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Two Attending physicians, student loan debt of 660K, Buy 1st home now or delay?

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  • #31




    just to give a perspective on numbers …. we are in the same boat with 2 physician income at around 680,000 +/- yearly income . we also have a mortgage of about 600000 , 15 yr which comes to a monthly payment of about 5400 including taxes and insurance … i wud never have bought that house if we had additional student loans… numbers wud just not work… u will on an avg have about  28000 +/- per month after taxes and retirement accounts …. if u have 1 million in debt , u wil be writing a large check every month just for the loans …. add on children and house maintenance and whatever else that comes up and u r going to live paycheck to paycheck for many years, despite the high income … its just not worth it…

    attending income appears large wen u start out but you get used to it real fast… grow into it slowly… sorry to be a bummer but numbers don’t lie…. run them and then make a decision …
    Click to expand...


    I completely agree with what you are saying but your shorthand is bringing back too many memories of AIM and keypad texting days.

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    • #32







      just to give a perspective on numbers …. we are in the same boat with 2 physician income at around 680,000 +/- yearly income . we also have a mortgage of about 600000 , 15 yr which comes to a monthly payment of about 5400 including taxes and insurance … i wud never have bought that house if we had additional student loans… numbers wud just not work… u will on an avg have about  28000 +/- per month after taxes and retirement accounts …. if u have 1 million in debt , u wil be writing a large check every month just for the loans …. add on children and house maintenance and whatever else that comes up and u r going to live paycheck to paycheck for many years, despite the high income … its just not worth it…

      attending income appears large wen u start out but you get used to it real fast… grow into it slowly… sorry to be a bummer but numbers don’t lie…. run them and then make a decision …
      Click to expand…


      I completely agree with what you are saying but your shorthand is bringing back too many memories of AIM and keypad texting days.
      Click to expand...


      Sorry for the flashbacks. Will write in full sentences and proper words from now on , just to not traumatize you any further .

      Comment


      • #33
        im glad the OP is here to weigh in on our thoughts....

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        • #34
          Probably off to find a “more understanding” forum to post to...

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          • #35










            just to give a perspective on numbers …. we are in the same boat with 2 physician income at around 680,000 +/- yearly income . we also have a mortgage of about 600000 , 15 yr which comes to a monthly payment of about 5400 including taxes and insurance … i wud never have bought that house if we had additional student loans… numbers wud just not work… u will on an avg have about  28000 +/- per month after taxes and retirement accounts …. if u have 1 million in debt , u wil be writing a large check every month just for the loans …. add on children and house maintenance and whatever else that comes up and u r going to live paycheck to paycheck for many years, despite the high income … its just not worth it…

            attending income appears large wen u start out but you get used to it real fast… grow into it slowly… sorry to be a bummer but numbers don’t lie…. run them and then make a decision …
            Click to expand…


            I completely agree with what you are saying but your shorthand is bringing back too many memories of AIM and keypad texting days.
            Click to expand…


            Sorry for the flashbacks. Will write in full sentences and proper words from now on , just to not traumatize you any further .
            Click to expand...


            Now all I can think of is this;

            Comment


            • #36







              just to give a perspective on numbers …. we are in the same boat with 2 physician income at around 680,000 +/- yearly income . we also have a mortgage of about 600000 , 15 yr which comes to a monthly payment of about 5400 including taxes and insurance … i wud never have bought that house if we had additional student loans… numbers wud just not work… u will on an avg have about  28000 +/- per month after taxes and retirement accounts …. if u have 1 million in debt , u wil be writing a large check every month just for the loans …. add on children and house maintenance and whatever else that comes up and u r going to live paycheck to paycheck for many years, despite the high income … its just not worth it…

              attending income appears large wen u start out but you get used to it real fast… grow into it slowly… sorry to be a bummer but numbers don’t lie…. run them and then make a decision …
              Click to expand…


              I completely agree with what you are saying but your shorthand is bringing back too many memories of AIM and keypad texting days.
              Click to expand...


              ASL?

              Comment


              • #37
                The OP posted this on the WCI Facebook page. I wish them the best, but searching for someone to agree with a plan you already decided on is risky...

                Comment


                • #38


                  The OP posted this on the WCI Facebook page.
                  Click to expand...


                  can someone post those responses here ???

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                  • #39
                    Sort of akin to when mom wouldn't let you go to your friends house, so you ask dad hoping for a different answer.

                     

                    I would say 75% on the facebook agree with the sentiment here.

                     

                     

                     

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                    • #40
                      Facebook answer attached

                       

                       

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                      • #41
                        Astounding levels of debt.  Why add to it.  BTW sometimes those "partnership" deals do not pan out.  Indentured servitude  with no increased income happens frequently.

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                        • #42
                          If the fb group really is only 75% for not buying now that is scary IMO

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                          • #43
                            RENT!

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                            • #44
                              If you go to the bank and apply for a loan, they will let you know how much they are willing to lend you.  Once you have that number, you can go house shopping for the most expensive house that you can "afford."  Then when you're finally in your new expensive home, you should go into work and announce to everyone that in addition to your student loans, you just took out a huge mortgage.  That way all of your bosses and administrators will know that if they need a favor, shift change, extra call coverage, etc, you will be the one who has signed away their freedom and will have to say yes.  Go for it.

                              Comment


                              • #45
                                “.... you will be the one who has signed away their freedom and will have to say yes. Go for it.”

                                Classic!

                                Yes!

                                FU money = freedom unlimited money = real thing
                                I could give multiple examples of both positions.
                                A position of FU is good.
                                A position of Fme........not so much.

                                “There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.”
                                John Adams 1826

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