I know, it’s the holidays and extra cash is a rarity for most of us. But if you’re in the lucky spot of being able to afford putting extra money toward your mortgage, there are a few questions you should ask yourself first if you want to make the right choice financially, according to ABC News and the experts.

For instance, do you have any debt – maybe credit card debt – that carries a higher interest rate than your mortgage? If so, you may be better off applying those extra funds toward the highest rate debt first.

Are you saving enough for retirement? Do you have a rainy day fund? If not, extra cash should go toward your savings.

If you don’t have any high-interest debt, where would those extra funds go if you didn’t put them toward your mortgage? Can you make a higher rate of return on an investment than the interest rate on your mortgage (after taxes)? If so, put your money toward that investment where it benefits you most.

Of course, there are also reasons why it might be a good idea to pay down your mortgage. For instance, if you’re approaching retirement, ridding yourself of your home loan can ease the burden of a fixed income.

Ultimately, the best place for your cash depends on your individual situation and goals. If you’ve asked yourself the important questions above and still aren’t sure what you should do with those extra funds, it never hurts to consult an expert.