A mortgage is one of the largest financial commitments most people will ever make. Over the life of a mortgage, interest payments can add up to hundreds of thousands of dollars, which is why many homeowners look for ways to reduce the total cost of their loan.

Several strategies can help minimize the cost of a mortgage, including making larger monthly payments, refinancing at a lower interest rate, or opting for a shorter loan term. Each approach has its advantages, but the key is finding the strategy that works best for your financial situation.

Reducing the cost of your mortgage can free up money for other financial goals, like saving for retirement or paying off debt. But do you know which strategy is most effective for lowering mortgage costs? Let’s see if you can identify the best approach!