8 Ways to Pay Off a Mortgage Early

Ready to pay off your mortgage? Laura explains who should pay off their mortgage ahead of schedule and who shouldn't. Learn eight ways to get rid of your home loan as quickly as possible—if it’s a smart financial move for you.

Laura Adams, MBA
10-minute read
Episode #443

Strategy #8: Get rid of PMI

PMI or private mortgage insurance is charged by lenders when you take out a conventional home loan with less than a 20% down payment. But you can request a cancelation after you pay down your mortgage balance to 80% of the original value of the property.

If you have a 30-year fixed-rate loan for $180,000, the PMI could be close to $100 per month. Getting rid of that premium frees up $100 that you could use to pay down your principal instead.

If you're like Christian and have rock solid finances with emergency savings, insurance, consistent retirement contributions, and no debt besides a mortgage, then I highly recommend using these 8 strategies to pay off your mortgage. But if you're not there yet, don't put the cart before the horse. 

See also: How to Avoid Private Mortgage Insurance (PMI) on Your Home Loan

Get More Money Girl!

Want to know the best financial and productivity tools that I use and recommend to save time and money? Click here to check out 35+ tools I recommend!

To connect on social media, you’ll find Money Girl on FacebookTwitter, and Google+. Also, if you’re not already subscribed to the Money Girl podcast on iTunes or on the Stitcher app, both are free and make sure that you’ll get each new weekly episode as soon as it’s published on the web. The show is also on Spotify's mobile app!

Click here to subscribe to the weekly Money Girl audio podcast—it’s FREE!

There’s a huge archive of past articles and podcasts if you type in what you want to learn about in the search bar at the top of the page. Here are all the many places you can connect with me, learn more about personal finance, and ask your money question: 

Download FREE chapters of Money Girl’s Smart Moves to Grow Rich

To learn about how to get out of debt, save money, and build wealth, get a copy of my award-winning book Money Girl’s Smart Moves to Grow Rich. It tells you what you need to know about money without bogging you down with what you don’t. It’s available at your favorite bookstore as a paperback or e-book. Click here to download 2 FREE book chapters now!

Piggy Bank and House Model image courtesy of Shutterstock


About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura's previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.