Selling rental to pay off primary

[Vi Prich]

We purchased our primary residence about 1 yr ago and turned our other house into a rental. We are considering selling the rental to pay off our house.

here are the numbers:

Primary: mortgage 470k - 15 yr mortgage at 5.7% interest. 

Rental: $500k value on a 15 yr that we will pay off in 5 yrs. The mortgage is about $1200 a month. We get $2800 for rent.

The reason we want to sell is that our renters are talking a out leaving already and with the rental market cooling down, we feel anxious. The mortgage for our primary residence is pretty significant and the rental income help us pay for it.

What options should we consider? 

Thank you for your feedback!

[Lynn McGeein]

@Vi Prich if you lived in the rented one 2 out of the last 5 years, you can keep up to $250,000 single or $500,000 married equity tax free. Huge consideration if you qualify for it. I’d speak to an accountant to see as it would make it worth selling.