How much extra can you pay on your mortgage each year?

So, how much extra can you actually chuck at your mortgage each year? That's a question I wrestled with for ages, you know? I mean, who doesn't want to pay off their house faster? It feels amazing, right? Like, a tiny victory every month.

Okay, so here's the deal. Most mortgages – and this is from my own experience, plus all the frantic Googling I did – let you overpay up to 10% of what you still owe each year. Ten percent! Sounds like a lot, but honestly, when you see the number, it might not feel like that much. I remember thinking, "Wow, that's barely a dent!" My friend Sarah, though, she has a mortgage with one of those lenders that lets you pay off as much as you want whenever – lucky duck!

But, and this is a big but, going over that 10% limit (or whatever your limit is – always check your paperwork!), could cost you. Penalty fees! Ouch. My uncle, bless his heart, learned that the hard way. He was so excited to pay extra, ended up with a hefty fine. Not a fun story. Seriously, don't be like my uncle. Read. Your. Mortgage. Agreement. It's boring, I know, but it's way less boring than a surprise fee. You know what I mean?

So yeah, figure out your limit, and then you can start dreaming about that sooner-than-expected mortgage-free life. Woo!