The question to ask is how would it feel to own a home and have no monthly payment? It sounds pretty good, doesn’t it! It is possible to pay off your mortgage quickly and become a home owner that has no mortgage and no monthly payments.
If you have a current mortgage chances are most of the monthly payments you currently have are going to interest, which means straight to the bank. What you want to do is to pay that money strait to your principle, so it goes to you not the bank. It is important that you can lower the principle on your mortgage as soon as possible so you can save tons on interest, again this is money in your pocket, not the banks.
It is easy to do this, you just need to make an extra principle payment on your mortgage every month and you can literally pay off your loan in half the time. Look at this as an investment in your future, you invest in other things in your life, why not make this investment for your home so you can have a mortgage free life.
It is good when you make the extra payment towards principle that you make as much as you can, but a good rule of thumb is to pay a minimum of 3% of your monthly payment, for example if you have a monthly payment of $1500 you would make an extra payment for $45, this will make such a difference in paying off your loans in half the time it will amaze you.
Just remember to write on your check, “for prepaid principle” so they know how to apply it and you are on your way.