You’re mortgage free! Congratulations! This was no small feat. Your hard work and dedication are deserving of confetti! But how do you celebrate a mortgage payoff?
After all, paying off your mortgage is only something a fraction of the US population has done.
My family recently paid off the $195,000 mortgage on our home and we were asking ourselves this very question. We thought about painting our front door red or throwing a party with some close friends. After some spirited fun back and forth with my wife, we landed on four fun ideas that we could do together as a family.
Here are some ideas to celebrate the big mortgage payoff day:
Top 8 Ways to Celebrate a Mortgage Payoff
1. Mortgage Burning
There’s nothing more exciting than building a bonfire, roasting marshmallows and setting fire to the documents associated with the largest debt you’ll ever have in your life.
Before popping the bubbly and burning these once “important documents”, make sure you’ve completed all of the necessary steps in the mortgage pay off process. Once those details are all buttoned up, go pyro on these papers.
Making a copy of the documents isn’t a bad idea … especially if you want to have some more fun (hint: keep reading)!
2. Mortgage Wall
As Jim Morrison would say, “Break on through to the other side!”
- Tape all of your mortgage papers together and create a large paper wall. If your small kids are going to run through it, go with at least 5 papers tall by 5 papers wide. For adults, you could probably go with 8-10 papers tall. Given the amount of documents associated with your mortgage, this should probably be easy!
- Next you’ll want to adhere the paper wall to two long sticks (think broom handles or tiki torches).
- With two people holding each side, encourage your kids, your spouse or even yourself to bust through the wall!
By literally and figuratively destroying your mortgage and breaking through, you’re declaring that this is a new day for you and your family.
3. Mortgage Piñata
Nothing says “party” more than a piñata. Whether you’re young or old, it’s fun to grab a bat and whack that candy filled party symbol.
To celebrate your mortgage freedom, create a piñata out of your mortgage papers!
- Blow up a balloon and cover it in plastic wrap.
- Cut your mortgage into thin strips.
- Mix one cup of flour and one cup of water. You may need to double or triple this amount depending on the size of your balloon.
- Dip mortgage papers in the flour-water mixture and place them on the balloon.
- Set your paper mache covered balloon off to the side for the night to dry.
- Wait 24 hours or until it is as hard as a rock.
- Once the paper is hard, stick a pin in the paper and pop the balloon.
- Cut open the top of the piñata and insert candy, toys or anything you want.
- Hang the piñata from a tree (or off the end of a broom handle like we did because it was too cold outside).
- Let your family whack that piñata until all of the treats come flying out!
It's quite the metaphor actually; by destroying the mortgage, the whole family gets rewarded.
4. Mortgage Target Practice
This one is as straight forward as they come.
- Head to your local shooting range
- Put the mortgage papers in place of a target
- Take aim and fire away!
Go with your spouse or your friends and everyone can take turns blasting away at the mortgage. Extra points if you can hit the interest rate!
Those are the ideas that might wife and I came up with. After we paid off our mortgage and shared these ideas, we received a ton more that I want to share with you now.
So let’s jump to #5!
5. Paint Your Door Red
Evidently, it is a Scottish tradition to paint your front door red when you’ve paid off your house.
I’m all about traditions and celebrations so I love this idea. This is something I brought up to Nicole, but she didn’t like it from a home design perspective. Eh, pick your battles right?
If you and your spouse are in sync with the idea, you could make this a fun tradition with the entire family. Have the kids help you paint the door. While you’re at it, remind them why you’re doing it. Hopefully they will remember this moment and create their own mortgage free life in the future.
6. Place an Eagle Outside of Your House
I love this comment from B.R. Brady, a reader of my blog. They said, “We have a few friends who come from a French Canadian culture. They have a way to show others that their mortgage has been paid in full, similar to the Scottish culture of painting your front door red. My friends find a metal replica of a flying eagle and attach it over a garage door or an open space on the front of the house. I just located a nice brass eagle and will be attaching it over our garage door.”
What a fantastic way to symbolize the freedom that your family is experiencing now that you’re mortgage free!
As BR said, if you don’t want it outside your house, you could find a place for it inside as well.
7. Have the Kids Pay Off the Mortgage
If you have kids, consider this incredible idea from another blog reader:
“We are about to pay ours off next month. Family of 4 with 2 kids ages 10 and 6.
My plan is to bring the mortgage down to $4, then have each member in our family go to the bank with their own $1 so that each of us can make a contribution to the final payment of the mortgage.
I’ve also worked out with the local bank branch that when we come in they will make a big deal about it and give us an official-looking certificate (I made it up) that indicates that we paid off our mortgage.
I just want it to be a memorable moment for the kids so they can remember the excitement and hopefully live a financially healthy life as well. The bank experience will be followed by a fun dinner and ceremonial popping of some sparking grape juice!”
What a way to include the family. Talk about generational wealth! I love this idea.
8. Give Back
Now that you’re mortgage free, you have the ability to use your money how you please. Here’s one way another blog reader, with the pseudonym, “plainjane”, decided to use her money:
“We celebrated paying off our mortgage early by donating the amount of a mortgage payment to some people & organizations that help people who for various reasons are in worse shape than we are.
And we have done that every year since on the anniversary of the month we paid it off.”
Honestly, That is THE best way to celebrate in my opinion. There are so many people in this world that are less fortunate than we are.
When we rise up to a higher financial level, I believe we need to start thinking about how we can use our situation for the greater good.
While we weren’t as generous as our friend “plainjane”, our family did change our charitable giving from 1% to 5% over the past few years. We also give another 5% to family, friends and neighbors in need. This is our own form of 10% giving that we’ve created as a family.
Over time, I hope to grow this generosity and impact.
Final Thoughts on Ways to Celebrate a Mortgage Payoff
I’m sure there are dozens of more ways to celebrate paying off your mortgage early. That’s what so fun about sharing these ideas with you all. I know we’ll get so much more back in the comments.
So please do me a favor and share what you’d do if you were to pay off your mortgage early.
Or if you have paid off your mortgage already, please share how you celebrated!
I’d love to hear from you AND your ideas may just inspire others to become mortgage free as well!