When you want to get out of debt and save thousands of dollars, one of the main strategies you can turn to is to pay off a mortgage early. The regular schedule is only the minimum requirement, and you can always pay more than that if you want to reduce your debt faster. One strategy you probably already know about is making a bi weekly payment every two weeks rather than a monthly payment. This fits in one extra payment per year without placing an undue financial burden on you. As an extra mortgage payment calculator will show, this usually cuts at least five years off your 30-year mortgage. If you want to save even more, use some of these strategies to add a little bit extra to each bi weekly payment. 1. Invest in a good coffee maker and high-quality beans and make your morning coffee at home rather than buying it at the coffee shop. Put the difference toward an extra mortgage payment. 2. Rather than saving up for a big vacation, have a stay-cation. Turn off all of your electronics, disconnect from friends and family, and be a tourist in your own city, visiting all of the museums and restaurants you always wished you could go to. Then add the money you would have saved for a vacation to your bi weekly payment. 3. Cook meals at home as much as possible, and prepare enough food for everyone in your family to take the leftovers as a bag lunch the next day. You’ll not only save money on dinners by cooking at home rather than ordering takeout, but you’ll also save money on lunches the next day. 4. Set your thermostat a few degrees off from where you would usually have it so your furnace or air conditioner isn’t running as much. Adjust the temperature even more overnight or when you’re not at home. 5. Challenge yourself to spend as little as possible on unnecessary purchases for two whole weeks. Keep track of how much extra you have left from that paycheck and run the number through an extra mortgage payment calculator to see how fast you could pay off your mortgage if you added that as an extra payment every two weeks.

Here at Half a Payment, we make it easy to add extra to your bi weekly payment with our Payment Plus feature. Just enter the amount you want added to each payment. This is one of the best ways to pay off a mortgage early and save thousands of dollars by reducing the amount of interest you pay!