Making extra payments on your mortgage may have benefits that you weren’t aware of. First, remember this isn’t for everyone. Only make extra mortgage payments if you’ve got positive cash flow.

Paying extra on your mortgage is a way to make conservative, risk free investments. If you think you can yield a return that is higher than your current home mortgage interest rate by doing something else, do that instead.

Keep in mind that by making accelerated mortgage payments, you will lose tax deductions because the interest charges will decrease more rapidly. Don’t let this be a reason to stop you, as there’s no telling what the future holds as far as mortgage interest deductions go.

The biggest advantage to making extra payments is that you can stop and start at any time. For those that have the discipline to continue the extra payments after the mortgage is paid off, their retirement savings account will see a huge jump.

You don’t have to make huge payments to make a huge difference. Every little bit counts. As little as one extra mortgage payment per year will knock off 5 years from your mortgage loan. Think of all the interest you will save!

Before starting an accelerated payoff program, consult with your tax professional and financial advisor to make sure it’s the right thing to do.

If you need a trusted tax professional or financial advisor, e-mail me at

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