[Stuart993]

Though I'd try the PP brain trust with this one.

I'm lucky enough to have no mortgage, a nice feeling, house is worth around $300K.

Over the holidays, in Seattle, we came across a great little houseboat on Lake Union for sale, asking price $179K. Our son's at college in Seattle and we pay a googly amount to his accomodation, so looking into buying the houseboat seemed a good idea. If I start a second mortgage they want a $45K downpayment with an interest rate of approximately 8%.

So, what's the verdict, new mortgage, refinance, or walk away and keep paying rental?

Thanks in advance.