I subscribe to Sound Mind Investing, a financial newsletter from a Christian perspective.  The September issue covers some mortgage myths that could be costing you thousands of dollars:

1.  I can’t afford to pre-pay.  Just 25 cents per day ($7.50/month) would save you $5,416!

2.  I’ll lose my tax deduction if I pre-pay.  This is one of my personal pet peeve responses.  Explain to me again exactly how you are going to save money by keeping a deduction of 25 cents for every dollar you pay out in mortgage interest?

3.  I will probably move in a few years, so pre-paying doesn’t make sense.  The ultimate result of extra payments is an early payoff of your mortgage.  We tend to have “serial” mortgages when we move and prepaying one just means you will have less to payoff on the next.

4.  I just don’t have the discipline. You write your mortgage check, right?  Just round it up and save money.  Paying $900 instead of $884.90 each month, for example, would save you $10,520 in interest.