Should I buy another house or no?

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trackman716d

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My wife and I currently own a condo. The mortgage for this condo is only in my name. We are thinking about buying a house now and renting out the condo but not sure if it would be the right move. Our mortgage + HOA fees currently run us about 2200 a month...if we purchase a new house our mortgage payment on that house would be roughly 1700 including taxes...I have someone lined up who will rent our condo for 1600 a month. This would mean our monthly payment would increase by 100 a month.

Also, should my wife put the new mortgage on her name and not use me at all so that we each would have a mortgage and not put two mortgages on my credit?

Thanks in advance
 
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