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Pay ever 2 weeks instead of 1 time per month this will cut down on you interest (APR) as it is configured by your balance monthly times 12 , not 24 so paying ½ the first 2 weeks of the month and the other ½ the last 2 weeks will cut you interest down and put more of your payment towards principal ,while your payment amount stays the same .
Also by paying any extra amount you find to be a (affordable ) towards principal cuts you time considerably, use this trick as well as the aforementioned payment terms, and you can cut your mortgage down to zero in 12 to 15 years instead of 30 years.there should be a space on your mortgage statement that asks for an additional principal as well as one for interest and escrow never pay additional interest as this does nothing for your balance where as the additional principal cuts both the amount you owe on the mortgage and cuts down your interest amortization as well. The other advantage is your PMI if any will come off sooner due to additional equity your building if you continue to pay the same as with the PMI instated you will pay off even faster.
Most banks will not give you a break for paying half semi-monthly if you just initiate it on your own. Most banks do, however, have a program that will allow you to pay twice a month but generally there is a startup fee. These programs will pay the mortgage down faster.
A method you can initiate on your own is to pay a little more than the minimum payment each month. Some banks will want you to make out separate checks with a note saying that the extra payment is to be used towards principal only. Speak with your bank representative to make sure you are doing it according to their rules.
How can I pay-off a mortgage faster?