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

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

  • Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 2120
    Joined: 02/11/2019

    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.

    “Never let your sense of morals prevent you from doing what is right.”

    #217489 Reply
    Liked by octopus85, Kamban
    Avatar hospitalist md 
    Participant
    Status: Physician
    Posts: 91
    Joined: 10/31/2017

    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 .

    #217491 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4640
    Joined: 01/08/2016

    im glad the OP is here to weigh in on our thoughts….

    #217494 Reply
    Avatar MaxPower 
    Participant
    Status: Physician
    Posts: 370
    Joined: 02/22/2016

    Probably off to find a “more understanding” forum to post to…

    #217495 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 2120
    Joined: 02/11/2019

    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;

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    “Never let your sense of morals prevent you from doing what is right.”

    #217501 Reply
    childay childay 
    Participant
    Status: Physician
    Posts: 1063
    Joined: 01/09/2016

    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?

    #217510 Reply
    Liked by Lordosis, Peds
    Avatar DCdoc 
    Participant
    Status: Physician
    Posts: 593
    Joined: 06/14/2016
    Earnest refinancing bonus

    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…

    #217512 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4640
    Joined: 01/08/2016
    The OP posted this on the WCI Facebook page.

    Click to expand…

    can someone post those responses here 😂😂😂

    #217517 Reply
    Avatar Brains428 
    Participant
    Status: Physician
    Posts: 451
    Joined: 11/09/2017

    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.

     

     

     

    #217542 Reply
    Avatar GoBlueMD 
    Participant
    Status: Physician
    Posts: 82
    Joined: 05/27/2017

    Facebook answer attached

     

     

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    hatton1 hatton1 
    Participant
    Status: Physician
    Posts: 3116
    Joined: 01/11/2016

    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.

    #217568 Reply
    Avatar Panscan 
    Participant
    Status: Resident
    Posts: 1136
    Joined: 03/18/2017

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

    #217644 Reply
    Avatar Tangler 
    Participant
    Status: Physician
    Posts: 372
    Joined: 08/23/2018

    RENT!

    #217656 Reply
    Avatar LIFO 
    Participant
    Status: Physician
    Posts: 143
    Joined: 01/27/2018

    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.

    #217657 Reply
    Avatar Tangler 
    Participant
    Status: Physician
    Posts: 372
    Joined: 08/23/2018

    “…. 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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