I read articles all the time by financial planners who you want you pay off your mortgage early. That's all well and good but then they make suggestions such as paying extra each month on your mortgage.
There is not benefit to paying extra on your mortgage. The principal and interest are fixed, no matter how much money you throw at them.
You'll pay the same amount every month regardless. If you want to pay off your mortgage early, just put the extra money into savings until you have enough to pay off the mortgage. This way, the money is locked up in your home.
Am I missing something?
