Without a lot of details on your circumstances (age, income, savings, mortgage balance, etc.), I am going to assume you are young(ish) and have a moderate income. While I think it's a novel idea to pay down your mortgage early, it is rarely a good idea in practice. Assuming you have a relatively competitive interest rate, most people have many other financial goals to achieve before they start adding to their mortgage payments. And since you specifically mentioned building up a savings cushion, that indicates to me that you might have a rather tight budget. So, I absolutely suggest building up a good cash reserve (and paying down ANY other debts) before you begin adding to your mortgage payments. Remember, the ONLY thing that paying down your mortgage does is shorten the term of your loan at the back end - when you might have plenty more income and assets. But TODAY (early in a mortgage) is when most people have more financial goals they need to meet. And once you make a mortgage payment, you can't get that money back under ANY circumstances (obviously you could re-finance or take out a home equity loan or HELOC, but that's a long process, expensive, and no guarantee).
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.