How to Pay Off Your Mortgage in Less than Ten Years

September 28, 2021 | Posted by: Sherry Corbitt

The typical period for a mortgage amortization is thirty years. Yet if you are applying for a mortgage and are hoping to pay off your mortgage in less than ten years, do not feel discouraged. Although it is not as expected and will take a lot more commitment, it is certainly possible. However, to achieve a ten-year or less amortization, there are some things that you need to do.

Purchase an Affordable Property

The simplest way to ensure that you can have an amortization of fewer than ten years is by purchasing a property you can afford. You should pay for a good amount of the property without using all of your money in savings. When you pay for the majority of the purchase, you will only be left with a smaller amount of payments. These payments should only take a few years to pay off. Of course, affordable properties sometimes do not have the features you were hoping for in a house. Yet if you are determined to be mortgage-free in less than ten years, purchasing something within your budget is the best way to go. Once you are mortgage-free from your purchase, you can then have the opportunity to purchase something that suits you more. 

Bi-Weekly Payments

A great way to have a shorter amortization is by choosing to make bi-weekly payments. Bi-weekly payments are made every fourteen days, and there are twenty-six payments in the year. With twenty-six payments in a year, it equals having an extra month of payments. This extra month can help you make more payments than a regular schedule would. Depending on your mortgage amount and situation, you may need to evaluate if a bi-weekly payment schedule will work for you. Yet most times, it can, and it will save you some years of being in your mortgage.

Use Extra Cash For Your Mortgage

If you have extra money that is not part of your savings, it is essential to use it towards your mortgage. Every additional amount of money that you put towards your mortgage will help you shorten your amortization. This extra money could be a gift from someone, from an increase in your pay, or overall money that you have been saving. Keep in mind, though, that this does not mean using all your savings. It is always essential to have your savings in case something comes up in the future.

Pay Off Debts

Ensuring that you pay off your more enormous debts at the beginning of your mortgage process is vital. Some may think that waiting a bit longer will not cause any harm, yet it certainly will. The longer you pay off any more significant debts, the larger your interest rate will become. Once you decide to pay off this debt, it will cost you a lot more than when you initially accumulated it. This can be a massive waste of money, which could have been spent on your mortgage. Therefore, before even considering if a ten-year or less amortization is attainable, make sure to deal with the debts that you already have.

Have Someone On the Deal With You

This may not be a desirable idea for some, yet having someone on your mortgage with you can certainly make your amortization period less than ten years. In addition, having an extra person paying can cut off half the amount, which can seriously cut down your amortization. If you consider having someone on the deal with you, you should wisely choose who you will have with you. Good choices can include a family member or a very close friend. You want to make sure you can carry the deal to the end, and having the right person can make this possible.


If you are very serious about having your amortization period under ten years, you must prepare a budget plan. This plan should include how much money you spend on necessities, payments, and daily living. You should be establishing a goal for what you can spend and what you need to save for your payments. When you create this plan, it won't be easy not to attain your amortization goal. 

Discuss Your Options

If you are still wondering if you can get fewer than ten years of amortization, speak with a professional. A mortgage broker can discuss what is possible for you with your mortgage. They can give you scenarios as to how you could shorten your amortization, giving you realistic expectations. Having professional assistance can help you avoid making careless decisions and help you achieve your goal in the right way.

Getting a mortgage loan with an amortization that is less than ten years can be attainable for you. When you put the necessary steps and plans into action, you can make it happen quickly!

If you have any questions or concerns about getting a shorter amortization, please contact me!

Sherry Corbitt, Mortgage Broker


-Costill, Albert (2021). 12 Expert Tips to Pay Down Your Mortgage in 10 Years or Less. Due. Retrieved from

Back to Main Blog Page

Share This Page On: