Make Extra Mortgage Payments
Refinance Your MortgageSwitch to a shorter-term loan Let's say you're 50 years old and you have 25 years left on an original 30-year, $225,000 mortgage at 5% and still owe around $200,000. You'd pay about $155,000 in interest on the original mortgage over the remaining quarter century -- and be mortgage-free at 75 years old. For about $320 more per month, plus one-time closing costs, you could refinance to a 15-year mortgage at 4% and save $87,000 in interest. And, of course, you'd be mortgage-free a decade earlier at 65 years old.
Downsize Your Home
Relocate to a Cheaper City
Feeling adventurous? You might be able to pay even less for a home and enjoy lower living expenses if you retire overseas. Look into bargain-priced and Belize, Costa Rica, Mexico and the Philippines.