This is one of the most common questions asked about a home mortgage. To pay off your mortgage quicker you can do several little things but usually it will come down to you have to pay more now.
There are several things that impact the length of your home mortgage. The interest rate, the amount you pay and the frequency of payment, and when you pay extra.The interest rate is obvious, however sometimes you are better off with a higher interest rate. If you have to pay a significant amount to pay get a lower interest rate you will probably be better off using the same money and paying down your mortgage instead. The Amount of your regular payment, the larger it is the faster it will pay off your loan.This is where you will have the best opportunity to shorten the length of your mortgage loan. Any time you come up with some extra cash if you put it toward your mortgage it will shorten the life. Putting a large tax return toward your principle will knock a lot of time off the loan. Have a Mortgage garage sale. Use the cash you can generate from your old stuff you aren't using to pay down the loan.
With most Mortgages you can pay extra on the loan and there will not be a charge, it will go directly toward the balance. You will want to check this out to make sure before you pay extra on your loan.
You will still have to make the normal monthly payment on your loan even if you are several payments ahead. Most loans require a regular monthly payment so check with your lender on the terms before you pay extra if you do not think you will be able to make the normal payment.
If you make extra payments early in a loan it will have a cumulative effect on your loan. The extra principle you pay in the first year will not be having interest accrue on it for the life of the loan.
Pay down your mortgage so you get out of Mortgage Insurance. Normally if you get 20% of the principle paid down you will no longer have to pay Mortgage Insurance. Check with your lender for more information on your Mortgage Insurance. This can save you hundreds of dollars per month which can speed up your mortgage payoff significantly.