Something that is advised to people is to make extra mortgage payment. This will drastically reduce interest that is paid by you over the life of the loan and will also help you pay it off as early as possible. But this is not the best way put for everyone. The reason for this is that mortgage interest rate and investment changes year over year. A choice that is good one year may be bad the next year.
A recent study has shown that 38 % of home owners would be better of if they put some money in retirement accounts like 401 - k rather than making an extra payment for mortgage principal payment. Researchers have found out that a dollar put in such scheme would help gat a return of 11 to 17 cents, this would be higher than the benefit of extra principal repayment. It still means that 62 % of the people should continue to make extra principal repayments.
