There are also small, strategic ways you can chip away at your loan, such as rounding up your payment each month or ditching those daily coffee runs and adding $25 or $50 to your monthly payments. You can also pay a lump sum or refinance the length of your mortgage terms. Conventional and government loans don’t have pre-payment penalties, so you don’t have to worry about paying extra, but you might find pre-payment penalties with non-conforming/portfolio-type loans. It’s best to check with your mortgage servicer to be sure.
