Hey everyone frost time poster, long time reader.
Back in May 2020 I refinanced my condo.
Old loan: $1244/month mortgage includes property taxes and HO insurance $208/month association dues 3.5% rate 30 yr loan $125 PMI
New loan: $1071/month $208/month association dues 3.25% rate 30 yr loan $0 PMI
We have a kid and looking to start trying for a second one soon. With that, we need a bigger place. Our monthly income totals out to about $5900 a month. Other monthly expenses come out to about $2300. So we have a decent amount of disposable incline you could say now after the refinance.
Anyway... the wife has an idea of renting out my current place and moving to a bigger home. The issue is the house we are looking at comes with a mortgage of about $2000. To help make up the difference from what we can pay to what we will have to pay is to come from all of the profit of the rental property. So for the old home I’d break even and make no money whatsoever because those funds would help pay my new home mortgage.
Is what we are looking to do a common thing to do or am I setting myself up for failure?
TIA everyone. I know there are some real smart people here so your advice would really help!
Submitted July 18, 2020 at 08:52PM by Mokhan60440 https://ift.tt/2Bc2PL0
