Many people aspire to be debt-free, but it often takes many years to reach this goal. Paying off the mortgage is perhaps the largest prize in getting rid of your debts, since you are typically paying a lender for 30 years before you can stop making this monthly payment.

Contributing some extra money toward your mortgage with each payment is one way to slim down your repayment period. This strategy will help you get out of debt sooner, but you should also consider whether you would prefer to have this money available for other purposes.

When you put additional money toward your mortgage, you should specify that it is going to reduce the principal. Don Taylor, writing for the financial site Bankrate, says less money from your payment will go toward interest as you whittle down the principal. Chipping in some extra money toward the principal will also allow you to pay off the loan before its anticipated end date.

The results can save you a significant amount of money over the long term. As an example, Taylor gives a $100,000 30-year loan with a 4.5 percent interest rate and a monthly mortgage payment of $506.69. Putting an extra $100 toward the payment—or increasing the mortgage payment by about 20 percent—would allow you to save more than $25,000 in interest and pay off the mortgage eight-and-a-half years early.

Even small contributions can have a difference. Trent Hamm, author of the financial site The Simple Dollar, says every dollar you put toward a mortgage effectively earns interest equal to your mortgage rate. He says this situation occurs because the payments reduce the money going toward interest and help eliminate payments. Even though interest rates are at a low point, having stayed under 4 percent for many months, you'll still be able to get a better return that you would by putting that money in a standard savings account.

The extra payments can be especially effective in the early years of the loan. Jared Coulson, writing for the financial site Investopedia, says interest is calculated off the loan's outstanding balance. Most of your first mortgage payment will go toward interest, and the share going toward the principal will gradually increase as you keep up with your payments.

If you are considering making extra payments on your mortgage, you should determine whether your loan has a pre-payment penalty. Calculate whether the amount on money you'll save by paying off the mortgage earlier will be more than you'll pay for finishing the loan ahead of time.

You should also make sure you can comfortably keep up with your other expenses while putting more toward your mortgage. Michael Corbett, writing for the real estate site Trulia, recommends paying down any credit card debt with high interest rates before focusing on your home. You should also consider whether you will need to save up more for retirement or a child's college fund.

There are several ways to pay off your loan faster if you decide to take this route. Paula Pant, also writing for Trulia, says you can refinance to a 15- or 20-year loan to shorten your repayment period. Refinancing may come with considerable closing costs, so you'll need to determine whether this option is cost-effective.

You can also decide whether to refinance into a 30-year loan, especially if mortgage rates have dropped considerably since you first took out your mortgage. While this action could ostensibly lengthen your repayment period, it will also reduce your monthly payments. By continuing to contribute the same amount you have been paying, you can apply more toward the principal.

Another option is to pay your mortgage on a speedier timeline but retain its current terms. Determine how much you need to add to your monthly payment to finish off the loan by a certain point, such as your anticipated retirement.

This strategy allows you to repay your loan faster, but also gives you more flexibility. If there is an emergency or you otherwise need to free up more money, you can revert to the regular payments until you are more stable.

One simple way to put a little more money toward your mortgage is to make an extra month's payment each year. One way to do so is to put money aside on a biweekly schedule, so that you'll put an extra half a month's payment toward the mortgage twice a year. You can also divide the mortgage payment by 12 and tack that amount onto the monthly payment.

Other methods involve cutting certain home expenses or generating revenue. If you can lower the premiums on your homeowner's insurance, you can contribute the saved amount toward the loan's principal. You can also consider renting out part of your home or downsizing into a smaller home, using the proceeds from your former home to pay down a larger share of the price.

Make sure any extra payments allow you to keep a healthy emergency fund. Corbett recommends that you have between eight and 12 months of living expenses on hand to help you through a job loss or other unexpected difficulties.

You'll also have to consider whether you want to put money toward areas other than your home. You might decide that you can get a better return if you invest it, or you might simply want to put some money aside for a memorable vacation.