Ashley and Jim, a Chicago couple with two kids, are feeling stuck. They’d paid off their debt, built an emergency fund and are investing 15% for retirement while also saving for college. Yet their $155,000 mortgage feels like it is going nowhere.

“We’re just feeling kind of stagnant,” Ashley told The Ramsey Show at a live taping in Chicago. (1)

“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.

Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how

I’m almost 50 and have nothing saved for retirement — what now? Don’t panic. These 6 easy steps can help you turn things around

Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP

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.

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.