Here is a ridiculously easy way to save yourself thousands of dollars.

A $50,000 loan at 6.5% interest for 30 years will cost you $113,772.24

Your payments would be $316.03

Begin loan on July 2011

Pay off date June 2041

If you pay an extra $50 a month on that loan

Your total cost is $91,253.13

You save $22,519.11 in interest payments

Begin loan on July 2011

Pay off date May 2032

Pay loan off 9 years earlier

If you pay an extra $100 a month on that loan

Your total cost is $81,069.06

You save $32,703.18 in interest payments

Begin loan on July 2011

Pay off date Oct 2027

Pay loan off 13 years earlier

Just Imagine 13 extra years of no house payments

*Make sure that your extra payments go toward the principal.

Play around with this loan calculator a bit

http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx