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How can you pay off your mortgage early?

Washington, D.C. residents like you who have mortgages to pay are surely waiting for the day when you make that final payment and no longer have to budget around it. However, there may be ways that you can pay your mortgage off more quickly, thus shaving years off of your payment plan and allowing you to enjoy a mortgage-free life sooner.

As an article on MoneyTalksNews highlights, there's one main way to pay your mortgage off early, and that's by paying more than the minimum amount that's due every single month. This can seem daunting, but it's the easiest and surest way to get through your mortgage payment faster. If you budget in advance, you'll be able to afford higher payments every month without the risk of going into debt or being unable to keep up with these higher amounts.

You will also need to emphasize that the entire payment is going toward the principal. If you don't note this, it's possible that any money you send in that's over the minimum will be pushed toward future payments instead of being used currently. This can set back the progress you're trying to make and lengthen the time it might take you to free yourself from your mortgage payments.

As with all long-term payments and debts, mortgage fees need to be budgeted for. The key to paying off your mortgage early is making above the minimum payments, and the key to being able to do that is by planning for it in advance.

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