Every dollar you add to your regular payment each month puts a bigger dent in your principal balance, and you don’t have to double-down to make a difference.

Here are few ways to become mortgage debt free faster.

Make an Extra House Payment Each Quarter

You’ll pay your mortgage off years early, and you’ll save on interest. Consider finding extra income to help make this possible.

Slash Your Spending

Toting a brown bag to work every day won’t win you any fashion contests. But trading lunch out for eating in can make you a lean-and-mean, mortgage-free machine ahead of schedule.

Other small sacrifices such as cutting the cable service or looking for lower car insurance can go a long way to help pay off your mortgage early. Try adding just $20 to your mortgage payment each month.

How much could you save if you took your coffee money and added it to your mortgage payment each month?


Consider a 15-year mortgage. You’ll pay much more in interest on a 30-year mortgage.

You can refinance a longer-term mortgage into a 15-year loan. Or, if you already have a low interest rate, save on the closing costs of a refinance and simply pay on your 30-year mortgage like it’s a 15-year mortgage. The same goes for a 15-year mortgage. If you can swing it, why not increase your payments to pay it off in 10 years?

Billings Federal Credit Union offers a Mortgage Accelerator Loan. We have a 7-year or 10-year term at an almost unheard-of rate!


Downsizing could be a drastic step, but if you’re set on getting rid of your mortgage, consider selling your larger home and using the profits to buy a smaller, less expensive home.

With the profits from the sale of your larger house, you may be able to completely pay cash for your new home. But even if you must get a small mortgage, you’ve succeeded in reducing your debt. Now your goal to live mortgage free becomes even more achievable.

Come visit us today to learn more.