One of the largest expenditures you’ll make is purchasing a house. As a consequence, it’s likely that you’ll need to take out a loan in order to purchase a home. What if you were able to pay off your mortgage in a shorter period of time? 

To pay off a 30-year mortgage in a third of the time, you need to make a plan. Take advantage of any one of these seven strategies to pay off a 30-year mortgage in just 10 years.

1. Make a Higher Monthly Payment

Talk to your mortgage company for assistance with the math. Entering the data into Excel is also an option. Consider a $180,000 mortgage with a 4.5 percent interest rate. 

The goal is to pay off your debt in 120 monthly installments over the course of ten years. Enter the formula =PMT(interest rate/number of payments per year, total number of payments, and loan amount), and you’ll get the answer.

2. Raise the Amount of Your Down Payment

Your loan will be less, and you will be able to get out of debt sooner if you put in a greater down payment. Private mortgage insurance (PMI) may cost up to 1 percent (or more) of your mortgage amount every year if you have a 20 percent down payment on your new house. 

Consider putting more money down to lower your total loan and avoid paying private mortgage insurance (PMI). It will be considerably simpler to pay off the house in ten years if you do this.

3. Purchase a Modest Home

Having more affordable housing means having a lesser mortgage, making it simpler to pay off in ten years. Even if you may be eligible for a larger, more costly home, should you really accept the full amount of money a lender offers? A lesser mortgage is easier to handle and will save you money in the long run.

4. Prior to Anything Else, Take Care of High-Interest Debt

Achieve the bare minimum on your mortgage and other obligations, such as credit cards. You can’t put as much money toward the principal because of interest in this form of debt. 

Paying off high-interest debt will allow you to put more money toward paying off your home. You may use all of that money to pay down your loan.

5. Make Your Mortgage Payments a Priority

To pay off your mortgage, you may be considering your options, and you may need help. To discover whether you can save money, look back at your previous purchases. 

If you’re searching for methods to save money or lower the cost of your house, consider clearing your mortgage.

6. Put Any Windfalls You Receive Toward Your Principal

You should utilize tax returns, bonuses at work, and any other unexpected money to pay down your mortgage. To guarantee that you’re decreasing the principal with an additional payment, certain mortgage lenders need you to complete a specified procedure. If you get a windfall, apply it toward the principal of your mortgage to speed up repayment.

7. Choose to Refinance Your Home Loan

It is possible to refinance your mortgage in the event of a job loss or other financial disaster if you are concerned about your ability to pay for a 10-year mortgage. It’s advantageous to refinance to a lower interest rate since it will save you money in the long run. 

As long as you intend to keep up with your mortgage payments, you won’t have to worry about sacrificing your house or your credit rating if a financial emergency occurs. With a 10-year payment plan, you can pay off your mortgage without renewing or if you can get a lower interest rate by refinancing.


There’s no harm in getting more information even if you’re convinced that you’re ready to refinance your mortgage and reduce the time it takes to pay it off. Be sure to follow these seven suggestions, and you’ll be on your way to acquiring a house sooner.

Cross Timbers Mortgage has a wide range of home loans and mortgage refinancing options for people who want to buy their first home, buy an investment property, remodel their home, or refinance. Work with us now.