The prime question is can you afford to pay a higher amount? Pay more than the minimum will pay the loan off quicker but there are two near term implications:
- Your monthly expenses just went up. The good news is that if you have a big expense, like braces, in the future you can stop making the extra payment. Then resume them when you have more money available.
- It will impact your taxes. Because your interest expenses will be decreasing quicker than expected, the amount of interest you deduct will also decrease. That might not be a big impact, but you should be aware of it when doing your withholding calculations.
Remember that the extra payments don't work like a bank account. It takes months/years off the length of the loan. It doesn't let you skip a payment. You can't ask for the extra money back, they would call that a home equity loan.
If you decide to do it, make sure the payment is really paying off principal, and not treated as an early payment. Most people do this by paying with an extra check/transfer and specifying that it should reduce principal.
Don't pay anybody/company to setup a biweekly payment plan for you. It does get you 13 monthly payments a year, but you can do this without their help. In some cases they have turned out to be a scam, who pocketed payments and caused defaults.