How does everyone else pay off their loans?!?

[Matt Romano]

           Good morning BP! This question has been a curiosity of mine since I've purchased my first property this past July!  I Used a conventional loan and went in with 20% down already.  My question is how do you guys typically structure your loan pay down?  I was told by the first lender I spoke with that if you make ONE additional P&I payment a year (whether in one lump sum, or spread out throughout the year), you shave off nearly 7 years of the 30 year mortgage term.  Now this honestly my first time ever really financing anything in my life (other than a few years worth of student loans and tool loans for my current job).  And I always paid more than the minimum (i.e.: towards the principle) and thus paid off the loan sooner than allowed.  In my eyes, this is seemingly a great strategy because you end up paying less in interest / less all together.  I'm under the impression that the strategy would follow true with my recent mortgage. Ive made 4 mortgage payments so far, and have paid an additional $500 towards the principle each month. If I were continuous with this pay down method, I feel like I could have this mortgage paid off in nearly 15-20 years instead of 30.   Are there any disadvantages to paying a decent amount towards the principle each month? really curious to hear peoples opinions about this, and hear about what they find to be the best strategy in loan pay down! thanks in advance everyone!!!  :)