Housing cost is, by far, the largest portion of most family budgets.

Recent statistics show the average mortgage-holding homeowner spends nearly 30% of post-tax income on housing expenses.

For many, monthly mortgage payments threaten savings accounts, keep retirement away, or prevent working families from ever taking a day off.

And while 20 million Americans own their homes outright, either slowly paying down a mortgage month after month for 20 or 30 years or purchasing a home with cash—there are just as many (if not more) looking at 20+ years of payments at 30% of post-tax income.

If you’re looking to free up some of the income going toward your mortgage every month, consider the following 3 ways you can pay less for the home you already live in.

With the money you’ll save, you can finally fund an IRA, set up a tax-deferred college savings plan for the kids, or simply put your extra savings toward improving your quality of life.

1: Make Extra Space An Asset

Modern technology has made making any extra space you have in your home work for you easier than ever.

More and more homeowners are turning to sublets—either long term or temporary—and rental agreements to increase income and decrease the burden of mortgage payments.

Depending on where you live, even a living room couch (and definitely a guest room) can become a lucrative asset to travelers. Services like Airbnb, Inc. make renting an extra room in your home to temporary travelers fast and simple.

If you’re not living in a tourist destination or traveler’s hotspot, you can always opt to rent a portion of your home to someone with a lease agreement.

It’s fast, easy, and affordable to setup a rental agreement online in minutes—you don’t need to pay thousands in lawyer fees to draft rental agreements anymore.

For many homeowners, making space an asset through short or long term sublets or rentals can turn homes into an asset that pay for themselves, opening the door to multiple property ownership and real estate investment—one of the oldest and most reliable of all investment strategies.

2: Pay More Now, Pay Less Later

If you’re not interested in inviting other people into your home or operating as landlord or host to guests, you can choose to sacrifice more now to save later by paying MORE on your mortgage.

There are a few ways you can go about paying down your mortgage faster.

First, you can simply make it a “habit.” Every month, once a quarter, or when you have extra money, make an additional payment, applied to the principal of your balance.

Over time, paying down your mortgage principal balance will save on interest payments and decrease the duration of your loan.

On a $220,000 loan at 4% you can save $24,000 and four years of payments if you simply add one extra payment per year.

If you can’t trust yourself to use leftover money for your mortgage principal, you can…

Guarantee You Pay Your Mortgage Faster With A 15 Year Refinance

Refinancing from a 30-year and into a fixed-rate 15-year mortgage can dramatically decrease the amount of interest you’ll end up paying on a longer-term loan.

If you’d like to compare the money you’ll save with a 15-year vs 30-year mortgage, you can use the Loanatik Mortgage Refinance Calculator Below:

Quicker payoffs do mean higher monthly payments and if you’re trying to reduce overall housing expenses every month, now may be the time to…

3: Take Advantage Of Record Low Interest Rates

The state of the global economy continues to drive interest rates toward all-time lows.

Decades ago, interest rates rose as high as 18%. Today, rates are well under 4% and unlikely to rise for some time.

As of July 2016, mortgage rates hit a 3-year low, opening up refinancing opportunities that can save thousands on interest over the course of a 30-year mortgage.

Banks are currently eager to work with you to refinance a home as well.

Because current home inventory is low and the price of homes are rising, most of the current activity in the mortgage sector is focused on refinancing as new home buyers struggle to save for down payments.

This is good news for current homeowners looking to refinance and save on interest and monthly payments.

Even if you have just 2-3 years of payments in your home, you may still have enough equity to refinance.

Higher demand for homes means your home value could be rising sharply.

Can Refinancing Free Up More Of Your Money?

The only way to know for sure is with an analysis of your current property and mortgage balance.

To determine exactly how much a refinance may save you, visit the Loanatik personalized quote calculator using the link below.

After you click below, answer a few quick questions about your property and current mortgage, you’ll be able to receive a no-obligation rate and estimate of exactly how much you can save.  With industry low rates (available at the link above) you may be able to save thousands on your mortgage, keeping more money in your bank account every month and allowing you to save up for the things that matter.

A majority of Americans pay up to 30% of post-tax income on their mortgage. You don’t have to be one of them.

Refinance And Save.