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Yes 1 extra payment a year takes off 7 years however most people do not live in their homes for nearly that long. Also most mortgages now have very low rates comparative to where they were overall in the past 30 years, so it still might not be worth it to end your mortgage early. My rate is 5% (actually under) and I will never make a single pre-payment unless it is at year 28 maybe, just no real point in it, financially.
A reasonable mortgage is very good for you if you are working for tax savings.
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