Privilege payment options are something that we should look for when selecting a mortgage company. Make sure to discuss in detail with your mortgage specialist. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100,000 mortgage. It is important that the flexibility of the privilege payment allow you to pay smaller payments on the mortgage and as often as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster.