*Question by nurse2011*: how can i take years off my mortgage without refinancing.i have a fixed mortgage 25 years APR 10%?

The purchase price was $ 80,000

**Best answer:**

*Answer by Mom of 2*

Pay 1/2 the mortgage every two weeks. That will give you 13 full payments a year instead of 12 and really cut down on the life.

The other option is to pay extra principle every month.

You may want to reconsider paying it off. It’s the only interest you can deduct from your taxes.

**Add your own answer in the comments!**

if you make extra payments within a year it will cut your years in half.. not saying make then every month no just like twice a year ..

Why not refinance? You have a terrible interest rate! Go to daveramsey.com. You could call him on his radio show and get all kinds of good answers.

Make extra payments.

Really curious as to what you bought for only $ 80K

I know you said w/o refi, but you should probably refinance. 10% is high. You will save a lot of money if you can refi around 6 to7%.

Then you can get a 15 or 20 year mortgage, and/or start paying an extra payment per year.

If you have a FIXED APR of 10%, you need to refinance. Even if you have lousy credit. Even if you need to roll closing costs into the principal. Get a lower rate! Then, pay a full mortgage payment every four weeks, rather than every calendar month. You are then making 13 payments a month and will shave years off your loan and save interest as well. Make sure the extra payment is mark to reflect that is is to pay down the principal.

At your current interest rate, it makes sense to refinance to get that rate down much lower. Current rates for good credit on mortgages is 6.5% or lower. Then you will save money on the interest rate, and can still follow the program of making additional payments to shorten the life of the new mortgage.

Make extra payments each year will cut a few years off of the mortgage. I paid extra on my car payment each month and paid off my car 7 months early, it’ll work the same with a mortgage.

If you pay extra each month, or make an extra payment several times, it will shorten the loan time.

get the FHA financing….you’ll get 6.875 or 7% right now for a 30yr fixed….paying 10% is throwing money away EVEN if you make those extra payments

Just one extra payment per year can take 5-7 years off your note. Good luck.