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Originally Posted by loveofpets
Jeffrey - while I've not been doing what you are suggesting, I have been making a complete monthly mortgage payment after tax season each year. I send in a check for the amount of my mortgage once I get my return back and mark it for principal only. I believe this accomplishes the same purpose?
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The answer is yes.
Actually, doing what you are doing may pay it off even earlier, because it's a larger amount earlier in the loan.
I personally don't have much interest in paying my mortgage off too early, simply because it's a 15 year @ 5.5%. If/when we can afford an extra mortgage payment a year (after putting money aside for retirement of course), we would simply put this into our EmigrantDirect.com savings account, because it is presently earning us 5.05% for the money we have in there.