It looks like we are getting a large tax return (due to my overpayment of my estimated taxes). I was thinking of using it to prepay our mortgage to save on interest.

Awesome. Then, sure, you could make an extra mortgage payment. Just make sure the extra truly goes to principal and not interest. Your banker can tell you how to ensure that.

CycleBoy...years ago we used to pre-pay mortgage every month by paying half of it down before the mortgage was due (and telling them to apply it strictly to the principal) and then paying the other half on the due date. It can take years off your mortgage.


I made the decision to concentrate on paying my mortgage off 20 years ago and accomplished the goal 15 years ago. It was the best decision that I made, I am now free of debt and don't worry about being able to help others and my Church like when I had debt.