---
title: Some Serious Advice on Paying Down Mortgages Faster
description: 4 Ways To Pay Off Your Mortgage Earlier
---

[Foreclosure and Loan Modification Blog](https://blog.amerihopealliance.com/blog)

# [Some Serious Advice on Paying Down Mortgages Faster](https://blog.amerihopealliance.com/blog/some-serious-advice-on-paying-down-mortgages-faster)

 Written by [Jake Sterling](https://blog.amerihopealliance.com/blog/author/jake-sterling) | Tuesday, January 14, 2014

*By John Voket*

There is no better gift to give yourself this holiday season and in the New Year, than your own home - preferably owned outright. With the hope of getting consumers free and clear of their mortgage debt sooner, we tapped Durham, N.C. REALTOR® Bernice McNutt who blogged recently with these tips on how to pay down that homeowner's debt:

**1. Accelerate bi-weekly payments -** Instead of paying your mortgage on a monthly basis 12 times per year, McNutt says **pay your mortgage** **every two weeks** for a total of 26 payments each year. A $300,000 mortgage with a monthly payment and three percent [debt](https://blog.amerihopealliance.com/blog/5-ways-to-be-ready-for-whatever-the-economy-brings) service over 25 years will cost $125,920 in interest. Increase to accelerated bi-weekly payments and shave nearly three years off of your schedule, and save $16,059 in interest.

**2. Round up your mortgage payments -** McNutt says the quicker you can pay off your loan, the more you will save in interest. **So round up your mortgage payments**. If your accelerated bi-weekly mortgage payments are $543, consider rounding up to $600 instead.

**3. Put ‘found’ money toward mortgage payments** - McNutt believes unexpected sources of money such as a birthday gift or bonus at work are considered sources of ‘found’ money. ‘Found’ money can be easily applied to a mortgage without any impact to one's budget because it wasn’t money you were counting on. A one-time payment of $5,000 on a $250,000 mortgage at 3.75 per cent over 30 years will decrease the mortgage amortization **by over 12 months**.

**4. Make a lump sum anniversary payment -** McNutt says most banks will allow you to make an extra [mortgage payment](https://blog.amerihopealliance.com/blog/what-to-know-before-you-modify-your-mortgage) each year, which is applied directly to the principal. Taking advantage of this by making a lump sum payment — even if it’s as small as $50 a year — **is a great way to chip away at your mortgage**.

 

[Reprinted](http://newsletter.rismedia.com/news/view/57637/) with permission from [RISMedia](http://rismedia.com). ©2014. All rights reserved.

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