Balancing practice growth with personal financial security.
Dr. Sharma's medical practice is thriving, requiring a $150,000 renovation to accommodate increasing patient volume. She faces the dilemma of financing the expansion while simultaneously managing her substantial $280,000 student loan debt and optimizing her personal finances, including her 401k and backdoor Roth contributions. Anya worries about overextending herself financially and potentially hindering her long-term wealth accumulation.
By using the Mortgage Interest Calculator, we determined that refinancing her existing home mortgage and incorporating a portion of the renovation costs into the new loan would result in a lower overall interest rate and more manageable monthly payments. The tool helped us compare different loan terms and interest rates, revealing that a 15-year mortgage at 5.75% would save her approximately $37,000 in interest compared to a 30-year mortgage at 6.5% on the same loan amount.
The Mortgage Interest Calculator was used to model various refinancing scenarios, factoring in the additional $150,000 for renovations. This data was then combined with Student Loan Calculator outputs to assess the overall impact on Dr. Sharma's monthly cash flow.
$37,000 in interest savings over 15 years and increased practice revenue by 20% within the first year post-renovation.
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