Making extra payments or increasing the payment amount on your mortgage can save you a lot of money over time as it will cut down the extra interest paid significantly. When you select a mortgage, privilege pre-payments options are something to consider. A 10% privilege payment will allow you to pay off up to $10,000 per year on a $100,000 mortgage. It is crucial if the privilege payment program also be flexible to allow you to make  smaller payments on your mortgage and as often as you wish.  Making an extra $1000 payment periodically on a mortgage can help you become mortgage free that much faster.