Mortgage Update

Balance as at January 1, 2021 = $350,000.00
Regular payments = $28,961.67
Extra payments = $20,532.55
Current Mortgage Balance (as at June 30, 2021) = $300,505.78

Please note that the extra payments made this year have been possible through the continued generosity of our Parishioners. Due to Covid, payments in 2020 were suspended mid-year by the Diocese, therefore funds collected during that time were sent to the Diocese to help bring down our balance. As no interest was being charged, the full amount was put towards the principle, helping reduce the balance! For 2021, our interest rate has been reduced to 1% with only 70% of the regular payment amount being paid. Therefore, any extra funds collected this year over and above the payment amount are also being sent to the Diocese - going towards the principle!