Smart Debt Management for Surgical Success
Dr. Torres' high income is counterbalanced by significant student loan debt, creating a cash flow challenge. He needs to understand the true cost of different financing options for his practice buy-in and how these costs interact with his existing student loan repayment strategy. Deferring student loans to acquire the practice could be a short term win with long-term devastating effects.
Using the Loan Interest Calculator, we quantified the total interest Dr. Torres would pay on various loan structures for the $750,000 buy-in, considering different interest rates and repayment terms. This allowed us to compare the costs of financing the practice purchase versus aggressively paying down his student loan, which we further modeled with the Student Loan Calculator. We then compared scenarios where he continues to pay the minimum versus a plan for aggressive repayment.
We input various loan amounts, interest rates, and repayment periods into the Loan Interest Calculator and Student Loan Calculator. We then compared the total interest paid and the impact on Dr. Torres' monthly cash flow across different scenarios.
$115,000 in potential interest savings over 10 years by optimizing the practice buy-in loan terms and accelerating student loan repayment.
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