Imagine...being completely out of debt! Many of us understand the realities of paying a mortgage, making a car payment or paying towards another type of loan or debt. Have you ever wondered what it would be like to owe...nothing?
Over the last several years, Grace has been steadily paying down the mortgage on our facility...We now have a mortgage that is $1.5 million dollars...and then we’re done! The original financing of our mortgage does not allow us to make extra payments on the principle until September 2018, when the note is renegotiated with our lender. But what if in 2018...there was no negotiation? What if we could pay off the mortgage entirely? Or could significantly reduce the principle and lower our mortgage payments? What would it mean for “the here and now” and the future?
We are blessed to have a wonderful facility that serves the current needs of our growing church family, our neighborhood and our community well—however, in the not-so-distant future, as our church continues to grow and deepen, we will be at maximum capacity for our Sunday worship services...then what do we do? Instead of adding more worship services, building more buildings, or expanding our current campus we believe it is wiser and more strategic for us to consider planting another church or launching a satellite campus in our community. In order to do this, however, it will take time to raise up and develop the necessary resources to do so.
Paying off or reducing our mortgage would enable us to compile the necessary resources to launch another campus or plant another church.
Enter Grace Unleashed. Starting this fall, 2016, we will be launching a two-year focus to pay down or eliminate our mortgage by fall of 2018. We will be asking our entire church family to get involved by praying, making a two-year giving commitment, and joining us in this walk of faith. We believe as a church leadership that Grace Unleashed presents us with a unique opportunity that we must take advantage of to the best of our ability.
What will all of this mean for us as a church? What will it accomplish, what opportunities does it create, and how can it deepen our faith, grow us as a community, and “unleash” our resources to introduce more people to Jesus and make disciples for Him? Read on to see how Grace Unleashed will impact our church family, reach our community, and truly being an expression of “Jesus-followers extending grace!”
Instead of adding more worship services, building more buildings, or expanding our current campus we believe it is wiser and more strategic for us to consider planting another church or launching a satellite campus in our community.
Mortgage Payoff Schedule
For every dollar we raise to pay off our mortgage early, a dollar is unleashed in an exponential way into the ministry and mission of our church. We have two choices: pay the bank or unleash ministry.
Amazing Grace Make Over II loan (to build the second story of our building) in the amount of $1,798,000 was entered into August 1, 2008. Total payments made through October 1, 2016 have been approximately $1,177,000, of which, $847,000 has been paid in interest and $330,000 in principal, leaving a remaining current balance of $1,468,000. Our current mortgage is scheduled to mature September 15, 2018 and will have a balloon payment due of approximately $1,361,000.
The following chart reflects the total amount of payments and expected interest costs if, on September 15, 2018, we ‹renew our loan and continue to make the same average monthly payment until the loan is fully paid off.
BECOMING SOMETHING MORE
Our goal is to repurpose dollars currently going to service mortgage payments in order to fulfill our calling with greater passion, urgency and effectiveness than ever before:
EVERYONE CAN PARTICIPATE
- Pray, Pray, Pray for the mission and ministry of Grace.
- Educate yourself about ministry initiatives and how our debt constrains us.
- Talk with your family about debt—your own and the church’s.
- Share your enthusiasm with other church members.
- Examine your finances to position yourself to pledge over the next 24 months; give a one-time gift; or as you can over the next 2 years in Grace’s mortgage payoff project.
- Jump in and see what God can do in and through you!
- Rejoice with us on Commitment Sunday, October 16th and 23rd.
Commitment Chart Example