Mortgage is one of the biggest debts most Americans have to pay. On the brighter side, mortgage makes it possible for many people to own homes, so it is not a bad thing. Sometimes you might feel overwhelmed by the debt and cannot wait to clear it. In this case, the best way is to learn how to pay your mortgage early. Here are a few strategies you can use.

1. Carry lunch to work

Carrying a brown bag every morning will not win you a fashion contest, but it will help you break free from your mortgage. Assuming you spend $100 on lunch per month like many Americans, you can now channel the amount towards paying for mortgage. It will not just help you clear your mortgage earlier, but it will also save on mortgage interests. You may also go an extra mile and add the $3 you spend on coffee in Starbucks in your mortgage payments. This will be an additional $90. If you do this, you will save $25,000 in interest.

2. Downsize

Downsizing your house might seem like a drastic step, but it is worthwhile. If you are interested in getting rid of your home loan, consider selling the large house and buy a smaller and less costly home. Although the proceeds you get from the sale might not cater for your new home completely, you will get a smaller mortgage that you can pay off faster.

3. Avoid biting more than you can chew

Before you begin your search for a new home and contact a real estate agent, asses your financial situation. You should make sure that you are financially stable to take up a mortgage. If you cannot answer yes to these six questions, consider putting the purchase on hold.

l Can I afford at least 10 percent down payment?

l Am I debt free?

l Do I have enough savings to cater for moving expenses and closing costs?

l Can I afford to take a 15-year fixed rate loan?

l Is the house payment 25 percent or less of my income?

l Can I afford to pay for utilities and ongoing maintenance?