The mortgage loan is the long term loan which is required high committment and afford in managing it. Below are the point that you should consider when you envolve in mortagage.

1. Reduce your principle

Another way to pay off the mortgage early is to reduce some principles. Check with the lender if they have an option to do partial payment without penalty. Try to prepay at the beginning of the loan when interest is the highest. You may not realize it, but the majority of your monthly payment for the first few years goes toward interest, not principal. And interest is compounded, which means that each month’s interest is determined by the total amount owed (principal plus interest).

2. Round up your mortgage payments

Another way you can help reduce the term of your mortgage significantly is to round up. When budgeting for your mortgage payment, round up to the next highest $10 amount. Pay $300 instead of $296. Or $680 instead of $671.

3. Use unexpected income

Send any unexpected windfalls straight to your mortgage company. This includes annual bonuses or a third teen month’s salary.​ etc. Using this money won’t cut into your regular monthly budget.

4. Refinance your mortgage

If interest rates decline, you may be able to reduce the amount you pay toward interest by refinancing your mortgage. Additionally, you may also elect to reduce your loan term significantly.​ Please consider to factor in all related cost such early paid off penalty and other fee to make sure that you make the right decision.