How can I pay off my 30-year mortgage in 10 years?
A straight answer for anyone trying to shorten a long loan timeline without guessing.
How can I pay off my 30-year mortgage in 10 years? This question often comes up when homeowners want a clear target and a realistic plan for paying down principal faster.
Answer
To pay off a 30 year mortgage in 10 years, you must make substantially larger monthly payments or lump sum prepayments. Start by using an amortization calculator that lets you add extra principal; enter your current balance, interest rate, and target payoff date to see the required payment. Common strategies include rounding payments up, making biweekly payments that add an extra month each year, and applying bonuses or tax refunds directly to principal. Before accelerating, confirm your loan has no prepayment penalties and that you still maintain adequate savings and retirement contributions. Aggressive payoff reduces interest dramatically but concentrates money in home equity, which is less liquid.
Use our home loan payment tool to see how a higher payment changes the cost over time.
Visit the mortgage FAQ page for more payoff and rate questions.