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Opinions on selling or renting

Here’s my families scenario:

We have an accepted offer on a hobby farm for $535,000 and have been receiving quotes for around 6% mortgage rates.

We own a home with a 2.85% rate, and owe $213,000. The value of the home is around $400,000. Our mortgage is around $1,650 after insurances and taxes.

The market for renting would put our house around $2,300 but if we chose to not sell we would struggle on a down payment for the new house.

We have around $50,000 in savings. At 5% down on the new property we would need $26,000 and at 20% we would need $107,000. With the 5% down we would obviously have to pay a mortgage insurance.

I’m looking for opinions on if it’s a good idea to rent or if I should just sell. Also, if I should just pay 5% down or how I could come up with the 20% down.

Thanks

submitted by /u/Sentence_Other
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source https://www.reddit.com/r/RealEstate/comments/1fggzce/opinions_on_selling_or_renting/
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