from the DLS and you can see this as well as put in your numbers at debt service calculator - mass.gov.

This calculator is provided by the Division of Local Services only as a guide to assist communities in projecting debt service.  Refer to M.G.L. Ch. 44 s.7 (inside debt limit) and Ch. 44 s.8 (outside debt limit) to determine allowable borrowing terms for various financing purposes.  Any premiums or costs of borrowing (i.e., legal or bond counsel fees) are not accounted for.  We strongly advise municipalities to confirm borrowing conditions and calculations with the city or town treasurer and financial advisor.    posted by Jeff Bennett at the November special town meeting, I believe it was stated that $1.74 per thousand was going to be the tax rate number to pay for the new elementary school with a dollar on the current tax rate raising about 500 thousand dollars. So if the yearly payment is a bit over one million, the increase will be more than $1.74 per thousand. Perhaps the math will change? If you choose a 4% interest rate, you get a total pay back of $40,328,719.00 over a 28 year time period. Total interest is stated at $16,328,719.00 with a yearly payment of $1,440,311.00. Now that you have a warm fuzzy feeling, enjoy that independence day spirit. posted by Jeff Bennett