Now that you have a mortgage, let's work on eliminating it! There are some simple tricks to cutting your mortgage in half without "any" lump sum payments. If you are not able to increase your payments (especially in ultra-low interest rate environments) we strongly suggest you think twice about getting that mortgage.
Here's the trick. Request the accelerated bi-weekly or weekly payment, then increase your mortgage payment by 20% each year. Your 25 year amortized mortgage will be gone in less than 13 years! Want to get rid of it faster? Set your monthly budget, if you have cash left over at the end of the month, then dump it on your mortgage. Every penny counts.
Getting a mortgage is relatively easy. Paying it off is the real challenge. When rates are ultra-low, set your payment higher at 3, 4 or 5 %. Do not get used to paying less than 4% for your mortgage, it's not a wise habit to pick up. This will also protect you from payment shock.