2022 Mortgage campaign
The mortgage at Riverbend United Church is up for renewal and interest rates have risen considerably. Now is a great time to pay off as much principle as possible so we can lower our mortgage payments.
Currently we have some excess cash largely due to reduced and deferred expenses during the pandemic and the receipt of some Covid-related government grants. At it’s November 8th meeting the Board decided that $50,000 of this cash will be used to reduce our mortgage.
We are also launching a mortgage paydown campaign in hopes of raising $100,000 from our generous donors. We hope to achieve this goal by November 27th, the first Sunday of Advent.
Here are some relevant facts:
- Current mortgage balance is $351,548 at interest rate of 4.35% with annual mortgage payments of $56,880
- If we were to reduce our principle by $100,000 our new annual mortgage payment would be $44,522 a 21.7% decrease
- If we were to reduce our principle by $200,000 our new annual mortgage payment would be $26,823 a 52.8% decrease
As we can see generous contributions from our members will have a significant impact on the Church’s bottom line!
How to contribute?
- a contribution by cheque should indicate “Mortgage paydown” in the Memo line
- e-transfers to firstname.lastname@example.org should include “Mortgage paydown” in the comments section