Q. I owe $42,000 on my house and it will be paid for in 2012. My interest rate is 13%. How can I get it paid off sooner?

A.Your mortgage is very expensive. You're paying twice the average interest rate for most types of loans today. But it would almost certainly cost several thousand dollars to refinance and you'd have a hard time justifying that expense, especially since you want to retire the debt as quickly as possible.

Transferring your debt to a home equity loan might make more sense. This would be possible if you have a good credit score and $53,000 worth of equity in your home (most lenders will only loan you up to 80% of your equity).

If you shop around you could probably get a home equity loan for 7% or less with only a few hundred dollars in fees. Our home equity loan comparison chart can help you find the best deals in your area.

We figure you're paying about $1,000 a month in principal and interest with your current mortgage. A home equity loan for $42,000 at 7% wouldn't raise your payments and allow you to pay off your house in four years -- not five. That's because a smaller portion of your monthly check would be going to interest and a larger portion to pay off your debt. If you could afford another $50 a month you could have your debt retired in just three years, 10 months.

If your credit score is too low to get such a loan, then starting today you should pay as much extra toward your balance (principal) as you can each month. That will not only speed up your payoff, but it will also save you considerable interest.

Although this doesn't equate with your situation directly, if you had a 5-year loan for $42,000 and paid an extra $200 toward principal, you would have your mortgage paid off 13 months early and save yourself $4,000 in interest payments.

Any money you add to your regular mortgage payment (whether it's monthly, every other month or whenever you can) will pay off your mortgage faster and cut down on the amount of interest that you'll pay.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.