India, Sept. 2 -- About 1 in 4 mortgage borrowers are making extra payments on their home loans, according to a recent analysis from Rocket Mortgage. The Rocket Mortgage analysis looked at payments made by its customers over the past five years. It found that at least 25% of borrowers made extra payments toward their mortgage principal during that period.

The trend was strongest in 2021 and 2022, when mortgage rates were historically low. Extra payments have become less common in the years since. Paying even a small amount extra every month can help homeowners finish their mortgage sooner. For example, adding $50 or $100 to a monthly mortgage payment can slowly reduce the amount of time left on the loan, as noted by USA Today.

Mortgages...