaxreturn.com\/blog\/wp-content\/uploads\/2019\/10\/BoostHomeValue.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"ezTaxReturn Expert Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ezTaxReturn\" \/>\n<meta name=\"twitter:site\" content=\"@ezTaxReturn\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ezTaxReturn Expert Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/4-ways-to-pay-off-your-mortgage-early\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/4-ways-to-pay-off-your-mortgage-early\/\"},\"author\":{\"name\":\"ezTaxReturn Expert Staff\",\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/#\/schema\/person\/53293fc1f8f3940b232359e95b10360b\"},\"headline\":\"4 Ways to Pay Off Your Mortgage Early\",\"datePublished\":\"2019-09-25T20:29:45+00:00\",\"dateModified\":\"2023-05-28T15:15:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/4-ways-to-pay-off-your-mortgage-early\/\"},\"wordCount\":421,\"publisher\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/#organization\"},\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/4-ways-to-pay-off-your-mortgage-early\/\",\"url\":\"https:\/\/staging.eztaxreturn.com\/blog\/4-ways-to-pay-off-your-mortgage-early\/\",\"name\":\"4 Ways to Pay Off Your Mortgage Early\",\"isPartOf\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/#website\"},\"datePublished\":\"2019-09-25T20:29:45+00:00\",\"dateModified\":\"2023-05-28T15:15:16+00:00\",\"description\":\"There are strategies you can use to pay off your mortgage faster and save on interest. 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