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How to Pay off Your Mortgage Early | Tried-And-True Techniques of the Best Way to Pay off Your Mortgage in Just 2 to 5 Years

Does the idea of not having a mortgage payment and owning your home outright excite you?

Does the idea of being able to shave about 25 years off of your mortgage also excite you?

There are more than just a few strategies on how to pay off your mortgage early.

Image of a house with a title that says pay off your mortgage in just 5 years

Implementing any one of these strategies will work.

We are not only going to just show you how to cut the 30-year mortgage in half, but we are going to do better and show you how to pay it off anywhere from 2 to 7 years.

We are going to start with our pick of the best way to pay off your mortgage.

Fastest Way to Pay off a Mortgage | This Is Our Top Pick on How to Pay off Your Mortgage Faster

The  Money Max Account By United Financial Freedom

Pay off your mortgage and become completely debt free

This amazing software will allow you to pay off your mortgage in as little as 5 to 7 years

Of course, it depends on how much your principal is and what your salary is.

It Works With Your Current Salary No Matter What it is!

The beauty of the software is that it works without you having to make any more money or changing the way you are living right now.

Not only will you be able to pay off your mortgage early, but the software will work by helping you eliminate all of your debts.

You simply enter your information into the software and it figures out and shows you mathematically how long will take you to pay off your mortgage.

Once you’ve entered your information the software will give you your debt payoff date. This would be the exact amount of time and date that will take you to pay off your mortgage and all of your debts.

You simply check-in (sign in) to the software once a week and apply the recommended moves and make the recommended payments.

Sign up for a free  Money Max Account and get debt analysis to find out your debt-free date.

Or check out our full review of the Money Max Account to see exactly how it works.

Other Options on How to Pay off Your Mortgage Faster | How to Pay Off Mortgage in 5 years 

This next option will work you have extra money to throw at your mortgage. If you do then this strategy will also be successful.

How to pay off your mortgage early by making extra payments every month

If you do not have the extra money we recommend that you go back to our first recommendation of the Money Max Account because that works without you having to find extra money every month.

So with this second option, all you have to do is pay more than your minimum monthly mortgage payment every month.

This scenario that we are showing here was based on the Bank Rate Mortgage Payment Calculator.

In This Example Let’s Assume You Have a 30 Year Mortgage

Were going to assume in the scenario that you have a 30-year mortgage 25 years remaining in the original mortgage amount was 200,000

Here’s how much earlier you can pay off your mortgage if you make the following extra principal payment every month

  • Pay $150 EXTRA every month – Your mortgage repayment will be shortened by 5 years and 3 months – Your home will be paid off fully in approximately 20 years.

  • Pay $350 every EXTRA month – Your mortgage repayment will be shortened by 9 years and 6 months – Your home will be paid off fully in approximately 15 years.

  • Pay $1,000 every EXTRA month – Your mortgage repayment will be shortened by 15 years and 9 months – Your home will be paid off fully in approximately 10 years.

  • Pay $2,500 every EXTRA month – Your mortgage repayment will be shortened by 20 years and 2 months – Your home will be paid off fully in approximately 5 years.

The only problem with this solution is that you have to have that extra money every month.

There are going to be cases where not be able to do the extra principal payments every month so just understand that that may skew these numbers. Also, your interest rate may change if you have a variable rate which can also skew the numbers a little bit.

But in any case, if you make any type of principal payments above and beyond as much as you can, you will certainly pay off your mortgage early!

And even if you can just do the $150 every month, you’re still going to knock off over five years off of your mortgage and you will save a bunch in interest.

Best Way to Pay off the Mortgage

If you are careful, these next few strategies can certainly definitely work to help you get out of debt quickly and easily. But you have to make sure that you don’t make mistakes when executing these strategies.

Refinance

Refinancing your house's current mortgage is another great option so that you can pay off your home early

Another option to pay off your mortgage early is to refinance your home into a lower interest rate. Make sure you take into consideration any fees that are associated when you are refinancing.

Refinance into a shorter term

If you can afford it, refinancing into a shorter-term can save you a lot of money and interest over time.

Obviously going from a 30 mortgage to a 15-year mortgage would allow you to pay off your mortgage a lot faster. But again this option is only feasible if you can afford it.

Recasting

In this scenario, your existing loan will not change. You simply pay as large of a sum as you can towards the principal of your existing loan and then your lender will adjust the amortization schedule to the new balance.

Make principal payments when you can

If you don’t want to be on a schedule because life happens and money is not always available simply make extra principal payment when your funds are available for you to do so.

You can make extra principal payments when you get your tax return or whenever you run into extra money. Anytime you pay above and beyond your monthly payment you will reduce the length of the time that it takes you to pay down your mortgage.

Make one extra payment a year

You can start a little savings account and add to it whenever you can. You can try to build it up and then make a lump-sum payment at the beginning of every year.

 Our Final Thoughts on How how to Pay Off Your Mortgage Faster

If you’re looking for the fastest track to pay off your mortgage early, you should definitely look into a Money Max Account. Once you start using the software you will get very excited to see when you’re debt-free date is. Not only will you be able to pay off your mortgage early but you will also be able to pay off any loans, car payments, and credit card debt that you might have.

The Money Max account is our top pick to pay a mortgage quickly in 5 years or less

You can eliminate your debt in as little as 2 to 7 years.

What you sign up for a Money Max Account you get lifetime customer support. You also in a sense own the software so you can reuse it for anything else in the future, like keeping track of your investments or starting a business flipping houses.

If you sign up a Money Max representative will plug in your information for you and they will show you exactly how long it will take to pay off your mortgage. This debt-free date analysis is 100% free and there’s no obligation.

Other Related Resources

Read our review of the Money Max Account you can get a better idea of exactly how the software works.

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