Union Bay Improvement District Borrowing up to $4 Million – interest alone could be $1,975,352.00 for water upgrades

For those wondering what the interest costs are going to be for the water filtration system.  UBID’s original figures started at $2 Million and now they are considering borrowing up to $4 Million.

Using the latest figures provided by UBID on the amounts they are considering borrowing at the rate they published.

Here are the interest costs:

Borrowing:

$2 Million at 3.45% amortized over 20 years           Interest paid  $765,456.67

$2 Million at 3.45% amortized over 25 years           Interest paid  $979,809.22

$3 Million at 3.45% amortized over 25 years            Interest paid  $1,469,713.83

$3.5 Million at 3.45% amortized over 25 years        Interest paid   $1,714,666.14

$4 Million at 3.45% amortized over 25 years           Interest paid    $1,975,352.00