You can see for yourself buy using an amortization calculator on many mortgage websites (just google it) and put your loan terms and add $50 or whatever you want to your regular payment (exclude your taxes and insurance if you escrow them and they have nothing to do with the calculation and will mess up your numbers).
Try it and you will be amazed what a little extra money can do over time... it will save you literally thousands of dollars!
Debby Homestead Realty
Any time you pay in excess of your minimum required monthly mortgage payment, the extra amount goes directly towards reducuing your prinipal balance (although it doesn't lower your minimum monthly payment). Do you mind sharing your current loan terms?
If your current interest rate is above 5.50% you might want to consider looking to refinane your home loan to save even more money.
If you have a conventional mortgage, every penny you pay on your mortgage over your minimum payment is applied directly to the principle. Whether this is the best financial move for you or not depends on many factors. Do you have other debt? Mortgage debt is usually tax deductable, so most advisors would suggest you pay off credit cards, auto loans or other debt before your mortgage.
Do you have a savings account with sufficient reserves set aside in case you get sick or lose your job? Once you apply the additional money to your mortgage, it's gone. If you have several months of savings available and other debt paid off, directing additional funds to your mortgage can be a good idea.
I hope this helps.
Below is a link to an excellent mortgage calculator.
Doc Stephens, REALTOR