We are purchasing 2nd home that we will close on in Jan 2022. This Florida home will be principal residence for 6-7 months a year with existing New York home becoming secondary residence for about 5 months per year. Thinking about various ways to finance the purchase and would welcome any input.
Details:
Purchase price $860k less 20% down payment in cash that has left a balance of $688k
We are both retired, I am 66 and DW is 67. Kids very well off on their own.
Income:
Pension partial cola 63k per year
DW SS 23K per year
I plan on taking SS at 70 with an estimate of 43K per year
Assets (retired 6 years and have not touched any assets):
Taxable savings (mutual funds/Stock) $255K
Roths $940K - (about half of this is past 5 year rule for conversions)
Tax deferred $2.1 million
current principal residence $350k no mortgage
2 unit rental $230K no mortgage. Currently rehabbing 1 unit. We plan on selling this within 2 years.
Details:
Purchase price $860k less 20% down payment in cash that has left a balance of $688k
We are both retired, I am 66 and DW is 67. Kids very well off on their own.
Income:
Pension partial cola 63k per year
DW SS 23K per year
I plan on taking SS at 70 with an estimate of 43K per year
Assets (retired 6 years and have not touched any assets):
Taxable savings (mutual funds/Stock) $255K
Roths $940K - (about half of this is past 5 year rule for conversions)
Tax deferred $2.1 million
current principal residence $350k no mortgage
2 unit rental $230K no mortgage. Currently rehabbing 1 unit. We plan on selling this within 2 years.