The Secret to Escaping Your Mortgage (and Saving a Ton of Cash)

Let's be real, a 30-year mortgage is basically a super long, expensive relationship. It starts off all shiny and new, but then you realize you're paying a whole lot of interest just to keep the dream alive. We're talking potentially half a million dollars on a $400,000 house, which is just bananas. It's like buying a single cookie for a thousand dollars. The worst part? In the early years, most of your payment is going to the bank's vacation fund (aka interest), not to your actual house (what they call principal).

But what if you could break up with your mortgage early? What if you could pay it off in 19 years instead of 30? The answer is to throw a little extra money at your loan's principal each month.

I know, I know... it sounds like something your financially savvy uncle would tell you, but hear me out. By adding just an extra $500 a month to your payment, you could shave about 10 years off your loan and save over $200,000 in interest. That's enough to buy a brand new car, take a trip around the world, or just have an epic party to celebrate being mortgage-free.

Even smaller amounts make a huge difference. An extra $100 a month could pay off your loan three years early, saving you almost $94,000. It's like finding a hundred-dollar bill in your jeans and immediately using it to get a sweet financial leg up.

But what if you don't have an extra $500 or $100 every month? No worries, just pay what you can, when you can. Every little bit helps so if you can throw and extra $1000 toward your principal, do it. If you only have $50, do that too. Again, every extra dollar you put toward your actual house payment is going to save you much, much more than just that dollar.

So, if you're tired of living in a state of mortgage purgatory, a little extra effort can go a long way. It’s the easiest way to give your bank less of your money and keep more of it for yourself. Go ahead, make a payment your future self will thank you for. And when you get it paid off and take that big trip, make sure to send your banker a postcard from their mortgage-free tropical vacation.