Before you decide to pay more on your mortgage monthly, you should check with your mortgage company. Some companies charge prepayment penalties. We know it sounds wacky, but you definitely want to find out if this is the case, so as not to defeat the purpose of paying your mortgage off early. If this is the case, some mortgage companies also have an option to help you get around pesky prepayment fees in that you can arrange to make two payments a month, rather than one. Just make sure this is a bargain you can keep up with every month, before you decide to change your agreement.
If you are allowed to pay extra on your mortgage without penalty, make sure to include a note with your payment that you would like the extra cash to go to your current payment and not to be held over to the next month. It’s better to be explicit that to find out your mortgage company just has this surplus of your cash in the holding pin. You can also check out a mortgage payoff calculator online to help you sort your options, or—if you have any questions about the process of paying off your home early—your agent at Tristar Title & Escrow are happy to discuss your options.