Crush Your Mortgage in 2023 The Best Ways to Pay it Off Early

Crush Your Mortgage in 2023: The Best Ways to Pay it Off Early

For many homeowners who are looking to crush your mortgage, paying off a mortgage early is a financial goal that brings both peace of mind and significant savings. With the right strategies, 2023 can be the year you take a giant leap toward achieving this goal. In this blog post, we’ll explore some of the best ways to pay off your mortgage early in 2023, allowing you to free up your finances for other endeavors.

  1. Make Extra Payments

One of the most effective ways to reduce your mortgage term and save on interest is by making extra payments. Even a small additional amount added to your monthly mortgage payment can make a big difference over time. Consider dedicating windfalls, like tax refunds or bonuses, to your mortgage. By consistently making extra payments, you’ll chip away at your principal balance faster.

  1. Biweekly Payments

Switching to a biweekly mortgage payment schedule can accelerate your mortgage payoff. Instead of making 12 monthly payments, you’ll make half payments every two weeks, resulting in 26 half-payments or 13 full payments annually. This extra payment each year can significantly shorten your mortgage term.

  1. Round Up Your Payments

Rounding up your monthly mortgage payment to the nearest hundred or even the nearest thousand can help you pay off your mortgage faster without causing financial strain. For example, if your monthly payment is £981, rounding it up to £1,000 can lead to substantial savings over the life of the loan.

  1. Refinance Wisely

If interest rates have dropped since you first took out your mortgage, consider refinancing to a lower rate. While this may not directly pay off your mortgage faster, it can reduce your monthly payments, allowing you to allocate more funds toward your principal balance.

  1. Make One Extra Payment Per Year

Commit to making one full extra payment each year. You can do this in various ways, such as using your annual bonus or dedicating your tax refund to your mortgage. By making an additional full payment, you’ll pay down your principal balance more quickly.

  1. Allocate Windfalls and Bonuses

Any unexpected windfalls or bonuses should be considered an opportunity to accelerate your mortgage payoff. Rather than splurging, consider putting these funds toward your mortgage principal. It’s a smart financial move that can significantly reduce your debt.


Paying off your mortgage early in 2023 is an achievable goal with the right strategies. Whether it’s making extra payments, adopting a biweekly payment schedule, rounding up your payments, or allocating windfalls wisely, every effort counts. Reducing your mortgage term not only provides financial security but also frees up your budget for other financial goals and opportunities. So, roll up your sleeves and embark on your mortgage-free journey in 2023. Your future self will thank you for it.