When Should I Make Extra Mortgage Payments?

We get a surprising amount of letters from people who regularly make extra mortgage payments. (Extra payments sometimes confuse the bank and causes headaches.) It seems like it would always a good idea to pay off debt if you can afford it, but with current mortgage rates as low as they are.. does it still make sense?

The NYT’s Ron Lieber breaks it down:

The answer depends on two things: how likely you are to leave the extra money in savings and how good it would feel to wipe your debt out years earlier than your mortgage requires.

Does making extra mortgage payments work for you? If so, why?

When Not to Pay Down a Mortgage [NYT]