Shorten your Term Facts:
- Lowering your mortgage term to a 10-15-20 years from a 30 year can save you thousands of dollars in interest payment.
- Take advantage of our Low to No Closing Cost loan option to make the change without any out- of-pocket expense.
- Build significant wealth in the form of home equity with you pay down the principle faster.
- Retire without a mortgage obligation by structuring your pay off term that aligns with your retirement age.
A complete guide if you want to Shorten your Mortgage Term.
Thinking about paying off your mortgage early and shortening the term on your existing note? That maybe a good idea if you do it right.
With a shorter term mortgage loan you pay less interest over the time of your mortgage, this means that you save quite a bit of money over the duration of the loan which is nice however, your payments may go up quite significantly as you are cutting the time to pay it back down. So does refinancing your mortgage to shorterning the term make sense? It may if you understand the benefits and risks completely. Lets talk about them a little.
Typically, many homeowners pay off their mortgage faster by simply making a few extra payments towards the principle of the loan every year. By calculation, this typically shaves off 3-7 years off on a 30 Year Mortgage Loan. However, you are still paying most of the mortgage on a 30 year mortgage rate which maybe higher than a 15 year mortgage rate. But if you refinance your mortgage to a shorter term loan, your payments every month may go up, but you are paying more towards the principle each month and save far more years compared to sending extra payments towards the principle on a 30 year mortgage.
When and Why should you Shorten your Mortgage Term? :
(1) If you can afford higher payments : Shorterning your mortgage term means your payments will most likely go up significantly. Mortgage rates for shorter term loans are typically better compared to a 30 year mortgage, which offsets the burden of higher payment by a bit.
(2) If you plan on staying in the home for 5+ years : Because of the costs associated with some refinance programs to shorten your mortgage term, the overall benefit has to make sense for you to do the transaction. And therefore it is ideal that you hold on to the property for a good 3-8 years at least if you decide to lower the term on your mortgage.
(3) To save thousands of dollars in interest : The shorter the loan duration, the lower interest you pay. Cutting down years on your mortgage means you potentially save thousands of dollars that you would have otherwise paid in interest.
(4) To build home equity faster : Paying off your mortgage at a faster pace means you are building equity in your home much faster. This fact alone can give homeowners peace of mind of becoming mortgage free sooner and living a stress free life.
Questions? Speak with a Qualified Mortgage Specialist.
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Mortgage Rates as on 07/30/2026
Conventional Loans
Rates for Primary Home Purchase
6.78%
(+0.02%)
6.32%
(+0.01%)
FHA & VA Loans
Rates for Primary Home Purchase
6.34%
(+0.02%)
6.36%
(+0.02%)
Weekly US Average Mortgage Rates as on 07/30/2026. Select a product to view important disclosures, payments, assumptions, and APR information. Please note we offer additional home loan options not displayed here. Rates for Primary Home Purchase.
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Toll Free +1(877)466.1211Frequently Asked Questions
Shortening your mortgage term involves refinancing your current mortgage to a new loan with a shorter repayment period. This often means moving from a 30-year mortgage to a 15 or 20-year mortgage.
Shortening your mortgage term can help you pay off your loan faster and potentially save on interest costs over the life of the loan. It can also lead to building home equity more quickly.
Generally, shorter-term mortgages (15 or 20 years) tend to have lower interest rates compared to longer-term mortgages (30 years). This can result in significant interest savings over the life of the loan.
Benefits may include paying less interest over time, building equity faster, and achieving full homeownership sooner. It can also lead to financial freedom and peace of mind without a long-term mortgage obligation.
Monthly payments on a shorter-term mortgage are typically higher than those on a longer-term mortgage. However, the total interest paid over the life of the loan is usually significantly lower.
Before deciding to shorten your mortgage term, its crucial to assess your financial situation to ensure you can comfortably handle the higher monthly payments. Consider factors such as income stability and other financial goals.
Yes, you can make additional principal payments on your current mortgage to pay it off faster. However, refinancing allows you to lock in a lower interest rate, potentially saving more money over the life of the loan.
In general, you can refinance your mortgage at any time, but factors such as market conditions, interest rates, and your financial situation may influence the decision to do so.
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