The longer it takes to pay down your principal, the longer it takes for you to own your home free & clear. How fast can you pay off your mortgage? Check out Nicolas Mortgage Early Pay-Off Calculator.
Here are 2 great ways to go:
1. 15-Year Fixed Rate Loan
Pay thousands less in interest over the life of your loan than you would pay on a 30-year fixed rate loan. Lock in a low interest rate!
2. 15-Year FHA Loan
Have less equity in your home? Want to pay less closing costs? Consider an FHA mortgage.