Refinance to a shorter-term loan
Pay extra on your principal
- Divide your monthly principal payment by 12, and then add that amount to what you already pay each month. It will equate to approximately 1 extra principal payment a year.
- Switch up your payment schedule to half-payments every other week instead of 1 monthly payment for the full amount. That results in 26 half-payments, which equals approximately 13 full monthly payments each year.