Your $$$ Needed To Keep The Southern Region Open

Access, Rehab Projects, Derbyfests and more...

Would you pay $75 per year for the next seven years to keep the Southern Region open?

Yes
74
70%
No
32
30%
 
Total votes: 106

captain static
Posts: 2438
Joined: Mon Oct 07, 2002 6:05 pm

Post by captain static »

I understand what you're saying but I have a hard time believing that the Murray's wouldn't accept early payment in full and be done with it.
Here are two words that should help everyone understand this from the Murray's standpoint, Capital Gains. The purchase terms allow them to pay Capital Gains over the period of the contract instead of paying all of the tax in the year of purchase. From what I understand of the IRS rules, the payments could be accellerated without there being a tax penalty.
"Be responsible for your actions and sensitive to the concerns of other visitors and land managers. ... Your reward is the opportunity to climb in one of the most beautiful areas in this part of the country." John H. Bronaugh
RRO
Posts: 1949
Joined: Thu Feb 03, 2005 4:18 am

Post by RRO »

Whats the tax penalty ? It still may be worth the RRGCC to pay for the penalty and save in the long run.
http://www.redriveroutdoors.com

If you need to contact me , email me. Less Internet, less stress
User avatar
Artsay
Posts: 3282
Joined: Thu Sep 19, 2002 3:11 pm

Post by Artsay »

Please check out our PMRP FAQ's page http://www.redriverclimbing.com/fundraiser/FAQ.php

If anyone has any other questions, please ask away and I'll get them included on the page.

Thanks!
~Michelle
Does he have a strange bear claw like appendage protruding from his neck? He kep petting it.
meetVA
Posts: 1883
Joined: Tue Sep 23, 2003 4:13 pm

Post by meetVA »

Thanks Michelle, that's an awesome resource!
I know that you believe that you understood what you think I said, but I am not sure you realize that what you heard is not what I meant.
- Robert McCloskey

A computer once beat me at chess, but it was no match for me at kick boxing.
- Emo Philips
User avatar
Artsay
Posts: 3282
Joined: Thu Sep 19, 2002 3:11 pm

Post by Artsay »

Big thanks to Morgain (Spragwa) for pulling all the info together for me! Hopefully, it'll help answer some questions for people.
Does he have a strange bear claw like appendage protruding from his neck? He kep petting it.
maine
Posts: 343
Joined: Sun Dec 28, 2003 2:16 am

Post by maine »

Artsay wrote:
maine wrote:IE a 30 year mortgage could be payed off in 22 years by making one extra monthly payment per year. Additonally paying your mortgage twice a month (1/2 each time) saves you serious cash.
Actually, I don't think that's true anymore. That logic was true when interest rates were 8-9%. Now they're much lower (Our 15 year loan is 4.75%) so it's not as much as an advantage. It doesn't hurt to pay more and apply it to the principle, but those calculations of one month extra/22 year payoff, etc., just aren't correct anymore.

We refinanced to a 15 year mortgage and are saving over $100,000 in interest. Crazy...
Actually they are still close but it turns out to be 23 years. Not to mention the significant savings in interest. These principles hold true regardless of the type of loan (car, house . . .)interest rate or amount financed. Check out this site http://www.thecu.coop/calculators/jv_bimtg.asp There are a million other sites online that will give you the same result.

And well, my dad knows his shit :D
User avatar
SCIN
Posts: 4932
Joined: Fri Sep 20, 2002 1:19 pm

Post by SCIN »

I plan on paying my house off in 5 years. Does that result in a savings in interest?
Yo Ray jack dynomite! Listen to my beat box! Bew ch ch pff BEW ch ch pfff! Sweet!

-Horatio
User avatar
Jeff
Posts: 2859
Joined: Thu Sep 26, 2002 6:40 pm

Post by Jeff »

If everybody matched what they already donated, we'd be there!
User avatar
Artsay
Posts: 3282
Joined: Thu Sep 19, 2002 3:11 pm

Post by Artsay »

maine - Not to knock on dear old dad but those numbers simply aren't true given a low interest rate. We were paying two extra payments a year on an old mortgage using that logic until I learned how the numbers really break down.

Paying one extra payment a year on an 8.50% 30 year loan pays it of in 22 years
Paying two extra payments a year on an 8.50% 30 year loan pays it off in 18 years
Paying one extra payment a year on an 4.75% 30 year loan takes pays it off in 26 years
Paying two extra payments a year on an 4.75% 30 year loan pays it off in 22 years

So yes, you do still earn considerable savings making extra payments but, if you have a low interest rate, you will not pay down your 30 year loan at the same rate as that old logic states.

http://www.mortgagesaver101.com/amortiz ... lator.html
Does he have a strange bear claw like appendage protruding from his neck? He kep petting it.
meetVA
Posts: 1883
Joined: Tue Sep 23, 2003 4:13 pm

Post by meetVA »

If we are applying this logic to the PMRP, anyone want to calculate how much we'll save given that this is only a once-a-year payment that WILL be paided off within the next 10 years?
I know that you believe that you understood what you think I said, but I am not sure you realize that what you heard is not what I meant.
- Robert McCloskey

A computer once beat me at chess, but it was no match for me at kick boxing.
- Emo Philips
Post Reply