Paying off your mortgage faster can save you thousands in interest and help you achieve financial freedom sooner. One strategy homeowners often consider is making extra mortgage payments. But how effective is this approach? Specifically, how many years can two extra mortgage payments take off your mortgage? In this guide, we’ll explore the impact of extra payments on your mortgage balance and term. You’ll also discover useful strategies to pay off your mortgage early and decide if paying off your mortgage ahead of schedule is right for you. According to Experian, the average U.S. mortgage debt stands at $244,498. While other consumer debts, like credit cards and auto loans, have surged post-pandemic, mortgage balances have increased more steadily. This steady growth reflects a different trend in how homeowners manage their mortgage debt compared to other types of consumer debt.What is the average U.S. mortgage balance?
Average Mortgage Debt, 2018-2023
