By reducing the interest you pay. The only way to do this safely is to pay extra toward your principle. There are many schemes being sold to pay your loan off early, but no one ever seems to know anyone who ever made them work. The most successful homeowners trying to pay their loans early either simply send extra payments or pay the loans every two weeks. Mortgage payments are due monthly but most people use all of one paycheck or 50% of two to pay it. Since there are 26 such paychecks for most employed people, that means an extra payment occurs each year if you pay every 2 weeks vs. every month.
By reducing the interest you pay. The only way to do this safely is to pay extra toward your principle. There are many schemes being sold to pay your loan off early, but no one ever seems to know anyone who ever made them work. The most successful homeowners trying to pay their loans early either simply send extra payments or pay the loans every two weeks. Mortgage payments are due monthly but most people use all of one paycheck or 50% of two to pay it. Since there are 26 such paychecks for most employed people, that means an extra payment occurs each year if you pay every 2 weeks vs. every month.