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• If you want to increase your chances of being able to pay off a mortgage, plan early by choosing the right mortgage. After getting a mortgage, however, you are not necessarily locked into the terms and monthly payments, but there might be several alternatives available to you.

• The first step to paying off a mortgage is to get one that is appropriate for your situation and budget.

1. Before you buy a house, calculate how much you can afford to pay every month for the mortgage. Buy a house which costs less than what you can afford, since you need to make room for savings, additional costs and possible changes to your financial situation.
2. Make sure to calculate in additional costs, such as property tax and home insurance when determining what you can afford.
3. You can use a mortgage calculator to estimate how much your monthly fees will be based on the balance, interest rate and years of the mortgage. The result is an estimation and the actual amount of your monthly payment will vary.
4. Familiarize yourself with the different terms for mortgages.

• Mortgages come with a variety of terms and interest rates.

1. You can get a mortgage with a fixed rate. This means that your monthly payments will stay the same throughout the life of the mortgage. Fixed rates mean more stability, since you know your payments. They can be beneficial if interest rates go up rapidly, but can mean you will end up paying more in the end if they don't.
2. Mortgages with adjustable rates vary depending on the interest rate. They do not guarantee a set monthly payment, but payments go up and down depending on the current interest rate.
3. You monthly payments will be lower if you make a higher down payment on the house.

• After you buy a house, it's time to start making the payments on the mortgage. If you are fortunate, you might be in a situation where you want to pay off the loan completely or increase the payments. Consult a financial adviser before doing so.

1. Eventually, you might be considering to pay off your mortgage instead of making monthly payments. Experts disagree whether this is a good idea or not. While your total payments will be higher than the cost of the home and you might save money if you pay the loan off, others argue that you should invest the money instead, since it will offer a higher return. Your financial adviser can explain the risks and benefits in detail.
2. Many loans will allow you to make extra payments on top of the required monthly payments. You might also have the option to make biweekly mortgage payments to pay off the mortgage faster.

• If you are less lucky, you might be struggling to meet your monthly payments or be unsatisfied with the terms of the loan. If so, refinancing the loan can be an option. You should consult a financial adviser for guidance before refinancing a loan.

1. Refinancing means taking out a new loan and use the money to pay off the existing one.
2. Refinancing can be a good option if you have a fixed rate and current interest rates are low.
3. It can also be a good option if current interest rates are high and you have an adjustable rate.
4. For more information about refinancing, visit Mahalo's guide to How to Refinance a Mortgage.