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Sell or hold…?

Purchased in 2018 @$186k.

$172k left on mortgage @ 3.6%

Selling would net $90-140k.

We’d pay off our credit cards (including $15k @20%) and free up $950/mo in cash flow.

Looking at a property $320k, taxes are half than here - but insurance is higher, and 6.2% interest rate on the mortgage.

The property is beautiful, but we’d have to move, sell, and pay 6.2% - but the monthly cash flow would be the same, given that we wouldn’t have credit debt and could afford our dream property.

Am I being foolish?

Put down 10-30% (10%, FHA to 20%+ conventional) while also paying off a massive debt that I probably can’t manage on our single income.

And then we would realize the +$100k in “free” home value since we bought 6 years ago…but that would just go to a larger cost on a more expensive (higher interest rate) property.

submitted by /u/trombonist2
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source https://www.reddit.com/r/RealEstate/comments/1ervyf6/sell_or_hold/
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