For most people, a mortgage payment is likely their biggest monthly expense. By paying off your mortgage faster you can save thousands of dollars in interest over the life of the loan. While bi-weekly payments are one popular way to pay off a mortgage more quickly, there are other strategies you can use to achieve similar results as a bi-weekly payment.

Make an Extra Mortgage Payment Each Year

If you make one extra payment each year, you can save thousands of dollars in interest on your mortgage over the life of your loan. You can either make a lump-sum payment or even spread the extra payment out over the year. For example, if your monthly mortgage payment is $1,200, you could add an extra $100 to your payment each month, which would add up to an extra $1,200 for the year.

Round up your Mortgage Payments

Another simple way to pay off your mortgage more quickly is to round up your payments. For example, if your mortgage payment is $1,510, you could round up to $1,550. The extra $40 might not seem like much, but over time it can help you save thousands of dollars in interest over the life of your loan.

Make Extra Payments with Financial Windfalls

If you receive a windfall, or found / unexpected money, such as a bonus, tax refund, or inheritance, consider using the money to make extra payments on your mortgage. Even a smaller extra amount can make a big difference in reaching your financial goals.

Paying off your mortgage faster doesn't require bi-weekly payments. By making an extra payment each year, rounding up your payments, refinancing to a shorter term, making extra payments with windfalls, and making principal-only payments, you can pay off your mortgage faster and save thousands of dollars in interest during the process. The expert staff at Standard Mortgage (NMLS#:44912) has been helping homebuyers and homeowners for over 90 years.