Five Ways to Pay Off Your Mortgage Loan Faster

5. Refinance at a Lower Interest Rate But Maintain the Same Monthly Payment

This is kind of a hybrid between the previous two strategies. It could be a good solution if you have an opportunity to lower your mortgage's interest rate but can't afford the higher monthly payments that result from switching from a 30-year to a 15-year mortgage.

For example, let's say you obtained a 30-year, $250,000 mortgage three years ago with an interest rate of 6.5 percent, so your monthly principal and interest payment is $1,580. But you've discovered that you can now get a 30-year mortgage for 5 percent, which would lower your monthly principal and interest payment to $1,340. Applying this extra $240 a month toward your principal instead of putting it in your pocket would shave years off the mortgage term.