How do we calculate a new mortgage?

We bought our first house a few years ago, but we've never sold.





Our first home was $290,000 with $40,000 down leaving us a mortgage of $250,000. We found a new house that we like which has an asking price of $340,000





Generally speaking, how do mortgage companies handle a change in payments? Would we have to come up with another huge down payment sum, or can we just transfer our mortgage over? How does that work?How do we calculate a new mortgage?
As far as calculating our new mortgage payment, as a landlord i use http://www.mortgagecalculator.org/ all the time.





As far as just transferring the mortgage over, usually not. I've never hear of anything like this. The biggest piece of advice is, DO NOT buy until you've sold. You will be stuck with both mortgages. Traditionally you need to sell your current house, payoff the mortgage there. Then you can move forward with buying a house and go through the whole process of financing again. Most important before you do anything is pre-qualify for a loan.





www.Mortgage-Info.com is a good site to become familiar with.





Another note:


HelpotherZ also listed a VERY good site. definitely check out http://www.mortgage-info.we.bs/


I forgot about that one.How do we calculate a new mortgage?
You do NOT buy that second home till the first one is sold otherwise you will be paying two mortgage payments each month.


No you sell the first home and the lender is paid in full.


You buy the second home the same way you did the first.


New down payment, new mortgage, new title search, new survey


everything you did the first time you do this time except lenders have tightened the requirements for qualifying.
no you must sell that home and use the proceeds as the new down payment or be able to afford both homes unless you have at least 30% equity in the current home and a rental in place at time of underwriting


I am a mortgage banker in TN
you do the years there times the house cost divided by 2.