Your mortgage is likely the biggest chunk of your expenses each month. Homes are expensive, plain and simple. However, mortgage interest can add tens of thousands (even hundreds of thousands) of dollars to your payments. To me, paying extra on interest is a waste of money. So how do you get around that? Simple- pay off your home faster. Check out this post by Anita at Live Like You Are Rich for a detailed guide on slashing those interest charges:
I am willing to sacrifice $1,000 a month to have our home paid off 20 years early to save $100,213.35 in interest AND more than likely make $814,887.34 by investing in the same time frame. The banks don’t want you to know that they make LOTS AND LOTS of money in the first 12 years of 30 year loans and refinances. The first 12 years of your mortgage payment schedule is really heavily weighted in interest.