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You can pay off your mortgage fast by making large extra payments or paying a large extra amount with your mortgage payment.

For example, a $150,000 mortgage at 5% for 30 years, paying $300 extra per month reduces the number of monthly payments by 159, or 13.25 years, and reduces the interest and total paid by $68,321.30.

If you want it paid off sooner, paying $600 extra per month reduces the number of monthly payments by 218, or 18.17 years, and reduces the interest and total paid by $91,039.96.

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11y ago

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