Smart Debt Management for a Brighter Future
Dr. Anya Sharma, while earning a substantial income ($350K AGI), felt overwhelmed by her $280,000 in student loan debt. She wanted to buy a larger home to accommodate her growing family, but was unsure if she could comfortably afford the additional mortgage payment while maintaining her current lifestyle and aggressively paying down her student loans. She was concerned about stretching herself too thin financially.
Using the 28/36 Rule Calculator, Dr. Sharma determined that her current housing expenses were well within the recommended limits. However, including a potential new mortgage payment pushed her debt-to-income ratio dangerously close to the 36% threshold. By using the Student Loan Calculator, she explored different repayment strategies and refinance options that could lower her monthly student loan payments by approximately $1,500, thereby freeing up cash flow for a larger mortgage.
Dr. Sharma used the calculators to input her financial data, including income, debt obligations, and potential mortgage scenarios, to instantly visualize her financial position. The results helped her make informed decisions about her housing and debt repayment strategies.
$1,500/month reduction in student loan payments; ability to purchase a $750,000 home without exceeding recommended debt ratios.
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