Make Extra Payments: Paying consistent additional payments on your principal balance will provide big returns.
For many people, the easiest way to organize this process is by making one extra payment a year. If you can't afford to pay an additional whole payment all at once, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly.
Bi-Weekly Payments: Another option is to pay a half payment every other week. These options differ slightly in lowering the final payback amount and shortening payback length, but they will all significantly shorten the duration of your mortgage and lower the total interest you will pay over the life of the loan.
Almost all mortgage contracts will allow you to make additional payments to your principal at any point during repayment. You can take advantage of this rule to pay down your mortgage principal any time you come into extra money.
Apply Windfalls: For example: a few years after buying your home, you get a huge tax refund, a very large legacy, or a non-taxable cash gift; you could apply this windfall toward your mortgage loan principal, resulting in huge savings and a shorter loan period.
Even a few thousand dollars applied early can yield huge benefits over the duration of the loan.
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