Expert tips for paying your. If you have a 30-year loan and want to refinance a 15-year mortgage loan, this will save you a significant amount of time and money on your mortgage. In addition to principal and interest, the mortgage payment can also cover taxes and insurance, including property taxes, homeowners insurance, and private mortgage insurance. As noted earlier, the way to pay off your mortgage quickly is to make additional payments whenever the mortgage allows, says investor and writer Dan Dzombak.
If you want to pay off your 30-year mortgage in 15 years or less, we'll guide you through the process of paying your mortgage early and add some tips to consider. If you think refinancing is the right solution for you, make sure you can afford the highest monthly mortgage payments before committing to them for the next 15 years. If your income and credit have improved, it might make sense to say goodbye to your 30-year mortgage and refinance your home to convert it to a 15-year mortgage years.