7 ways to pay off a loan faster (and save on interest)

A few smart moves can lighten it dramatically.

Why it saves

Interest is charged on your remaining balance.

7 ways

1. Pay extra monthly

Even $50 goes to principal.

2. Bi-weekly payments

13 full payments a year.

3. Round up

4. Use windfalls

5. Refinance lower

6. Keep the term short

7. Target highest-interest first