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 $141,632.70! The three payments made in 2014, 2015 and 2016 total $455,548.15 and produce a combined savings of $920,104.79 in interest and a reduction in the length of the mortgage by 9 years!
The present value of the mortgage has now been reduced to $1.27 million from the original $1.9 million. If no further “extra” payments are made, the mortgage would be paid off in August 2028, compared to the original August 2037.
Congratulations everyone!
