How to pay 30 year mortgage in 15 years?

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Paying off a 30-year mortgage in just 15 years may seem like an ambitious goal, but with careful planning and financial discipline, it can be achievable. By accelerating your mortgage payments, you can save a significant amount of money on interest and become mortgage-free in half the time. In this article, we will explore various strategies and tips on how to pay off a 30-year mortgage in 15 years.

Refinancing your mortgage

Refinancing your mortgage can be a smart move to reduce the loan term and save on interest payments. By refinancing to a shorter-term loan, such as a 15-year mortgage, you can take advantage of lower interest rates and pay off your mortgage faster. However, it’s important to consider the costs associated with refinancing, such as closing costs and fees, to ensure it makes financial sense in the long run.

Increasing your monthly payments

One of the simplest ways to pay off your mortgage faster is by increasing your monthly payments. By allocating more money towards your mortgage each month, you can reduce the principal balance and save on interest. Consider adjusting your budget to free up extra funds that can be applied towards your mortgage payment. Even a small increase in monthly payments can make a significant difference over time.

Bi-weekly payments

Bi-weekly payments can also help you pay off your mortgage in 15 years. Instead of making monthly payments, divide your monthly payment in half and pay it every two weeks. This results in 26 half-payments per year, which is equivalent to 13 full payments. By making an extra payment each year, you can accelerate the repayment process and save on interest.

Make lump-sum payments

If you come into extra money, such as a bonus, tax refund, or inheritance, consider making lump-sum payments towards your mortgage. These additional payments directly reduce the principal balance, resulting in less interest paid over time. By consistently making lump-sum payments whenever possible, you can significantly shorten the mortgage term.

Reduce expenses and increase income

To free up more money for mortgage payments, it may be necessary to reduce expenses and increase income. Look for areas where you can cut back on discretionary spending and redirect those funds towards your mortgage. Additionally, consider finding ways to boost your income, such as taking on a side job or freelancing. The extra funds can be used to pay down your mortgage faster.

Consider a mortgage acceleration program

Mortgage acceleration programs, such as bi-weekly payment services or debt reduction software, can help you pay off your mortgage in a shorter time frame. These programs automate the process of making bi-weekly payments or provide strategies to optimize your debt repayment. However, it’s important to carefully research and choose a reputable program to ensure it aligns with your financial goals.


Paying off a 30-year mortgage in 15 years requires commitment, discipline, and careful financial planning. By implementing strategies such as refinancing, increasing monthly payments, making bi-weekly payments, and utilizing lump-sum payments, you can significantly reduce your mortgage term and save on interest. It’s important to assess your financial situation and choose the strategies that align with your goals and resources.