If you put that extra cash in the stock market rather than into your home, your return would have far more money to your name in the long run. And don t forget the tax write-offs that go with a mortgage. If the economy is down, in a recession, you may want to be a little more conservative with your money for a while and pay down your mortgage a little bit. Of course, your interest rate is certainly a factor. If you have an adjustable-rate mortgage that keeps going up significantly every year, you may want to get the principle paid off quicker.
Every situation is different.
Just make sure that the extra money you are contributing toward your home is less than what you could make in another investment. Paying more toward your mortgage is simple. Just send a separate check along with your normal mortgage payment to the company that holds your mortgage. Make a note on the check that says apply toward principle. There are two things to be aware of.