Donate More; Save More!
Jai Baba Swami everyone!
On the occasion of Chaitanya Mahotsav, we are launching our ‘Donate More; Save More!’ fundraiser with the goal of saving over $150,000 in interest on our mortgage!
As we are all aware, rising interest rates have really affected mortgage payments and interest costs. Our mortgage on the Ashram is due early next year and the interest rate will be closer to 8% upon renewal.
To reduce interest costs, we would like to put 10% (or $50,000) of our original mortgage of $500,000 against our mortgage loan.
Our mortgage will be approximately $400,000 upon renewal, if we can reduce that to $350,000 and keep our payments the same; this will save us approximately $150000 in interest over 20 years!!
It will also mean that even if we don’t add any more extra payments, we can pay off the mortgage in 15 years instead of 20 years.
Every dollar donated will mean about 3 dollars savings in interest costs over 20 years!
We have always been humbled by the generosity given during our fundraisers. If you are able to contribute financially towards this fundraiser, please click on this link for payment options.
If you are not able to contribute financially at this time, please pray for the success of this fundraiser. Our goal is to raise $50,000 by the end of the year.
With lots of love,
The Ashram Committee