Extra Repayments: How to Pay Off Your Mortgage Faster

Did you know that making extra repayments on your mortgage can save you thousands of dollars in interest and shorten your loan term significantly? Let’s explore how this simple strategy can transform your financial future.

What Are Extra Repayments?

Extra repayments are additional payments you make toward your home loan principal outside of your scheduled repayments. They reduce your overall loan balance faster, decreasing the amount of interest charged over time.

Benefits of Extra Repayments

1. Save on Interest

By reducing your loan balance early, you’ll pay less interest over the life of your mortgage.

2. Shorten Your Loan Term

Extra repayments can help you pay off your mortgage years ahead of schedule.

3. Financial Security

Building equity faster gives you more flexibility to refinance or upgrade your property.

Smart Ways to Make Extra Repayments

Round-Up Strategy: Round up your monthly payments to the nearest hundred.
Use Bonuses: Direct your annual bonus or tax refund toward your home loan.
Set Up Automatic Payments: Schedule a small extra amount with each repayment.