Kay

Hi,

You will surely save in interest by making extra payments as then your loan term will be reduced. You can pay off the home equity loan much faster. But ask your lender if there is any penalty for prepaying the loan.

Thanks.

Hi Kay,

When you make extra payments on the home equity loan, you actually save in long term interest. Your monthly payments will be higher with extra payments going towards principal thereby reducing the loan balance.

Thanks,

Jerry.