Christmas is just around the corner, and if you're in a position to do it, paying off a family member's mortgage is one of the biggest gifts you could give this holiday season.

A home mortgage payment can be a large or even the largest expense in a person's budget, and not having this payment any longer can be a life changing experience.

If you are like many other homeowners, your home mortgage payment is the single largest expense in your monthly budget. This is a fixed expense that you will typically be responsible for until your loan is paid in full or until you sell your home, and you may have a 15, 20 or even 30 year term on your mortgage.

Periodically, many homeowners will receive a rather sizable amount of extra cash. This may be from a bonus from your employer, a refund on your tax return, a financial gift from a relative or something else altogether. Before you make your decision about how to spend your money, consider what impact your lump sum payment will have on your mortgage.

If your personal budget is similar to many other people's budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. Understandably, you may be focused on trying to pay this expense off early.

If you are preparing to take on a larger mortgage payment that is reasonably manageable for you, you may do so with greater confidence when you follow a few tips.