Depending on the mortgage loan you have, you may still have quite a few years’ worth of mortgage payments left. For these long-term loans, you’ll end up paying a large amount of interest in addition to the amount you were loaned. However, if you plan on saving and purchasing Boston high rise condo, there are certain things you can do to reduce your mortgage debt or pay your debt off early.

1. Decrease Other Debt

Paying down other debt can make it easier to reduce mortgage debt. As you pay down credit card debt and other forms of credit, you’ll start to have more money that can then go toward the mortgage. You can either choose to make a one-time additional payment each year or take the amount you were paying toward your credit card debt and put it into your monthly mortgage payments. Additionally, focusing on getting rid of your other debt leaves you with a lot of options, including being able to create an emergency fund to keep your mortgage payments on time should you get injured in an accident or lose your income.

2. Refinance as You Go

In some cases, you may be able to lower your monthly mortgage payments, which would ultimately reduce your mortgage debt, by refinancing your current loan. Refinancing is when you replace your current loan with a new loan. This process can be advantageous for those who have a loan with high interest rates that are locked. Refinancing with a loan that has a lower interest rate means you end up paying less in interest, potentially allowing you to pay off your mortgage several years earlier than you originally planned. You may also end up paying less in the long run.

3. Make an Additional Payment

Most people make one mortgage payment a month. However, if you make one additional payment each year, those payments add up. With this strategy, you may be able to pay a 30-year mortgage in less than 25 years. Another way to make this type of strategy work is to set up a bi-weekly payment schedule. If the bank cannot set up this type of mortgage, a borrower could get around this by multiplying the amount of each payment by 1.083, which ends up being the equivalent of 13 months’ worth of payments every year.

4. Put Pay Raises Toward the Mortgage

When some people get a raise or a bonus, they may want to use that money to go on vacation or upgrade some of their furniture. However, some of the additional money can be put to good use by having it go toward the mortgage of your Beacon Hill condo. For example, if 25 percent of a person’s income goes toward the mortgage, he or she could easily make incrementally larger payments after a raise. This strategy could shave years or even a decade of mortgage payments off.

Boston condos for sale near Beacon Hill

Back Bay Boston condos
Beacon Hill  Boston condos
Charlestown Boston condos
Navy Yard Charlestown  Boston condos
Dorchester Boston condos
Fenway  Boston condos
Jamaica Plain Boston condos
Leather District Boston condos
Midtown  Boston condos
Seaport District Boston condos
South Boston new condos
South End new condos
Waterfront new condos
North End  new condos
West End new condos
East Boston condos

Condos around the Beacon Hill area to rent:

Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


Back Bay

Beacon Hill

Charles River Park


North End

South End

Seaport District

South Boston



Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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