Strategic Debt Payoff for a Busy Physician
Dr. Sharma, despite a high income of $350,000, struggled to make significant progress on her $280,000 student loan balance due to high interest rates and complex repayment options. She was diligently maxing out her 401k and backdoor Roth IRA but worried the debt was hindering her ability to invest further in her practice and build long-term wealth.
Using Golden Door Asset's Debt Payoff Calculator, we modeled various repayment scenarios, including accelerating payments with bi-weekly installments and exploring refinancing options. The calculator revealed that by increasing her monthly payment by just $2,000, Dr. Sharma could pay off her loans 7 years early and save over $60,000 in interest. We then used the Student Loan Calculator to assess the impact of consolidating and refinancing her loans to a lower interest rate.
We inputted Dr. Sharma's loan details, interest rates, and income information into the Debt Payoff Calculator and Student Loan Calculator. These tools allowed us to compare different repayment strategies and identify the most efficient path to debt freedom.
$60,000 in interest savings and 7 years of debt freedom.
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