The problem I see with mortgage acceleration is once completed all you have to show for it is a paid mortgage. I favor a mortgage combined with a side fund: Upon completion you have a paid mortgage and tens of thousands of dollars in the side fund.
One other point.....this is an "easy" option of paying more money on your mortgage when you get paid weekly or bi-weekly. There are two months a year where you would get an "extra" paycheck because of how the weeks of the month fall. However, people like myself that are paid only once monthly, this would not work out the same. I do not have the "extra" paychecks. By far the best way to do this is to just add a little extra to your payment every month. That way you are not locked into that should you ever be in financial trouble. And I totally agree that credit card and other debt should be paid off first. Also when you figure the actual long term cost of your mortgage don't forget the tax break you are receiving from the interest.
