WICHITA, Kansas, Mar. 24, 2008 -- Everyone wants a debt-free home. Getting there ahead of schedule isn't rocket science, just pay extra principal every month.

For example, say your monthly mortgage payment is $1,000. Divide it by 12. That number is $83.33. Increase your monthly payment by that amount every month and designate the extra $83 as principal repayment.

The result? You'll be making what amounts to one extra mortgage payment every year.

Making one extra mortgage payment a year will pay off a 30 year loan in 22 years. Obviously, you'll save a ton of money that way. That's not a problem. What is a problem is mortgage companies that want you to pay hundreds of dollars up front to arrange some pre-payment program.

One letter is an example from one big mortgage company. It is addressed to the family holding the mortgage. It starts off by offering to save them $115,243, and knocking 7 and ½ years off the mortgage term. So how much will it cost? There is a one-time start-up fee of $379 and a buck extra on every payment.

But since you can pay extra principal any time you want, why pay $379 to your mortgage company? It's just a case of matter over mind. If $379 doesn't matter to you, your mortgage company certainly doesn't mind taking it.

If you get a letter like that, take the idea to heart but ignore the high-fee method they want you to use. Paying off your mortgage early is just like paying off your VISA early -- just pay more than the minimum every month.