Second Home Mortgage!!!

Discussion in 'General Lounge' started by Mardams, Jan 30, 2020.

  1. Mardams

    Mardams New Member

    Need a little help here guys. I have a one million worth house which has a 350 grand mortgage. It is in the suburbs, hence my wife wants us to move into a city with better schools and colleges, as they are growing up.
    Both of us together make about 200 grand a year, and we don't have any debt other than the mortgage. Exactly why we don't want to sell or rent our existing house. Our existing credit scores are not that bad, and we have about 400 grand in cash, which will be enough for a second home.
    When we calculated using a mortgage qualifier calculator, it tells me that we are eligible for a mortgage of 800 grand. Once we use that to pay off the existing mortgage, that would leave us with 450 grand to buy a second home. Is that right? Or are the calculations different for a second home? I couldn't find any calculators for a second home scenario. Could you guys please help me out here?

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