More of the current members can participate in paying off the mortgage in a meaningful way. Even for a congregation that believes it is stable and will not grow, there is something to be said for stretching the payments out over ten to fifteen years rather than three. If a building is to be completely paid for in three to five years, the congregation is necessarily leaning heavily on a few fortunate members who can afford to make sizable gifts out of their accumulated savings. By stretching out the payment schedule to a ten year period, they are required to contribute less, and others are able to participate at a more moderate level out of current income, rather than savings. If a building mortgage is paid for over an extended time, new members get to participate in the costs too through their annual gifts.
Membership changes in a congregation over time.
No one should get a free ride in using the building. Extending the mortgage over several more years ensures that members who enjoy the use of the building also help finance it. Therefore the issue should be framed solely in terms of how those gifts are to be sought. A healthy church community will assure that every member is fully involved in every major project, whether building a new church or financing an enduring program in the endowment fund. Interest expense is not the cost to the congregation of borrowing money.