I assume you're currently working full time and there is someone taking care of your baby. Are you able to keep to this current arrangement?
I always think it's good to keep savings for emergencies. Sounds like you'll have to deplete all your savings in order to take NPL for 1 year. I wouldnt have the courage to do that.. maybe I'm risk-adverse.. of cos, being able to watch baby grow is priceless... depends on what you're comfortable with, I guess