Monthly and daily cost of proposed impact fees

Sunday, October 23 2005 @ 11:08 PM EDT

Contributed by: sbower

Regarding the true cost of the newly proposed impact fees:

The proposed $3046.70 per new house ($2828 school + $218.70 fire), added to a 30-yr fixed mortgage at 7%, would add $20.27 to the monthly payment, or $0.67/day. In the early years of the mortgage most of that is tax deductible, so the real amount is closer to $0.50/day.

Also, money loses roughly half its value every 12 to 15 years. If the mortgage is held for 15 years, at that point the proposed fees would add about $0.30/day in today's dollars.

Bottom line: it's about the same as half a soda per day, or subscribing to home delivery of the Free Press - but less than that as the years go by.

Steve

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