Model how a little extra each month — or a one-time lump sum — accelerates payoff and cuts total interest.
Current Loan
Practical tips & common mistakes
Specify where extra goes
Principal-only extra payments shorten term. Make sure your servicer applies extras to principal — not prepaying next month's bill.
Skipping emergency fund
Prepaying a 4% mortgage while carrying 18% credit card debt is negative arbitrage. Kill high-rate debt first.
Biweekly is not magic
True biweekly (26 half-payments) equals one extra payment yearly. Some services charge fees for what you can automate free.
Opportunity cost
Compare extra mortgage paydown to retirement match and diversified investments — especially with low fixed rates.