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You’ll often hear that it pays to pump extra money into your mortgage if you’re able to do so. That way, you can pay off your home early and benefit from interest-related savings.

But these days, some mortgage borrowers may be earning more interest on the money they have in savings than the interest they’re paying on their home loans. And if that’s the boat you’re in, you may want to stick to your regular payment schedule after all.

Is your mortgage interest rate lower than your savings account rate?

In mid-2020, mortgage rates began dropping to record lows. That pushed a lot of homeowners to refinance their mortgages and lock in lower rates. In fact, it was common to sign a 30-year fixed mortgage at under 3%. And if you were willing to take on a 15-year loan, you may have locked one in at under or around 2.5%.