This will also typically lower your rate but increase your monthly payments. For example, if you have a 30-year fixed with 22 years left on the loan then you could refinance into a 15-year loan and pay off the balance seven years earlier than you would have. Refinance Your Mortgage Into a Shorter Loan Term: Another option is to refinance your mortgage into a shorter loan term.This isn’t a good option for everyone but it could be a good way to speed up that loan and pay it off early. This will get your mortgage paid off in half the time of the term of your loan. Make Mortgage Payments Biweekly Instead of Monthly: A great option for some that live on much less than they make is to make biweekly mortgage payments instead of monthly.This works well for individuals that get a large sum of money at some point in the year like a bonus at work or a large tax refund. You can add in the extra payment whenever you want throughout the year and continue to make those regular monthly payments as well. Make One Extra Payment Per Year: One way of paying off your mortgage earlier than the term of your mortgage is to make 13 payments per year instead of 12.Let’s dive into each method of paying off your mortgage early in a little bit more detail. By paying more each month, you’ll pay off the entirety of the loan earlier than the scheduled time. You can also increase your monthly payment. Provided this route doesn’t result in extra fees from your lender, you can send 13 checks each year instead of 12 (or the online equivalent of this). The simplest method is just to make extra payments outside of your normal monthly payments. Before digging into the biggest mistakes people make when paying off their mortgage early, it’s important to understand how you can pay it off early because there is more than one way. Paying off your mortgage sounds like a dream, being able to own your home outright without making a payment to a financial service provider every month.

Wells fargo online mortgage payment