Hello everyone. Sorry if this is in the wrong sub, it is somewhat of a combined loan and mortgage question.
I will be completing fellowship soon in a surgical subspecialty and expect a gross income of about $400,000. Based upon various online calculators, I calculated my monthly net income to be about $17,000 conservatively. I am looking into purchasing a home valued about $450,000 using a doctors loan, with an estimated interest rate of 4% and zero down, 30yr. Again, based on online calculators, this gives me a mortgage of about $2200/month. I will have a principal loan balance of about $322,000 at 6.8%. I plan on paying this off as quickly as reasonably possible. Paying $7,700/month will have my loans gone within 4 years.
Here are the raw numbers (monthly):
Income: $17,000
Loans: $7,700
Mortgage: $2,200
This leaves me with roughly $7,000 for living expenses and savings
I was planning on using the standard payment plan of 10 years, which would require a minimum payment of about $3,700/month and just add the additional $4,000 towards my principal. Does this seem like a reasonable plan? As soon as my loans are done I'll have an additional $7,700/month to apply towards savings/retirement/etc. I was also considering refinancing for a lower interest rate, although it would not change how quickly I want to pay off my loans.
Thank you for your help.
I will be completing fellowship soon in a surgical subspecialty and expect a gross income of about $400,000. Based upon various online calculators, I calculated my monthly net income to be about $17,000 conservatively. I am looking into purchasing a home valued about $450,000 using a doctors loan, with an estimated interest rate of 4% and zero down, 30yr. Again, based on online calculators, this gives me a mortgage of about $2200/month. I will have a principal loan balance of about $322,000 at 6.8%. I plan on paying this off as quickly as reasonably possible. Paying $7,700/month will have my loans gone within 4 years.
Here are the raw numbers (monthly):
Income: $17,000
Loans: $7,700
Mortgage: $2,200
This leaves me with roughly $7,000 for living expenses and savings
I was planning on using the standard payment plan of 10 years, which would require a minimum payment of about $3,700/month and just add the additional $4,000 towards my principal. Does this seem like a reasonable plan? As soon as my loans are done I'll have an additional $7,700/month to apply towards savings/retirement/etc. I was also considering refinancing for a lower interest rate, although it would not change how quickly I want to pay off my loans.
Thank you for your help.
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