The easiest way to reduce the interest costs on a mortgage is to pay it off sooner. Here are two ways this can be done:
Increase Payment Frequency - Ask your mortgage consultant about how paying weekly or bi-weekly, rather than monthly, can save a significant amount of interest.
Prepay – Ask if you can pre-pay a percentage of the original principal amount of your mortgage anytime during each year of the term of the mortgage, without penalty or administration fee. Make at least one principal only payment each year, and save bundles down the road.