Benefits of making extra mortgage payments include being debt free by a certain point and saving money, according to Bankrate. Paying an extra $100 each month potentially can save more than tens of thousands of dollars in interest.
Biweekly payments instead of monthly payments are one approach to realize the benefits of early mortgage payoff, says About.com. Biweekly payments allow a consumer to make one extra payment a year without feeling much, if any, financial effect. Another approach is to round up as long as the payment goes toward principal instead of interest — for example, a payment of $1,000 on a monthly bill of $967.88. A third approach is to get a 15-year mortgage instead of a 30-year one.