This Chicago couple says they long to burn their mortgage — how The Ramsey Show says they can get there sooner

Core Insights - The couple's financial situation reflects a common struggle among mortgage holders, where unexpected expenses hinder progress towards paying off their mortgage [2] - Paying off a mortgage early can lead to significant savings in interest payments, which can be redirected towards other financial goals such as retirement or education [3] - The psychological impact of slow mortgage repayment can add stress to families already feeling financially stretched [5] Financial Implications - Adding just $500 monthly to a 30-year, $400,000 mortgage at a 6% interest rate can reduce the loan term by nearly eight years and save over $122,000 in interest [3] - Eliminating mortgage debt allows homeowners to allocate funds towards other priorities, enhancing financial flexibility, especially during retirement [4] - The average homeowner does not pay off their mortgage until age 62, which means they are often funding bank profits rather than building their own equity [5]