Balancing Practice Finances with Personal Debt.
Dr. Sharma's high income was offset by substantial student loan debt ($280,000) and the expenses of running her medical practice. While maxing out her retirement contributions, she felt constrained by her current mortgage payments and was unsure how to prioritize debt repayment while maximizing her overall financial well-being.
Using the PITI Calculator, we analyzed Dr. Sharma's current mortgage payments. Then, combining the Student Loan Calculator and Refinance Calculator, we explored scenarios for refinancing her student loans and potentially refinancing her home. We identified an opportunity to refinance her student loans, leveraging lower interest rates to reduce her monthly payments by $375, freeing up cash flow for other investments or practice improvements.
The PITI Calculator provided a baseline understanding, which was then integrated with the Student Loan and Refinance calculators to model different scenarios and identify the optimal solution for Dr. Sharma's unique financial situation.
$4,500 annually in reduced student loan payments; increased cash flow for practice investment
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