Smart Home Improvement Loan, Smart Financial Future.
The Johnsons face a classic dilemma: They want to improve their home and quality of life now with a $75,000 kitchen renovation, but they're concerned about the impact on their college savings goals for their three children and their retirement savings. They are unsure if taking out a home improvement loan is the wisest choice considering current interest rates and their other financial obligations, primarily student loan debt from graduate school.
Using our Home Improvement Loan Calculator, we showed the Johnsons various loan scenarios, adjusting the loan term and down payment to find a monthly payment that fit comfortably within their budget. By factoring in their existing $4,000 monthly student loan payments (identified using the Student Loan Calculator) and running scenarios through the PITI calculator to show the impact on overall housing expenses, we were able to pinpoint a 7-year loan term at 7.5% interest that added only $1,150 to their monthly expenses, a manageable amount.
The Home Improvement Loan Calculator allowed for quick iteration through different loan terms and interest rates. It easily integrates with the student loan forgiveness and PITI calculators for a comprehensive financial picture.
$18,000 in student loan forgiveness savings achieved through refinancing, freeing up monthly cashflow for the home improvement loan.
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