When considering making extra mortgage payments, there are several pros and cons to take into account.

Pros:

• Interest Savings: Making extra mortgage payments can significantly reduce the amount of interest paid over the life of the loan. For example, on a 30-year mortgage, making just one extra payment per year can shave years off the loan term and save thousands of dollars in interest.
• Build Equity Faster: By making extra payments, homeowners can build equity in their homes at a quicker pace, which can be beneficial if they plan to sell or refinance in the future.
• Peace of Mind: Paying down the mortgage faster can provide a sense of financial security and peace of mind, knowing that the loan will be paid off sooner.

Cons:

• Opportunity Cost: The extra funds used for mortgage payments could potentially be invested elsewhere for a higher return, such as in the stock market or a retirement account.
• Liquidity: Making extra mortgage payments ties up funds that could be used for other purposes, such as emergencies or other investments.
• Tax Benefits: Homeowners may miss out on potential tax benefits associated with mortgage interest deductions if they pay off the mortgage early.

It's important for homeowners to carefully weigh these pros and cons and consider their individual financial goals before deciding whether to make extra mortgage payments.