I have accepted a new job offer, and will be moving to another state in a few months. I would like help analyzing different mortgage options. I will be profiting very nicely from my current home sale - I currently owe less than 500k remaining on my mortgage, and comparable homes have been selling between 650k-700k (my house was purchased less than 4 years ago, so I was very lucky to be in such a booming real estate market). The new area has a depressed housing market, with homes currently selling for 10k more than they did 5 and 10 years ago, and almost no new construction. I've been in my current city for just under 4 years, and my family is not certain if we will be in the new area for more than 5 years (it's hard to know if you will like an area until you have lived there for a while).
I currently have a 30 year doctor's loan on my house that I will be selling. I am still eligible for a doctor's loan with 0 down. I will have enough to put 20% down on a 450k home (I just sold some stocks and bonds and have about 80k liquidity, and another 65k that my wife can temporarily withdraw from her IRA). I currently have about 220k of medical school federal loans at 4.6%, and I will also be looking to refi those at a lower rate. I will be almost doubling my salary at the new job and can get a comparable home for around 400-450k in the new city, so my plan is to pay down as much debt as possible without increasing overall spending over the next few years.
I have several questions - is it better to do another doctor's mortgage and continue to invest my excess cash available, do a 15-year mortgage or a 30-year mortgage and plan to pay it off in 15 years? Should I look to pay off student loans sooner (even if I refi at a lower rate of 3.5% or so), or the mortgage earlier, particularly if I may not be there more than 5 years and might just break even when I go to sell the house? Is the interest amortized the same as a 15 year if I pay a 30 year mortgage in 15 years? Barring any unforeseen circumstances, I can comfortably make payments at the 15 year rate with plenty of money left over. If I sell the house within 5 years, which option will save me the most money? Should I take the 100k or more that I make on the sale of my current house and put the majority to my student loans first? My thoughts are that the student loans follow me for life, but I can always sell and buy another home. What are your thoughts and which is the best mortgage option?