Given that a mortgage is usually a long-term commitment, sometimes a significant one, paying it off can be a major financial (and personal) milestone. For some people it may even be worth considering taking steps to repay a mortgage early. The practicalities of overpaying a mortgage There are essentially two parts to a mortgage. The first part is the capital – the money borrowers need when they are buying a home. The second part is the interest charged on the loan. Both t