SAUGUS – The interest on the $7.8 million loan needed to keep the town financially afloat has come lower than was initially projected and will thus save the town some money.Initial interest rate projections showed the town would likely pay between 5 percent and 5.5 percent interest on money borrowed to keep the town running. But Town Manager Andrew Bisignani said the interest rates came in at 2.6 percent instead.”Our financial consultant told us it would be higher,” Bisignani said. “This was quite a surprise.”It is also surprising given the fact the town’s bond rating dropped last year. Lower bond ratings translate into higher interest rates. Had the town maintained its higher bond rating, the interest might have actually hovered at a mere 2 percent.Bisignani said the final tally on the interest wouldn’t be known until tax revenue comes in and the loan is paid back, but he expects it be around $100,000.If Town Meeting members vote to fund the teachers’ contract at Monday’s special Town Meeting it will effectively balance the budget. That will allow Bisignani to send out estimated tax bills, even if the Department of Revenue hasn’t approved the tax rate yet.”And frankly it would be in our best interest to send out estimated bills,” Bisignani said.According to Bisignani, estimated bills must be paid within 30 days, while residents would have until May to pay a regular tax bill.If Town Meeting doesn’t settle the contract Monday, Bisignani said he is not sure what will happen.”This is short-term borrowing – a Revenue Anticipation Loan – but if they don’t set the tax rate, it won’t be short term anymore,” he said.