As with most other types of financing, you can typically pay off a home equity loan whenever you like. The only caveat is that you may be subject to an early repayment penalty depending on the lender. However, even if you do need to pay a fee, it will be worth it to get out of debt. In addition, if you sell your home before your home equity loan is paid off, the balance will be due at the time of closing, so be sure to factor this into your plans.