Here are a few ideas for paying off a home equity loan more quickly, as long as you aren’t hit with any prepayment penalties: Ask your lender or loan servicer if you can make biweekly payments instead of monthly payments Make an extra payment every year equivalent to one month’s payment. Divide a monthly payment by 12, and add the result to your monthly payment Put any additional monthly funds toward paying down your loan, whether $5 or $50 Put gifts, tax refunds, and other bonus payments toward your home equity loan