It is always good to pay off the debts early. But, while paying off your mortgage early, keep these points in mind.
1. Throwing in an extra $500 or $1,000 every month won’t necessarily help you pay off your mortgage more quickly. Unless you specify that the additional money you’re paying is meant to be applied to your principal balance, the lender may use it to pay down interest in the next scheduled payment.
If you’re writing separate checks for extra principal payments, you can make a note of that on the memo line.