Make an extra mortgage payment every year
Make 13 payments in 12 months. One way to pull off this tactic is to save 1/12 of a payment every month, and then make an extra payment after every 12 months.
Let's say you do this starting the first month after getting a 30-year mortgage for $200,000 at 4.5 percent. That would save more than $27,000 interest, and you would pay off the mortgage four years and three months earlier.
Start out right by shopping today for a mortgage.
Bankrate's mortgage calculator lets you see how much time and money you save by making a lump-sum payment. Click "Show Amortization Schedule."