4 Painless Ways to Pay Down Your Mortgage

4 Painless Ways to Pay Down Your Mortgage

By Barbara Pronin

Paying off a mortgage is a long-term commitment—30 years in most cases, and costing hundreds of thousands in interest. But if your goal is early retirement with a paid-off mortgage, you can meet that goal—and save many thousands in interest along the way—by paying down the principal with a few extra bucks here and there.

The caveat, said Moneycrash.com financial advisor David Bakke, is that you specify on these extra payment checks to your lender that the funds are to be used for principal deduction only.

Bakke offers four ideas for paying down your mortgage early while hardly feeling the pinch:

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