Ways to pay extra
- Add a set amount to each monthly payment
- Make one extra payment a year
- Put bonuses or tax refunds toward principal
Tell your loan servicer to apply the extra to principal.
When it makes sense
- You have an emergency fund in place
- You don't have higher-interest debt to pay off first
- You plan to stay in the home long term
When to wait
If you're carrying credit card debt or don't have savings set aside, those usually come first.
Check your loan terms
Most home loans don't charge a penalty for paying early, but check your note to be sure.
Try the numbers
Our early payoff calculator shows how much time and interest extra payments could save.
Related: Early Payoff Calculator · Rate-and-Term Refinance