Thanks, too, for your continued financial support. This enables our parish to do marvelous works and mighty deeds.
At St. Al's, this kind of flattery is usually soon followed by a reminder that the parish has some trouble paying its bills. In this case, it follows immediately.
We have finalized the re-financing of our $2.6 million dollar debt. We will pay 6.45% for the next 20 years. This brings our monthly payments to a manageable amount.
Or, to put it another way, the original plan for shorter term financing with periodic debt-reduction campaigns turned out to be unmanageable. To the question What would my loan payments be? Yahoo's calculator replied
Your estimated monthly payments are $19,308.44 and you will pay $2,034,026 in interest over the life of the loan.
The annual payments total $231,700. The parish currently budgets expecting $1,365,000 in regular donations, mostly through the "weekly envelope". Assuming the refinancing will mean, more or less, adding the mortgage payment to this, the total required becomes $1,596,000 (about 17% more, a total of $133,000 per month or $30,700 per week).