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Some homeowners are eager to get out of their mortgage early, with reasons ranging from eliminating the psychological pressure of debt to slashing interest payments. For retirees, especially, paying off a home loan early can help increase cash flow.
Whatever your motivation, paying down your mortgage ahead of time reduces the amount of interest you’ll pay on the loan. Here are some early payoff strategies to help you achieve that goal.
In most cases, you can pay your mortgage off early without penalty — but there are a few things to keep in mind before you do:
—Check for a prepayment penalty: Reach out to your loan servicer to find out if your mortgage has a prepayment penalty. Most mortgages don’t impose this fee, but if yours does, you’ll have to pay it. This can affect whether an early loan payoff is financially viable for you.
—Look for payment restrictions, if any: While you’re in touch with your servicer, make sure there aren’t any limitations on how and when you make additional mortgage payments. Some loans have terms that encourage you to follow the payment schedule. It’s important to ensure that whatever extra payment you make goes to the loan principal, not interest.