My only concern with what you are doing is that once you have your bank changed to the higher amount, can you go to a lower if for some reason there is a problem and you can't pay that much. Why not just pay the extra as extra on the principal according to the original mortgage.
Good going on those plans. We only have about 7 more years before we are mortgage free. In the meantime we have some CC to pay off and I try to round up and pay extra as much as possible. In your case, I would be paying $350/week on the mortgage.
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