Just because you have a traditional mortgage, it doesn’t mean you have to be locked into a 30-year term. In fact, you can learn how to pay off the mortgage early by using the concept of a biweekly mortgage payment. This is particularly helpful for people who have issues with saving or budgeting or are concerned about falling behind on their mortgage payments.
All you have to do is make half of your mortgage payment every two weeks, which works out to one extra mortgage payment each year. Over time, that adds up and can even knock off eight years from a traditional 30-year mortgage, depending on what you’re currently paying in interest.
