Yes. Paying as much as possible each month will greatly reduce the total amount you pay, but there are certain disadvantages to prepaying.
- If you don’t have enough saved to cover 3 to 6 months of expenses, it would be best to save that amount before paying additional amounts on the mortgage.
- If you have high credit card debt, you’ll save more money by paying down those debts first, since credit card debts usually have high interest rates.
- Sometimes, the additional amounts would be more beneficial if invested.