In 2020 we bought our first house with a stupid low interest rate and currently have about 15% paid off (therefore we pay a low PMI amount every month)
We are looking at purchasing a second home that we would use for some rentals, but also to vacation in a few times per year.
Current income: 260k/year Current mortgage: 2k/month
So looking at the math, I think we have a solid debt-income ratio such that we could afford another property, but I'm not sure if I'm missing something. We would put 20-25% down on the second home.
Any thoughts are appreciated!
original posted by petler477 to r/personalfinance on Sun, 24 Mar 2024 15:43:16 GMT.