AKV point add-on question -- actual monthly payment

[MichelleB]

If I add-on 100 pts. at AKV at a cost of $93pp, with the interest and a 10 yr. loan (not going to keep it that long just trying to get the lowest monthly cost at this time until our money comes in to pay it off), how much would my monthly payment be?

 

[Davids-Coco]

About $125 is my best guesstimate.

This is what I used: http://dvc.disney.go.com/dvc/modules/genericPopup?id=MemberInformationPopUpPage My Guide sent it when we were getting ready to buy. Look at "financing" under AKL. But don't look at the info other than the total amount financed and the 10 year payment column. (Math I did: 100*93= $9300. Minus 10% down 9300*.90 = $8370 financed)

 

[MichelleB]

Thank you....that's what I needed (the chart) and couldn't find it!!! Thanks!

 

[lark]

I think typically, you must put down 10 percent on the total pre-reduction price in order to get financing. In other words, the 10 percent downpayment is based on the total cost of $112 per point, without regard to the actual price you pay per point. Accordingly, if you purchased 100 points at $93 per point, your total purchase price would be $9300, but your downpayment would be $1120 (not $930). This makes a bit of a difference in financing.

To finance $8180 on a 10 year loan with the "preferred" rate of 10.75 percent, your payments would be $111.53.

 

[Mtnman44]

Just note that you should factor in an increase in your payment of 50% to 200% over the long term due to a complicated Disney accounting phenomenon called "Addonitis".

ETA - I see you have already been infected with it...Oh well, perhpas my warning can help someone else.

 

[MichelleB]

Yep, been infected with it 5 times so far! I am wondering if there's ever going to be a cure discovered for it! We seriously don't need more pts. but fell in love with AKL and I would love to have some more there.

 

[Mtnman44]

The only known cure is called "Annual Dues" but it varies in effectiveness based on the patient. Some require larger doses than others.

Yep, been infected with it 5 times so far! I am wondering if there's ever going to be a cure discovered for it! We seriously don't need more pts. but fell in love with AKL and I would love to have some more there.