What is the formulation to pay off your mortgage sooner? i.e. if we make one payment extra . . .?

Question

What is the formulation to pay off your mortgage sooner? i.e. if we make one payment extra . . .?

Answer 1

A quicker way is to add more principle to your monthly payment.  The sooner you start the principle diminishes and less  of monthly payment goes for interest.

Answer 2

The amount of the mortgage, term, & the interest rate will have a little to do with it, but a good rule of thumb...on a 30 year fixed rate, you will knock off 8 years.

Answer 3

If you make one extra payment a year, you shave off 7 years from your 30 year fixed payment mortgage.