RENTING PRIMARY RESIDENCE VS SELLING
Wondering what thoughts anyone would have on renting out our current house vs selling? We owe $167K house is worth $330K. 12 years left on loan -rent for $2k / mo. Would make pymt and cash flow $150/ mo. However I believe we would lose the $130K tax free gain that we would have gotten from the sale? Our new house will be approx. $400k with 3.6 % 30 yr mortgage unless we opt to use our lines of credit on the other properties..which would be at 6% but would leave us with a lower min pymt of approx. $1800 vs $2600..So by my math our current house would be paid for in 12 years and prob be worth $500k..which is a $500k gain. If we use the $130K to pay on new house saves us approx. $250K in interest over 30 yrs.. I am math crazy but looking for some input on this one as I am just not sure....thanks!