When considering how to pay off a mortgage early, understanding the various types of mortgages available is essential. Each type comes with its own unique features, advantages, and potential drawbacks that can affect both your payment strategy and overall financial goals. The most common types of mortgages include fixed-rate mortgages, adjustable-rate mortgages (ARMs), interest-only mortgages, and government-backed loans. Familiarity with these options can help you select the most suitable mortgage type for your circumstances. A fixed-rate mortgage is one of the most straightforward and popular mortgage types. With this option, the interest rate remains constant throughout the life of the loan, typically ranging from 15 to 30 years.