If you incorporate a few of these little tools, you will be able to reduce the number of years it takes you to pay off your mortgage.

1. Instead of monthly mortgage payment, pay your mortgage every other week or on the 1^st and 15^th of each month
2. Contribute any annual bonus to your mortgage
3. Consider taking a variable rate mortgage but pay the fixed mortgage rate.  For illustration purposes only, if your variable payment is $2,300 each month and payment for the fixed rate mortgage is $2,700, take out the variable rate mortgage and pay $2,700 per month.  This way more money will be going toward your principal each month.  If you take out the fixed rate mortgage and pay $2,700, you are paying additional interest fees that simply make the bank rich.
4. Round up your mortgage payments so for example if your payment is really $1,073, round your payment up to $1,100 or $1,150 each payment.  It will be easier to calculate your budget and you’ll pay down your principal faster.
5. Create an Income Suite in your basement so that you can apply the rent to your mortgage.