Having a mortgage may be inevitable for a lot of us; the housing market is not cheaper after all. However, having a long-running mortgage may be annoying, and most people would want to pay them off as fast as they can.

If you want to finish off paying your loan faster, there are several ways to do this. The following are some strategies and options you may have to finish paying off your mortgage early.

Making Additional Payments

Some mortgages would allow you to pay off more than you should be paying in a month. Some even have specific options made for this and even changing your payment scheme (which will be discussed later on). However, one trick that not many people know is that if you make bi-weekly payments, you actually pay for 13 months instead of just 12 annually.

This is perfect for those who want a way to pay off more than they should, but do not have much room in their budget. This is a barely noticeable trick that you can do, and before you know it, you will be paying off your mortgage in no time.


As mentioned above, there are some lenders that would allow you to pay off more per month or change your payment scheme to quickly finish your loan. This option is referred to as refinancing your mortgage.

If you have realized that you can actually pay more than you can, you can ask your lender to refinance your mortgage for you. For example, this would mean switching from 25 years to 10 years for payment. This would adjust your monthly fees, but also lower your interest rate. However, there are often high fees to do this, but in the long run, you will still save more from the interest and for your time.


Similar to refinancing, this is about re-adjusting your loan. However, in this case, you make a lump sum payment, and the lender would re-adjust your payment schedule, which can turn into lower monthly fees.

However, the difference between recasting and refinancing is that your interest fee stays the same for recasting, and so does your loan term. If your interest rate is not that high, then you can go for recasting. Otherwise, refinancing may be a better option for you.

Making Lump-Sum Payments

Another option is to just make lump-sum payments if your lender allows it. Some lenders do not have the option to refinance or recast your mortgage, but you can just make lump sum payments.

While this may not make any changes to your loan term or the interest rate, or even the monthly fees, this would still help you pay off your mortgage faster.

Requesting a Loan Modification

This one is only recommended if you are experiencing any financial hardships. A loan modification is an option some lenders offer where they can make adjustments to your interest rates.

As mentioned, this should only be done in cases where your financial situation is not the best. This is because a loan modification could affect your credit score, depending on how the lenders would report it. Make sure to discuss everything in detail with them before going through with a loan modification.


Paying off your mortgage earlier is an option that you may have and is a good opportunity to take. This will help make it easier for you to budget your finances and have a positive effect on your credit score. If you want to pay off your mortgage early, just follow our tips, and you should be good to go.

If you are looking for a home loan in Colorado Springs, then Total Lending Concepts is your best bet. We offer home loans fit for any situation and tailored to your needs. Get your dream home by getting in touch with us today.