I've posted this in a thread comment section before, but I'm curious what the forum thinks. Here's my situation:
- I'm 31 y/o, married, no kids (yet) but planning to start soon, med school loans paid off, ~$200k in retirements accounts between the two of us, and another $110k in cash for a home down payment. Additionally, my wife's parents have offered to give us a $100k "loan" (really a gift, but it has to be an interest-only loan where the principle is forgiven over a 2-3 of years so they are not taxed) to help with a down payment or renovations. Credit score 780+.
- Anesthesiology fellow, done in 6 month
- Private practice job lined up, 3 years to partnership, very stable group (1 associate in their 30-year history has not become partner due to inability to pass boards). Pay as an associate is around $200k, $250k, $350k plus benefits the first three years. Partners then make about $500k + benefits
- The expense of the home market is average to above average, and we know we want to live in that particular metro area for the duration of our adult lives as we are both originally from the area
My question is, given the above scenario with the escalating pay toward partnership, how much house would you be comfortable purchasing at the end of fellowship?
(Also, let's assume renting is not an option.)
- I'm 31 y/o, married, no kids (yet) but planning to start soon, med school loans paid off, ~$200k in retirements accounts between the two of us, and another $110k in cash for a home down payment. Additionally, my wife's parents have offered to give us a $100k "loan" (really a gift, but it has to be an interest-only loan where the principle is forgiven over a 2-3 of years so they are not taxed) to help with a down payment or renovations. Credit score 780+.
- Anesthesiology fellow, done in 6 month
- Private practice job lined up, 3 years to partnership, very stable group (1 associate in their 30-year history has not become partner due to inability to pass boards). Pay as an associate is around $200k, $250k, $350k plus benefits the first three years. Partners then make about $500k + benefits
- The expense of the home market is average to above average, and we know we want to live in that particular metro area for the duration of our adult lives as we are both originally from the area
My question is, given the above scenario with the escalating pay toward partnership, how much house would you be comfortable purchasing at the end of fellowship?
(Also, let's assume renting is not an option.)
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