The simplest strategy. Add 1/12 of your monthly payment to each payment, or make one full extra payment annually. On a $300,000 loan at 6.5%: saves ~$46,000 and pays off ~6 years early.
Pay half your monthly payment every 2 weeks. You make 26 half-payments = 13 full payments yearly. Result: ~5-7 years off a 30-year term. Never pay a third-party service — do it yourself or through your lender's free program.
Round $1,896 to $2,000 (add $104/month). Adds $1,248/year in extra principal. On $300K at 6.5%: saves ~$31,000 and pays off 4 years early. Painless and automatic.
Tax refunds, bonuses, inheritances — apply directly to principal. A single $10,000 principal payment in year 1 saves ~$26,000 in interest and takes ~1.5 years off the term. Early lump sums have the biggest impact.
The most aggressive approach. Higher payment ($2,491 vs $1,896 on $300K) but saves $234,000+ in interest vs 30-year. Requires higher income/DTI to qualify. Best for borrowers with strong cash flow.
Pay a large lump sum, then ask the lender to re-amortize (recast) the loan. Lowers monthly payment while keeping your rate. Fee: $250-$500. Good for inheritance or large bonus situations.
If you're paying PMI ($100-$300/month), aggressively pay down to 80% LTV and request cancellation. That monthly PMI money can then be redirected to additional principal payments.