I am not sure how you are paid…..I am paid every two weeks and I use a bi-weekly payment plan to pay off my mortgage early. In this plan, you essentially make 13 mortgage payments a year which will save you thousands in interest over the life of the loan and will allow you to take between 3 and 7 years off the term of the mortgage. Additionally, if you are able to pay extra each month, or make a lump sum payment each year, that will also allow you to take considerable time off the term of the mortgage.
Thanks guys! I refinanced last year for a 30 yr 3.75% and was making an extra 600 payment/month. I just refinanced again for a 20yr 2.25% using my veteran IRRL eligibility and it only cost 319 + vet funding fee. The monthly didn’t change much and with an extra 400 per month, I can get it paid off less than 15 yrs. So now I have options whether to stay or not. yah for me!