Smart financial moves for medical professionals.
Dr. Sharma initially secured a commercial mortgage at 6.75% for $750,000 to purchase the building for her practice. While she was managing the payments, she felt the high interest rate was hindering her ability to invest more aggressively in her retirement and pay down her substantial student loan debt. She worried about the long-term impact of the interest payments on her practice's profitability.
Using the Mortgage Interest Calculator, we demonstrated how refinancing to a lower rate would impact her monthly payments and total interest paid. We then used the Refinance Calculator to compare different loan scenarios. By refinancing to a 4.5% loan, Dr. Sharma lowered her monthly payments by approximately $1,200 and will save an estimated $87,000 in interest over the life of the loan.
We integrated the Mortgage Interest Calculator with the Refinance Calculator to provide Dr. Sharma with a comprehensive analysis of her refinancing options, factoring in current market rates and loan terms. These calculations allowed us to confidently advise her on the optimal course of action.
$87,000 in interest savings over the life of the loan, plus increased cash flow of $1,200 per month available for student loan repayment and investment.
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