How to Pay Off Your 30-Year Mortgage in 15 Years

Paying off a 30-year mortgage in 15 years requires discipline and a solid plan, but the financial freedom it provides is worth the effort. By accelerating your payments, you can save massive amounts of interest and own your home outright much sooner.

Strategies for Faster Payoff

1. Make Bi-Weekly Payments

Switching to bi-weekly payments results in one extra full payment per year. Over time, this can shave years off your loan.

2. Refinance to a 15-Year Term

Refinancing to a 15-year mortgage usually secures a lower interest rate, forcing you to pay off the loan faster. However, this commits you to a higher monthly payment.

3. Make Extra Principal Payments

You don't need to refinance to pay off your loan early. Simply adding an extra amount to your principal payment each month can dramatically reduce your term.

Example Savings

Let's say you have a $250,000 mortgage at 6% interest.

• 30-Year Term: Monthly payment ~$1,500. Total Interest: ~$290,000.
• 15-Year Payoff: To pay it off in 15 years, you'd need to pay ~$2,110/month. Total Interest: ~$130,000.

Savings: Over $160,000 in interest!

Use our Extra Payment Calculator to see exactly how much extra you need to pay each month to hit your 15-year goal.