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Even with today's near-record low interest rates, the total amount of interest we pay over the life of a mortgage can seem like a staggering amount. It's certainly one of the reasons that many people make it one of their goals to pay down their mortgages early.
When repaying a mortgage, it's not the rate you pay that's most important. What matters is the total amount of interest you pay over the term of your loan. 

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While getting out from under your mortgage always sounds good, you should still carefully evaluate whether it's actually the best option for you. Here are a couple of key questions to ask:

• Do you receive a tax deduction for your mortgage interest? While it definitely saves you money, less than half of homeowners actually qualify to claim it.
• Can you get a better return somewhere else? If you have the choice of paying off your mortgage early or investing that money, which will get you a better return on your money? You'll need to take into consideration where you might invest that money and if it will be in a tax-advantaged account.

THE BOTTOM LINE: If you have the luxury of making extra payments on your mortgage, you should definitely consider it--but if you have the option to leverage yourself through the bank why would you want to use your own money?