Consumers can pay even more for the privilege of paying their loan down faster. One company, United First Financial (www.unitedfirstfinancial.com), charges $3,500 for software that shows the user how to make extra loan payments over time. It teaches a family how to bank like a bank, floating debts interest-free for as long as possible without incurring interest before paying them, according to UFF.
Not everyone believes that paying off a mortgage early is a good idea. Some financial planners suggest putting the extra money into investments instead to maintain the tax deductibility of mortgage interest. Check with a financial adviser for the best options based on your debt, savings and goals.
