This Chicago couple says their mortgage is dragging on and they long to burn it — The Ramsey Show says this 1 fix can get them there sooner

"Every single time we have any extra money, we can't put it towards our mortgage. We have a plumbing issue, or we need a new car." Just the day before, tree roots had blocked their sewage system — another unplanned cost.

Ashley and Jim feel like they should be further along. But they aren''t failing. They are experiencing what most mortgage holders face: life's endless expenses consuming every ‘extra’ dollar unless those dollars are precommitted elsewhere. And that was the missing piece for them.

Why paying off your mortgage early matters

The couple's frustration is understandable when you consider what's at stake. Let’s say you have 25 years left on a 30-year, $400,000 mortgage with a 6% rate, adding just $500 monthly can shave off nearly eight years and save you over $122,000 in interest charges. That's money that could fund retirement or college education, or simply provide breathing room in the budget.

Plus, as eRate.com notes, eliminating mortgage debt means homeowners can "allocate more funds towards travel, health care, hobbies or simply preserving their nest egg for longer." (2) That financial flexibility becomes especially crucial during retirement when income typically decreases but expenses can remain steady or even increase.

But, they also note that the average homeowner doesn’t get to burn their mortgage until age 62. The downside of letting mortgages drag on? You're essentially funding the bank's profits rather than your own future. Every month that passes without extra principal payments means more of your payment goes to interest instead of equity.

And for a family already feeling financially stretched, watching years of payments barely dent the principal balance creates psychological strain on top of the financial cost.

Amortization intention vs. reality

The numbers show a clear difference between intention and reality. According to The Mortgage Reports, citing data from SoFi, Americans keep their mortgages for an average of only 12 years. (3) However, this statistic can be misleading — most aren't paying off their mortgages in 12 years. Instead, they're refinancing or selling their homes.

For those who actually stick with a mortgage until it's fully paid off, The Mortgage Reports notes that "20 to 30 years is a realistic range for most," though there's "no universal stat on the average mortgage payoff time," according to Steven Glick, director of mortgage sales for HomeAbroad.

The U.S. Census Bureau's 2023 American Housing Survey backs this up, showing that most mortgages originate with 30-year terms.

However, focused households following structured plans like Ramsey's 7 Baby Steps average seven years to mortgage payoff, the show's cohosts noted — achieved through intentional extra payments rather than hoping to find leftover money each month.

The one fix that can change everything

The cohosts pointed out that the couple lack a specific, prioritized mortgage paydown goal, which is important to have on top of their normal monthly payment. Without that regular, fixed commitment to extra principal payments, every extra dollar naturally flows to whatever emergency appears first.

"I would be very specific. Is it $500? 'Okay, we're going to do $500 before the other chaos happens in our life,'" George Kamel said. “Make it a priority if it's a priority. And then track it and you'll see the balance go down."

This isn't about eliminating flexibility. It's about treating mortgage prepayment like any other fixed expense — insurance, retirement and college savings — rather than an afterthought funded by whatever's leftover (which is often nothing).