How to Pay Off your Mortgage Early

Many people think that changing the payment terms of a mortgage will help them pay off their mortgage early.   You need to be sure that when you change the terms you are in fact making extra payments to what your previous payment arrangement had been.  

The easiest way to pay off your morgage is to make just one extra payment a year.   Depending on the interst reate you are paying, one extra payment a year can change a 30-year morgage into a 22-year morgage.