I’m currently an orthopedic surgery chief resident and will be doing a fellowship next year. In summer of 2023 I’ll be starting my private practice job. I currently have about 60K in my savings, 50K in Roth IRA, 60K in my brokerage account. I own my home that I bought 0 down using a physician loan, and am planning to sell this spring with an anticipated profit of around 120K. My medical school debt is consolidated at 3.6% with a balance of 276K that I’m paying minimal monthly payments on through SoFi.
My private practice job will start me off with a guaranteed $250K draw but with production incentives that make the likely take home gross around $500K the first year and up much higher during years 2-3 and onwards peaking at around $1M. My loan payments become a little over $5K a month in the fall of 2023. Home prices in the area my family and I will be settling down in are around $500K for a 3 bed 2 bath.
My question is, should I use the windfall from my home and some of my savings to pay down a big chunk of my loans and refinance again, or funnel the same amount towards a down payment on a home? Alternatively, I could keep my loan at 3.6%, try and get another physician loan despite the relatively high debt to income based on a payment of 5K a month and starting income of 250K, and invest even more into my 3 fund portfolio.
My car loans are $450 a month. My wife has no debt. We have no credit card debt or medical bills. We do have 2 small children.
Thank you in advance.
My private practice job will start me off with a guaranteed $250K draw but with production incentives that make the likely take home gross around $500K the first year and up much higher during years 2-3 and onwards peaking at around $1M. My loan payments become a little over $5K a month in the fall of 2023. Home prices in the area my family and I will be settling down in are around $500K for a 3 bed 2 bath.
My question is, should I use the windfall from my home and some of my savings to pay down a big chunk of my loans and refinance again, or funnel the same amount towards a down payment on a home? Alternatively, I could keep my loan at 3.6%, try and get another physician loan despite the relatively high debt to income based on a payment of 5K a month and starting income of 250K, and invest even more into my 3 fund portfolio.
My car loans are $450 a month. My wife has no debt. We have no credit card debt or medical bills. We do have 2 small children.
Thank you in advance.
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