Smart Debt Management for Medical Professionals
Dr. Sharma was carrying $280,000 in student loan debt with varying interest rates, some exceeding 7%. This high interest burden was significantly impacting her cash flow and slowing her progress towards other financial goals, despite a healthy AGI of $350,000 and maxing out retirement contributions.
Using Golden Door Asset's Personal Loan Calculator, we compared potential personal loan options to refinance her student loans. The calculator revealed that a $280,000 personal loan at a 4.5% interest rate, when compared to her existing weighted average of 6.8%, would reduce her monthly payments and overall interest paid.
We inputted Dr. Sharma's existing loan amounts and interest rates into the Student Loan Calculator to determine the weighted average interest rate. Then, using the Personal Loan Calculator, we modeled different loan terms and interest rates to find the optimal refinancing solution.
$37,000 in interest savings over the life of the loan, freeing up significant cash flow for practice investment and personal savings.
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