Mortgage News
Maritime Conference is pleased to announce that due to the generosity of donations given by individuals and churches, as well as contributions made following the sale of church property, we have once again been able to make a significant payment towards mortgage principal of $163, 915.48! The effect of this payment has been to save $310,324.97 in interest and to reduce the number of mortgage payments by 3 years and 1 month! The effect of the two payments made in 2014 and 2015 is a combined savings of $736,335.13 in interest and a reduction in the number of payments by 6 years and 10 months.
The present value of the mortgage has now been reduced to $1.47 million from the original $1.9 million. If no further “extra” payments are made, the mortgage would be paid off in October 2030, compared to the original August 2037.
Congratulations everyone!
