How much is this gonna cost me?

[Disney8704]

DH and I are wanting to do DVC, but was wondering how much is it gonna cost monthly and also the annual fees. If we were to buy into Animal Kingdom Lodge Villas with the highest interest rate and the max amount of months that we can finance, what are we looking at for a monthly payment?

 

[dbertola]

If you buy the min 160 pts I think it was about $188/month for 10 years and $61 or $66 a month for dues. I don't remember exactly but I think that is what I was quoted.

 

[Disney8704]

Now with that $60 some dollars for dues, do we pay that monthly, or for the dues, just set aside that amount monthly and pay once a year?

If you buy the min 160 pts I think it was about $188/month for 10 years and $61 or $66 a month for dues. I don't remember exactly but I think that is what I was quoted.

 

[Deb & Bill]

You have a choice to pay it all in Jan or have it deducted monthly from a bank account (for no extra cost).

 

[Maistre Gracey]

Don't forget, those numbers are probably figured using a 10% down payment.

MG

 

[Kurby]

or the $350 closing cost.

basically you need to save about $2000 for your initial payment then your monthly payments which can include your dues and loan payment.

you can pay less if you finance it through your own bank with a lower interest rate though.

call and get the information sent out to you and it will come with a chart that you can use to figure out exactly what you need for how many points you want.

a good way to work it out is to decide first how many points you need for 2 or 3 different vacations then buy those points.

for us we worked out that we could vacation with the min 160 points for several - 10 years before we would need to buy more points for additional space. it all depends on your vacation needs. studio vs 2 bedroom. 5 days vs 10 vs 14. Boardwalk vs AKL vs Polly.

 

[Disney8704]

Thats werid cuz the last time DH and I were down there we did the DVC tour (Sept 2003) and talked to someone and they told us they could include our down payment / closing costs into the monthly payment. Did that change or something? So we bascially need $2000 to get started?

 

[Doctor P]

Thats werid cuz the last time DH and I were down there we did the DVC tour (Sept 2003) and talked to someone and they told us they could include our down payment / closing costs into the monthly payment. Did that change or something? So we bascially need $2000 to get started?

It wouldn't be a down payment if you borrowed it! You probably can wrap the closing costs into the loan, but you must make a down payment. You can ask, but I think the lowest down payment is 10% (though any incentives will sometimes be rolled in and count towards the down payment).

 

[Kurby]

10% is the lowest and yes the closing costs can be weaved into your monthly payments

but the 10% down payment is like buying a house - you must save it first and pay that apart from monthly payments.


remember the more you put down the less your payments - however if you have decided to take the loan over 10 years paying $5000 instead of $16640 won't make much of a difference on your monthly payments.

250 points - (i'm using 250 not 160 because the caculator i have won't work with amounts under 20k)

250 points at $104 per point @ AK = 26000 - 10% = loan of $23400.


10% interest (Disney's lowest rate) = monthly payments

Over 1 year = $2055.33

Over 5 years = $494.86

Over 10 years = $306.62

$5000 down instead of $2600

over 1 year $1844.26

over 5 years $444.10

over 10 years $275.17

25% or $6500 (for 250 points at $104) down instead of 10% and the rest the same you'll pay

over 1 year $1756.44

over 5 years $422.95

over 10 years $262.07

so saving to put down a larger down payment if you are taking the payments over 10 years doesn't really make any sense. the difference of $40 a month isn't a big deal and you don't have to save up as much.

you really have to decide what is best for your family. you could also get a personal loan from you bankand pay less interest which would decrease your payments but not by much.

 

[dbertola]

The 10% down payment can also be split up into 2 payments. The first one when you decide to buy and the second one 30 days later.

 

[pilferk]

you could also get a personal loan from you bankand pay less interest which would decrease your payments but not by much.

But also keep in mind that taking a personal loan, there is NO chance the interest is tax deductible. At least, that's what our tax prep guy said.

With the DVC loan, for us, it is. You may get your bank to authorize a mortgage on a time share property like DVC, but I know I can't.

 

[HockeyKat]

To answer OP's question:

160 is the minimum buy-in at AKL. 10% downpayment is required but can be put on a credit card. You can choose $104/pt and get developer points (extra points, basically), or $96/pt and no developer points. Maximum interest rate through WDW is 14.75%. Preferred (lowest) is 10.75%.

Annual dues at AKL are $4.62/pt, per year, so $739.20/12 = $61.60 added to monthly payment, for dues.

160 w/ developer points: buy-in is $16,640. Subtract 10% downpayment (minumum) of $1,664, add closing costs of $340, total to be financed is $15,316. 10 yr loan at max rate would be $244.76/month, $306.36 w/ dues. Min rate is $208.82/month, $270.42 w/dues.

160 w/out developer points: total to be financed is $14,144 (subtract downpayment of $1,536, add closing costs). Payment on max interest rate would be $226.03, $287.63 w/ dues. Min rate is $192.84 or $254.44 w/ dues.

So maximum payment is $306.36 for 10 years. FWIW, the total interest payments over the 10 years for those terms comes to $14,055. All interest is tax deductible but if you don't already itemize, probably won't help you any on your taxes.

Most traditional banks won't directly finance timeshare purchases. You can do a home equity, direct through Disney, or use a third party (we used Benchmark Bank thru the TSS, at 9.95% preferred on a 5 yr loan).

HTH!

-Kat

 

[FamilyGuy]

Thats werid cuz the last time DH and I were down there we did the DVC tour (Sept 2003) and talked to someone and they told us they could include our down payment / closing costs into the monthly payment. Did that change or something? So we bascially need $2000 to get started?

A couple of things you noted have changed since '03. It used to be that you could use the incentive money as part (or possibly most or all) of your downpayment (I know you could in '04 - IIRC it changed sometime in '05). Also, Disney took care of closing costs with the purchases made directly through thm- but that changed in 2005 also.

So now you still can apply the incentive to reduce the total cost (or amount financed in other words) but need 10% REAL CASH down and closing costs...

 

[HockeyKat]

So now you still can apply the incentive to reduce the total cost (or amount financed in other words) but need 10% REAL CASH down and closing costs...

Unless things have changed since Oct '06 when we did our tour, you can put the down payment on a credit card. Even if that is no longer true, you can take the cash advance fees and use those credit card checks.

Not that I advocating doing any of this, just saying that I think that you are allowed.

 

[pilferk]

Unless things have changed since Oct '06 when we did our tour, you can put the down payment on a credit card. Even if that is no longer true, you can take the cash advance fees and use those credit card checks.

Not that I advocating doing any of this, just saying that I think that you are allowed.

We put our Down payment (March 5th, 2007) on a card just to get the points....and I sent the check to the CC company to pay it off this morning.

 

[Maistre Gracey]

Now I'm confused on the closing cost thing.
I just did two add ons at AKV, a 200 pointer and a 100 pointer. DVC did not charge closing costs on either of them.
Does DVC cover the closing costs for add ons, or certain number of points?

Thanx..

MG

 

[pilferk]

Now I'm confused on the closing cost thing.
I just did two add ons at AKV, a 200 pointer and a 100 pointer. DVC did not charge closing costs on either of them.
Does DVC cover the closing costs for add ons, or certain number of points?

Thanx..

MG

For all add ons, they cover the closing costs.

Only new members (like me!! ) have to pay closing costs.

 

[Kurby]

think of it as buying a house -when you purchase a house there are closing costs but when you renovate there are no closing costs

 

[TLPL]

Hi everyone, I love going to WDW and I've been going there every few years
since I was in college. I have been thinking about joining the DVC since forever. Recently (well since begining of the year) I got a pretty good stable job which I finally make decent money. I want to own a piece of DVC but I don't have any saving at all. Should I hold it till I save up some money for a down payment? or can I try to get a 10 years loan right now? 160 points is all I want, how much do I need to have to own a piece of magic for myself?

Help!

 

[Doctor P]

think of it as buying a house -when you purchase a house there are closing costs but when you renovate there are no closing costs

Unless something is different in Canada, that is not true. If you borrow for renovations, there will be a closing because they are placing an additional lien on your house and must pay to record these. There will typically also be some other small fees. Yes, they are not as much as the original purchase, but there is a closing and there are typically closing costs (which may or may not be waived depending on the financial institution).