A Running History of Securing The Land
From the 2010 Wheel of the Year Calendar,
a running listing of Four Quarters Camp Mortgage pay-off.
Just amazing what people with a purpose can do!
| Our Camp Mortgage as of Jan 2005 | |
| Loan Principal: | $145,000 |
| Interest Rate: | 7.35% |
| Monthly Payment: | $1,340 |
| Loan Payoff Date: | Dec, 2019 |
| Total Interest to be Paid Over 15 Years: | $94,730 |
| Our Camp Mortgage as of Jan 2006 | |
| Extra Paid Towards Principal in 2005: | $8,000 |
| New Principal as of January 2006: | $131,193 |
| New Loan Payoff Date: | Aug, 2018 |
| Our Camp Mortgage as of Jan 2007 | |
| Extra Paid Towards Principal in 2006: | $12,000 |
| New Principal as of January 2007: | $112,750 |
| New Loan Payoff Date: | Jan, 2016 |
| Our Camp Mortgage as of Jan 2008 | |
| Extra Paid Towards Principal in 2007: | $11,500 |
| New Principal as of January 2008: | $92,000 |
| New Loan Payoff Date: | Jan, 2014 |
| Our Camp Mortgage as of Jan 2009 | |
| Extra Paid Towards Principal in 2008: | $5,000 |
| New Principal as of January 2009: | $76,000 |
| New Loan Payoff Date: | Jan, 2012 |
...with no more additional principal payments!
The Future of the Land Mortgage
We are now in the “Sweet Spot” of the loan amortization curve, with 2/3rds of every regular monthly payment now going towards principle, rather than interest. And that ratio of principle vs. interest will now accelerate every month over the next three years. Without any further advanced principle payments, the Church Land mortgage will be paid off in just three more years.
Oh, how the bank dislikes that!
Accordingly, in 2008 we began moving funds that were formerly reserved for extra principal payments on the camp mortgage into the Building Fund for this years dormitory construction, and we will continue to do so into the foreseeable future. This should provide the core funding for the slow but steady improvement of the camp.
The Future of e-Pledge
The purchase of the Land, the advanced prepayment of the mortgage and the Building Fund; are all made possible by pledged donations to Four Quarters and specifically by e-Pledges, which are reserved and deposited directly to the Land and Building Funds.
42 Four Quarters Members have made a commitment to the e-Pledge Program. The commitment of a bit more than 10% of our Members has provided the direct funding to pay down the mortgage and fund the new building program. If you have not, we hope you will consider making an e-Pledge. Just $2 a month will make a big difference. Really! We have included an e-Pledge application in this mailing, and office Micheal will be happy to answer any questions you may have. Please, play your part in the future!
e-Pledge Donations to The Land + Building Funds
Total e-Pledge Donations in 2005: $ 7,200
Total e-Pledge Donations in 2006: $11,000
Total e-Pledge Donations in 2007: $11,800
Total e-Pledge Donations in 2008: $14,000